Dubai Property

Dubai reported 4,643 property sales worth 10.93b in March 2021, a new record in 16 months

  • April 29th, 2021

As per the 13th edition of Dubai’s official sales price index of Mo’asher that was launched by Dubai Land Development (DLD) with Property Finder, the month of March of 2021 made a record number of real estate sales transactions in 16 months with 4,643 transactions that worth AED 10.93 billion.

On the whole, the number of transactions grew 23 percent. In addition to this, in terms of value, it grew 47 percent in the month of March as compared to the month of February.

The Mo’asher has considered 2012 as the base year and the base month for the calculations of the monthly index is January 2021. The base quarter for this quarterly index was considered as Q1 of the year 2012. Furthermore, Q1 2021 had 11,753 sales transactions in total that worth AED 25.15 billion.

Aggregately, Q1 of 2021 has observed more real estate sales transactions with 6 percent as compared to Q4 of the year 2020; it is 16 percent more of the secondary properties. And 7 percent lesser for off-plan properties. When the comparison was made with Q1 of the year 2020, Q1 2021 had observed 15 percent more aggregate sales transactions, 70% more for secondary properties and 29 percent less for the off-land properties.

Overview

In the month of March, 63 percent of sales transactions belonged to secondary-ready properties, as the highest for the month of June of the year 2015, and 37 percent were for the off-plan properties. The sales of the apartments accounted for 71 percent of the total transactions and 29 percent were sales of villas and townhouses.

Considering in terms of the volume of sales transactions, the off-plan market transacted 1713 properties in total that worth AED 2.91 billion total. The secondary market transacted a total of 2,930 properties that worth a total of AED 8.02 billion. As compared to the month of February in 2021, the total number of off-plan transactions in the month of March rose by 97 percent, and the secondary or ready properties transactions rose by 16 percent.

The value of the average sales transaction value of the month of March for off-plan properties increased month-on-month by 24.6 percent and it increased by 21.5 percent of secondary properties. The aggregate value of the off-plan properties as compared to the month of March in 2021 to February 2021 that increased by 70 percent and secondary properties have increased by 41 percent.

Top Areas

The top most areas of interest in terms of searches for the villas and townhouses in the month of March 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Mohamed bin Rashid City, and Damac Hills. In the context of the apartments, for the same period, the topmost areas of interest were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Village Circle.

Source: Gulf News

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