Dubai: 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. The 15th edition of Mo’asher, Dubai’s official sales price index, launched by Dubai Land Department (DLD), shows that May 2021 had the highest total sales transaction values since March 2017 in excess of Dh11.11 billion, with a growth 1.4 per cent compared to last April. The number of real estate transactions in May 2021 reached 4,429, bringing the year total, to date, to 20,989 transactions worth Dh47.19 billion.
In the villas/townhouses sector, utmost sales in May 2021 took place in Mohammed bin Rashid City, followed by Dubailand, Dubai Hills Estate, Arabian Ranches 3 and Town Square. In apartment sales, the highest sales transactions took place in Jumeirah Lake Towers, followed by Dubai Marina, Jumeirah Village Circle, DownTown Dubai, and Business Bay according to data from Property Finder.
If we take a deeper dive into the data, we have seen the total number of sales transactions grow by 215 per cent and the total value of sales transactions by 357 per cent since May 2020. To break this down, the off-plan market sales transactions volume grew by 74 per cent since last year, and the secondary market, which has been in high demand since the pandemic started, has grown by over 466 per cent.
In May 2021, 62 per cent of all transactions were for secondary/ready properties in May 2021 and 38 per cent were for off-plan properties. In addition, 77 per cent of sales transactions were for apartments and 23 per cent were for villa/townhouses. When we look at the volume of transactions, the off-plan market transacted 1,674 properties worth Dh2.58 billion and the secondary market transacted 2,755 properties worth Dh8.53 billion.