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This was Dubai’s highest total sales transaction value in the sector since March 2017
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$12.85 billion worth 20,989 real estate sale transactions recorded from Jan to May 2021
The emirate of Dubai saw 4,429 real-estate transactions in May this year, worth around AED11.11 billion ($3.02 billion), said local reports on Sunday, June 20.
This was Dubai’s highest total sales transaction value in the sector since March 2017, and a rise of 1.4% since April, said the reports.
A total of 20,989 real estate sale transactions were recorded from January to May this year, and they were worth AED 47.19 billion ($12.85 billion), according to Mo’asher, Dubai’s official sales price index.
It added that Dubai’s real estate market has achieved a new record, the highest over the past four years in terms of the value of real estate sales transactions, emphasizing Dubai as one of the best global real-estate destinations and the most capable of adapting to various conditions and global developments.
The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012. In May 2021, the overall monthly Index recorded 1.071 and an index price of AED 1,007,529 (around $274,300), the apartments monthly Index recorded 1.085 and an index price of AED 904,476 (around $246,240) and the villas/townhouses monthly Index recorded 0.993 and an index price of AED 1,773,164 (around $482,740).
The total number of sales transactions grow by 215% and the total value of sales transactions by 357% since May 2020.
The off-plan market sales transactions volume grew 74% since last year, and the secondary market, which has been in high demand since the pandemic started, has grown over 466%.
In May 2021, 62% of all transactions were for secondary/ready properties in May 2021 and 38% were for off-plan properties. In addition, 77% of sales transactions were for apartments and 23% were for villa/townhouses.
The off-plan market transacted 1,674 properties worth AED 2.58 billion (around $700 million) and the secondary market transacted 2,755 properties worth AED 8.53 billion ($2.32 billion).
In the villas/townhouses sector, 10.1% of all sales in May 2021 took place in Mohammed bin Rashid City, followed by Dubailand (7.6%), Dubai Hills Estate (7.4%), Arabian Ranches 3 (6.5%) and Town Square (6.4%).
As for apartments, 10.8% of all sales transactions took place in Jumeirah Lake Towers, followed by Dubai Marina (9.2%), Jumeirah Village Circle (8.6%), DownTown Dubai (7.4%), and Business Bay (5.7%) according to data from Property Finder.