The total number of sales transactions have grown by 215 percent and the total value of sales transactions by 357 percent since May 2020.
Dubai's property market has achieved a new record, the highest over the past four years in terms of the value of real estate sales transactions. In doing so, it highlighted the emirate's attractiveness to real estate investors as well as flexibility and capability of the sector to adapt to various conditions and global developments.
According to the 15th edition of Mo’asher, Dubai’s official sales price index issued by Dubai Land Department in cooperation with Property Finder, the highest total sales transaction values in May 2021 were the highest since March 2017, when they exceeded USD 3 billion and compared to April this year they increased by 1.4 percent. The number of real estate transactions in May 2021 reached 4,429, as the year's total, to date, reached 20,989 transactions worth USD 12.8 billion.
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 USD 274,337, the apartments monthly Index recorded 1.085 and an index price of USD 246,277 and the villas/townhouses monthly Index recorded 0.993 and an index price of USD 482 810.
If we examine the data more closely, the total number of sales transactions have grown by 215 percent and the total value of sales transactions by 357 percent since May 2020. Notably, the volume of the off-plan market sales transactions increased by 74 percent since last year and the secondary market, which has been in high demand since the start of the pandemic, has grown by over 466 percent.
In May 2021, 62 percent of all transactions accounted for secondary/ready properties and 38 percent were for off-plan properties. Moreover, 77 percent of sales transactions were for apartments and 23 percent were for villas/townhouses. As for the volume of transactions, the off-plan market transacted 1,674 properties worth USD 702 million and the secondary market transacted 2,755 properties worth USD 2.3 billion.
In the villas/townhouses sector, 10.1 percent of all sales in May 2021 took place in Mohammed bin Rashid City, followed by Dubailand (7.6 percent), Dubai Hills Estate (7.4 percent), Arabian Ranches 3 (6.5 percent) and Town Square (6.4 percent). Looking at apartments, 10.8 percent of all sales transactions took place in Jumeirah Lake Towers, followed by Dubai Marina (9.2 percent), Jumeirah Village Circle (8.6 percent), DownTown Dubai (7.4 percent) and Business Bay (5.7 percent), according to the data from Property Finder.
According to Property Finder demand data, the top areas of interest in terms of searches for villas/townhouses in May 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Damac Hills and Mohamed bin Rashid City. 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.