Property Finder report: ‘August 2021 registers second highest number of Dubai sales since December 2013’
5,780 transactions worth a total of $4.07bn recorded, making it the best August on record in the past 12 years
According to a Property Finder report, the Dubai real estate market bounced back in August 2021, following a relatively quiet July due to the Eid Al Adha holidays, with figures showing it to be the second highest month since December 2013 for the highest number of sales transactions in a single calendar month.
The report said that August had 5,780 transactions worth a total of $4.07 billion, making it the best August on record in the past 12 years. The figures also bring the year-to-date total to 37,537 transactions worth a total of $23.99 billion, it added.
Property Finder pointed out that in just 8 months, the value of real estate sales transactions is 22.61% more than 2020 as a whole. The entire year of 2020 had 35,401 sales transactions worth $19.56 billion.
In July 2021, 55% of all transactions were for secondary/ready properties and 45% were for off-plan properties. Looking at overall percentage, the percentage of off-plan properties relative to the entire market has increased by 5% month-on-month, the property portal said.
“These figures are a true testament to the strength of Dubai, particularly the residential market. Consumer and investor sentiments are up, which shows the confidence of people, including foreign direct investment into Dubai. The Dubai government has done an excellent job, being proactive and implementing laws and incentives for people to invest. With EXPO2020 right around the corner, I expect it to continue to increase.” said Lynnette Sacchetto, director of Research & Data.
“The off-plan market is back again, thriving, with projects selling out in hours which shows that investors have confidence in the future of Dubai.”
Looking at the volume of transactions, the off-plan market transacted 2,599 properties worth a total of $1.34 billion. This is the highest value of off-plan sales transactions the Dubai Real estate market has seen in over 11 years, she added, pointing out that the last time the market saw this much money being pumped into off-plan properties was early 2009-10.
The Secondary market transacted 3,181 transactions worth $2.72 billion, she said.
The overall average sales transaction value increased to $705,130 in August, an increase of 1.57% percent when compared to July 2021, Secondary/ready average transaction value increased to $857,573, an increase of 5.91% and off-plan average transaction value decreased by 1.3% to $518,551.
According to proprietary Property Finder demand data, the top areas of transactions in the month of August 2021 for villas/townhouses were the Arabian Ranches 3, Dubai Land, Dubai South, Tilal al Ghaf and Damac Hills 2.
As for apartments for the same period, the top areas of interest were Business Bay, Jumeirah Village Circle, Dubai Harbour, Mohammed bin Rashid City and Downtown Dubai.
