The highest since 2015 with an annual increase of 63.4%... and 48.6 thousand deals

177.4 billion dirhams of Dubai real estate sales within 10 months

"Property Finder" revealed the latest real estate reports on the sidelines of the "Cityscape" exhibition in Dubai.

Photography: Eric Arrasas

A recent report by Property Finder showed that Dubai real estate recorded more than 48.6 thousand sales transactions, with a total value of 177.4 billion dirhams, during the first 10 months of this year, exceeding the value of transactions completed last year, an increase of 63.4%, and recording the highest Annual sales since 2015.

The report, which was revealed by the site on the sidelines of the "Cityscape" exhibition yesterday, indicated that October alone witnessed 5,352 sales transactions worth 13.1 billion dirhams, achieving the best results within a month in the past eight years.

He explained that ready-made properties in Dubai accounted for 62% of the real estate market sales in the emirate since the beginning of this year until the end of October, compared to 38% for off-plan properties.

Obsession

In detail, the Property Finder website, which specializes in the real estate sector, reported that real estate projects on the map in Dubai accounted for 38% of the total real estate market sales in the emirate, during the first 10 months of this year, while ready-made properties (secondary market) accounted for by 62%.

Total Deals

The report, which was issued by the site on the sidelines of the "Cityscape" exhibition yesterday, and "Emirates Today" obtained a copy of it, indicated that the total number of transactions completed since the beginning of this year until the end of October reached 48,651 deals, with a value of 177 billion and 440 million dirhams. , exceeding the value of all completed deals last year, an increase of 63.4%, and the highest annual sales since 2015.

October deals

According to the report, October alone witnessed the completion of 5,352 sales transactions worth 13.12 billion dirhams, achieving the best results within a month in the past eight years.

The report added that ready-made properties in Dubai accounted for 60% of the total deals last October, compared to 40% in the off-plan real estate market, indicating that the ready-made real estate market witnessed during the same month the completion of 3,219 sales deals worth 8.72 billion dirhams, while market sales amounted to On the map are 2,133 properties with a total value of 4.4 billion dirhams.

individuals and companies

He pointed out that the companies completed 3,395 sales transactions worth 8.08 billion dirhams, including off-plan, luxury and ready-made properties, while the number of deals between individuals reached 1957, worth 5.03 billion dirhams.

Complete projects

"During the health crisis of 2020, many real estate developers decided to focus on completing their current projects rather than launching new ones," said Lynette Sacheto, director of research and data at Property Finder.

She explained that «this trend has caused a significant increase in the number of completed and ready real estate units in conjunction with a similar increase in demand levels from investors, as 58.76% of sales deals have been conducted since the beginning of 2021, by developers, within the category of off-plan properties and luxury and ready-made properties. ».

Top areas for October deals

Property Finder's report indicated that the sales of ready-made villas and townhouses in Dubai were concentrated in October 2021 in the areas of "DAMAC Hills 2," Nad Al Sheba, "The Springs", "Dubai Hills Estate" and "Dubai Hills Estate". Arabian Ranches”, while the most prominent areas that attracted investors’ attention in the apartments category during the same month were: “Dubai Marina”, “Business Bay”, “Jumeirah Village Circle”, “Downtown Dubai” and “Jumeirah Lakes Towers”.

As for the real estate on the scheme, sales of villas and townhouses were concentrated in the “Arabian Ranches 3”, “Tilal Al Ghaf”, “The Valley”, “Dubai Land” and “Mohammed Bin Rashid City”, while it included the most prominent areas. For apartment deals “Dubai Harbor”, “Mohammed Bin Rashid City”, “Dubai Creek”, “Business Bay” and “Downtown Dubai”.

• October achieved the best results in a month in 8 years, after recording 5,352 deals worth 13.1 billion dirhams.

62% of sales were made up of finished properties.

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