Dubai: As per the 13th edition of Mo’asher, Dubai’s official sales price index, launched by Dubai Land Department (DLD) in cooperation with Property Finder, March 2021 achieved a record figure of real estate deals in 16 months, with 4,643 deals worth Dh10.93 billion.
Altogether, the deals figure increases 23 percent and in value terms, the transaction increases 47 percent in March in comparison to February.
The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012, along with the base quarter for the quarterly index being Q1 2012. Q1 2021 had 11,753 deals worth Dh25.15 billion.
As a whole, Q1 2021 had 6 percent more real estate deals than Q4 2020, 16 percent more for secondary properties, and 7 percent less for off-plan properties. In comparison to Q1 2020, Q1 2021 had 15 percent more in total deals, 70 percent more for secondary properties, and 29 percent less for off-plan properties.
Overview
In March, 63% of deals were for secondary/prepared properties, the highest since June 2015, and 37 percent were for off-plan properties. Apartment deals represented 71% of the total transactions and 29 percent were for villa/townhouse deals.
Regarding the volume of deals, the off-plan market executed 1,713 properties worth a total of Dh2.91 billion and the auxiliary market transacted 2,930 properties worth a sum of Dh8.02 billion. Contrasting this with February 2021, the number of off-plan deals in March raised by 37%, and the secondary/prepared property transactions raised by 16%.
For the month of March, the average deal value for off-plan properties expanded month-on-month by 24.6 percent, and for auxiliary properties, it expanded by 21.5 percent. The total worth of off-plan properties when contrasting March 2021 with February 2021 expanded by 70% and auxiliary properties have expanded by 41%.
Top areas
The top areas of interest regarding searches for villas/townhouses in March 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Mohamed canister Rashid City and Damac Hills. With respect to apartments for a similar period, the top areas of interest were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Village Circle.