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Property deals in Dubai surged to a 10-year high in August, buoyed by strong demand for both off-plan and secondary residential units.
The real estate market recorded a total of 9,720 sales transactions during the month, the highest for a month in the last decade and up by 69.7% compared to a year ago, according to Mo'asher, Dubai's official Sales Price and Rental Performance Index launched by Dubai Land Department (DLD).
The total value of transactions for the month stood at AED24.3 billion ($6.6 billion), up 63.58% compared to the same period last year.
Completed units accounted for a huge chunk of property deals, representing 54.81% of the transactions in terms of value and 64.9% in terms of value.
More investors were looking for completed homes in August, with the secondary market accounting for 67.55% of the transactions in terms of volume and 57.35% in terms of value.
The off-plan segment of the market also recorded a higher uptake, with sales volumes jumping 72% year-on-year. The total value of deals in the off-plan segment increased by 76.5% in August 2022 compared to a year ago.
Popular areas
Buyers were looking for properties in established communities. The top areas searched were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle and Jumeirah Lakes Towers.
For those looking to buy a villa or townhouse, the most sought-after locations were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid City and Dubai Land.
(Writing by Cleofe Maceda; editing by Seban Scaria)
