Dubai’s property sales deals hit 12-year high in July
8/4/2021 11:07:15 AM
The National
The emirate registered 4,384 sales transactions worth Dh11.18bn last month, Property Finder says

View of Dubai Marina. Dubai recorded 4,384 property transactions worth Dh11.18 billion last month, making it the best July on record in the past 12 years.

Property sales transactions in Dubai hit a 12-year high in July, driven by demand in the secondary market as the UAE economy continues to recover from the Covid-19 pandemic.

The emirate last month registered 4,384 sales transactions worth Dh11.18 billion, according to listings portal Property Finder.

Villas and townhouses in Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Damac Hills and Mohamed bin Rashid City emerged as the top areas for transactions, according to Property Finder’s demand data. The most popular areas of interest for apartments included Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle.

This is the highest volume of monthly property transactions registered by the emirate, making it the best July on record in the past 12 years, despite the typically quieter summer months, Property Finder said on Wednesday.

“In previous years, we normally saw the summer months as a slower market due to holidays and people migrating, however, not this year, despite the fact that many are now starting to travel,” Lynnette Sacchetto, director of research and data at Property Finder, said in a statement. “We are still seeing impressive value and volume numbers [and] July attested to this.”

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Dubai, a regional business and finance hub, recorded 31,757 sales transactions worth Dh73.15bn from the start of the year through to July 31, according to Property Finder estimates.

The first seven months of the year saw the value of real estate sales transactions exceeding the full-year level of 2020, which totalled 35,401 property sales worth Dh71.87bn.

As of July, the sales transaction value in 2021 was 1.78 per cent higher when compared with 2020, Ms Sacchetto said. “The Dubai market is still and will continue to go in an upward direction,” she added.

Last month, 59.4 per cent of all real estate transactions in Dubai were for secondary properties, while off-plan properties accounted for 40.6 per cent of the deals.

In terms of the volume of deals, the off-plan market sold 1,780 properties valued at Dh3.44bn and the secondary or ready market sold 2,604 properties worth a total of Dh7.74bn.

The average transaction value spiked “drastically” in July, with the overall value of deals increasing to Dh2.5 million, up 10.14 per cent compared with June 2021, the property portal said.

Meanwhile, the average transaction value for secondary or ready properties increased 4.62 per cent to Dh2.9m, while off-plan properties’ average transaction value rose 33 per cent to Dh1.9m.