DUBAI: The August this year was the best for the property market in the past 12 years, with the buyers spending a total of 14.97 billion dirhams ($4 billion).
In terms of the transaction volume, a total of 5,780 deals were made in the month, the highest since January 2017.
Media reports, citing Lynnette Sacchetto, director of research and data at Property Finder, said the figures indicate that the property market, particularly the residential market, is recovering after hitting a low at the start of the pandemic last year.
A total of 37,537 sales transactions worth 88.12 billion dirhams were made by August end, which is 22.61 percent higher than the value of deals made in 2020. The entire year of 2020 had 35,401 sales transactions worth 71.87 billion dirhams.
Property Finder said the off-plan market saw 2,599 properties sold for 4.95 billion dirhams last month, the highest value of off-plan sales transactions the Dubai real estate market in over 11 years. The secondary market also recorded 3,181 transactions worth 10.02 billion dirhams.
Properties in demand last month were the villas and townhouses in Arabian Ranches 3, which topped the charts in terms of transactions. Dubai Land, Dubai South, Tilal al Ghaf and Damac Hills 2 were also popular.
The most sought-after locations for apartment buyers were Business Bay, Jumeirah Village Circle, Dubai Harbour, Mohammed bin Rashid City and Downtown Dubai.