Thursday 28 October 2021

Dubai's August real estate sales hits 4-year high

DUBAI, September 7, 2021

After a relatively quiet July because of the Eid Al Adha holidays, August bounced back to the growth trajectory that the Dubai Real Estate Market has been on since the end of last year. 
After June, it is now the second highest month since December 2013 for the highest number of sales transactions in a single calendar month, according to Property Finder.
August had a total of 5,780 transactions worth AED14.97 billion ($4.1 billion), making it the best August on record in the past 12 years, it stated. 
This brings the year to date total to 37,537 sales transactions worth AED 88.12 billion. In just 8 months, the value of real estate sales transactions is 22.61 percent more than 2020 as a whole. The entire year of 2020 had 35,401 sales transactions worth AED 71.87 billion, it added. 
In July, 55 per cent of all transactions were for secondary/ready properties and 45 percent 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, said the statement from Property Finder.
When we look at the volume of transactions, the off-plan market transacted 2,599 properties worth a total of AED 4.95 billion. This is the highest value of off-plan sales transactions the Dubai Real estate market has seen in over 11 years. 
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 AED 10.02 billion.
"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," remarked 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," she added.
According to proprietary Property Finder demand data, the top areas of transactions for villas/townhouses in August were Arabian Ranches 3, Dubai Land, Dubai South, Tilal Al Ghaf and Damac Hills 2. 
As for apartments, the hotspots were Business Bay, Jumeirah Village Circle, Dubai Harbour, Mohammed bin Rashid City and Downtown Dubai.-TradeArabia News Service


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