Property deals in Dubai have raised to another record, with buyers snapping up apartments and villas worth 10.93 billion dirhams ($2.9 billion) in only one month, data from the Dubai Land Department (DLD) provided.
The number of transactions recorded in March 2021 touched 4,643, the highest in 16 months. The cost of all deals for the month also made up about half of the 25.15 billion dirhams in total deals for the initial three months of the year.
The recent numbers are among the highlights in the 13th edition of Mo’asher, Dubai’s official sales price index initiated by DLD in cooperation with Property Finder.
The report also provided that the sales number in March recorded a 23% rise in terms of numbers and a 47% rise in terms of value when compared with the numbers in February.
Transaction activity has risen in Dubai since the easing of coronavirus restrictions the previous year, with most of the buyers choosing ready-to-occupy units.
Off-plan versus ready units
Secondary properties made up 63% of the deals in March, the highest since June 2015. The off-plan market figured for 37% of the sold properties.
Most of the purchasers have also acquired apartments, showing 71% of the deals, with villas and townhouses accounting for 29% of the transactions.
A total of 1,713 off-plan units cost 2.91 billion dirhams were sold in March, also with 2,930 ready units worth 8.02 billion dirhams.
Within the villa category, the most famous place previous month was Mohammed bin Rashid City, accounting for 11.5% of the deals, then comes Tilal Al Ghaf(10.1%), Dubai Hills Estate (9.9%), Nad Al Sheba (8.2%) and Rukan (5.8%).
Among apartment purchasers, Business Bay was in demand, showing 10.7% of the total deals, then comes Dubai Marina (9.3%), Jumeirah Village Circle (8%), Jumeirah Lakes Towers (7.6%), and Palm Jumeirah (7.2%).