Dubai had the best third quarter in its real estate history

Dubai had the best third quarter in its real estate history

Q3 2021 recorded a total of 15,926 transactions worth USD 11 billion.

Q3 2021 has turned out to be the best Q3 in the whole history of Dubai real estate in terms of sales transaction value as well as in terms of sales transaction volume since 2009.

When compared to Q3 2020, sales transaction volume in Q3 2021 increased by 85.36 percent and sales transaction value went up by 135.42 percent. To put it in perspective, if compared to pre-covid times, for instance, Q3 2019, Q3 2021 recorded a rise of 64.51 percent in volume and 138.81 percent in value.

56.6 percent of all Q3 2021 transactions were for secondary/ready properties and 43.38 percent were for off-plan properties. Looking at the volume of transactions, 6,909 properties worth USD 3.6 billion were transacted in the off-plan market. As for the secondary market, 9,017 property transactions worth USD 7.8 billion were recorded there.

Compared to Q2 2021, the volume of off-plan transactions increased by 14.67 percent, while the volume of secondary/ready property sales transactions fell by 6.02 percent. The value of off-plan sales transactions grew by 47.11 percent and the value of secondary sales transactions rose by 4.24 percent. So Q3 saw a surge in off-plan sales transactions. This is eflected in the ratio of secondary to off plan transactions that grew from 38.5 percent of the total sales volume in Q2 to 43.4 percent in Q3, almost by 5 percent.

Top areas for secondary sales transactions for villas/townhouses in Q3 2021 were Damac Hills 2, Dubai Hills Estate, Arabian Ranches, Nad Al Sheba and The Springs. As for apartments for the same period, the top areas of interest were Jumeirah Lake Towers, Dubai Marina, Meydan, Jumeirah Village Circle and Downtown Dubai.

The prices of villas/townhouses continue to rise due to very high demand and low supply. By the end of 2021, 6,000 new units are expected to be completed and delivered in the emirate.

The top areas for off-plan sales transactions for villas/townhouses in Q3 2021 were Arabian Ranches 3, Dubai Land, Tilal Al Ghaf, Dubai South and The Valley. As for apartments for the same period, the top areas of interest were Business Bay, Dubai Marina, Jumeirah Village Circle, Downtown Dubai and Jumeirah Lake Towers.

 

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