3,787 property transactions worth USD 2 billion recorded in Dubai in February 2021

3,787 property transactions worth USD 2 billion recorded in Dubai in February 2021

In February, 67 percent of overall transactions accounted for secondary/ready properties and 33 percent were for off-plan properties.

According the 12th edition of Mo’asher, Dubai’s official sales price index launched by Dubai Land Department in cooperation with Property Finder, Dubai’s real estate market recorded 3,787 sales transactions worth USD 2 billion in February 2021, which is 13.8 percent higher than in January 2021 in terms of volume and 8.9 percent higher in terms of value.

Thus, the year’s total, up until the end of February, amounts to 7,114 sales transactions worth USD 3.8 billion.

The index data, taken from the base year 2012, the base month for the monthly index January 2012 and the base quarter for the quarterly index Q1 2012, demonstrates that

Dubai’s real estate market continues its upwards trend. After a marginal dip in January, the index numbers are going up again.

In addition to that, starting from H2 2020, secondary/ready properties transactions were higher in terms of volume than off-plan properties. This trend continued into 2021, and the demand in the ready market continued to increase. So February 2021 now holds the record for the most secondary/ready property sales transactions in a single month over the past three years, exceeding January’s numbers.

In February, 67 percent of overall transactions accounted for secondary/ready properties and 33 percent were for off-plan properties. As for the volume of transactions, the off-plan market recorded 1,355 transactions worth USD 490 million in total and the secondary market had 4,114 deals worth USD 4 billion in total.

If compared to January 2021, the number of off-plan transactions in February grew by 39.9 percent.

According to Data Finder, the real estate insights and data platform under the Property Finder Group, 10.3 percent of all sales in the villas/townhouses sector in February 2021 took place in Nad Al Sheba, followed by Dubai Hills Estate (8.3 percent), Green Community (8 percent), Arabian Ranches (4.7 percent) and Dubailand (4 percent).

As for apartments, 14.9 percent of all sales transactions took place in Business Bay followed by Dubai Marina (9 percent), Jumeirah Village Circle (8 percent), Downtown Dubai (6.5 percent), and Palm Jumeirah (6.2 percent).

According to Property Finder’s proprietary demand data, the top areas of interest in terms of searches for villas/townhouses in February 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Mohamed bin Rashid City and Damac Hills.

As for apartments for the same period, the top areas of interest were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Village Circle.

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