Highlights:
- To date in 2021 there was 22.61 percent more in sales transaction value when compared to the entire year of 2020
- 5,780 sales transactions worth AED 14.97 billion
- AED 14.97 billion is the highest value of sales transactions in a month since January 2017
- 55 percent of sales transactions were in the secondary/ready market and 45 percent were off-plan
- 1/3rd of all off-plan villa/townhouses sold in August 2021 were in Arabian Ranches 3
Dubai: After a relatively quiet July because of the Eid al Adha holidays, August bounced back to the growth trajectory that the Dubai Real Estate Market has been on since the end of last year. After June 2021, August 2021 is now the second highest month since December 2013 for the highest number of sales transactions in a single calendar month.
August 2021 had 5,780 transactions worth AED 14.97 billion, making it the best August on record in the past 12 years.
This brings the year to date total to 37,537 sales transactions worth AED 88.12 billion. In just 8 months, the value of real estate sales transactions is 22.61 percent more than 2020 as a whole. The entire year of 2020 had 35,401 sales transactions worth AED 71.87 billion.
In July 2021, 55 percent of all transactions were for secondary/ready properties and 45 percent were for off-plan properties. Looking at overall percentage, the percentage of off-plan properties relative to the entire market has increased by 5% month-on-month.
When we look at the volume of transactions, the off-plan market transacted 2,599 properties worth a total of AED 4.95 billion. This is the highest value of off-plan sales transactions the Dubai Real estate market has seen in over 11 years. The last time the market saw this much money being pumped into off-plan properties was early 2009-10. The Secondary market transacted 3,181 transactions worth AED 10.02 billion.
“These figures are a true testament to the strength of Dubai, particularly the residential market. Consumer and investor sentiments are up, which shows the confidence of people, including foreign direct investment into Dubai. The Dubai government has done an excellent job, being proactive and implementing laws and incentives for people to invest. With EXPO2020 right around the corner, I expect it to continue to increase.” says Lynnette Sacchetto, Director of Research & Data.
Sacchetto adds, “The off-plan market is back again, thriving, with projects selling out in hours which shows that investors have confidence in the future of Dubai.”
The overall average sales transaction value increased to AED AED 2,589,938 in August, an increase of 1.57% percent when compared to July 2021, Secondary/ready average transaction value increased to AED 3,149,857 an increase of 5.91 percent and off-plan average transaction value decreased by 1.3 percent to AED 1,904,635.
According to proprietary Property Finder demand data, the top areas of transactions in the month of August 2021 for villas/townhouses were the Arabian Ranches 3, Dubai Land, Dubai South, Tilal al Ghaf and Damac Hills 2. As for apartments for the same period, the top areas of interest were Business Bay, Jumeirah Village Circle, Dubai Harbour, Mohammed bin Rashid City and Downtown Dubai.
About Property Finder – www.propertyfinder.ae
Property Finder is the leading property portal in the MENA region and Turkey that facilitates the house-hunting journey for both buyers and renters.
Founded in 2007, the website has evolved over the years as the go-to platform for developers, real estate brokerages, and house hunters to make informed decisions on all things real estate.
A UAE-born start-up, Property Finder has branched out of the country’s shores and operates in a total of seven markets, including Qatar, Bahrain, Saudi Arabia and Egypt, and has a significant stake in the second-largest property portal in Turkey, which has over 6 million monthly visitors and more than 18,000 real estate agents.
US private equity firm General Atlantic led Property Finder’s latest round of investment of a total of $120 million in 2018. This is being used to hire further exceptional talent and investing in its technology and product capabilities.
The property portal employs over 450 employees globally, of which 204 people work out of its Dubai office, and generates over six million monthly visits as a Group.
In April 2019, Property Finder announced the acquisition of JRD Group, following an increased investment in Turkish portal Zingat.
In 2014, Property Finder acquired eSimsar.com, the top property portal in Saudi Arabia, while in 2013, the Group bought out realestate.com.lb, the number 1 property portal in Lebanon, and lastly, the acquisition of Selektimmo, a Moroccan portal, to pad out sarouty.ma, Property Finder’s Moroccan offering, in 2016.
For media enquiries, please contact
Faisal Zaidi
faisal@propertyfinder.ae
© Press Release 2021
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