According to data from Property Finder, Dubai saw 4,384 transactions worth Dh11.18 billion in July 2021, making it the best July on record in the past 12 years.
With this, the total value of sales so far this year is Dh73.15 billion. Over just seven months, the value of real estate sales transactions has surpassed the total value of 2020.
A total of 35,401 sales worth Dh71.87 billion took place in 2020. Whereas by July 2021 the overall sales transaction value of 2021 was 1.78 percent more than that of the previous year.
In July 2021, 59.4 percent of all transactions involved secondary/ready properties, and 40.6 percent involved off-plan properties. When we look at the volume of transactions, the off-plan market transacted 1,780 properties worth a total of Dh3.44 billion and the secondary/ready market transacted 2,604 properties worth a total of Dh7.74 billion.
The average transaction value is increasing
Compared to June 2021, the overall average transaction value increased by 10.14 percent to Dh2.55 million; secondary/ready Average transactions were up by 4.62 percent to Dh2.97 million, and off-plan transaction values rose by 33.13 percent to Dh1.92 million.
“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. We are still seeing impressive value and volume numbers, July attested to this. The Dubai market is still and will continue to go in an upwards direction.” according to Lynnette A Sacchetto, Director of Research & Data.
The top areas of interest in terms of transactions for villas/townhouses in July 2021 were the Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Damac Hills, and Mohammed Bin Rashid City, according to proprietary Property Finder demand data. Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Village Circle topped the list of the most sought-after apartment areas during the same period.