July 2021 showed best performance in 12 years: sales transactions volume in Dubai property market continues to grow

To date sales transactions value in 2021 exceed the overall results of 2020 by 1.78 percent.

July 2021 was a relatively quiet month in the Dubai real estate sector, compared to the growth witnessed in the market during the few previous months. Despite this, July still managed to have its mark on the industry.

4,384 transactions worth USD 3.04 billion were recorded in the emirate in July 2021, making this July's performance the best over the past 12 years. 

So, the year's total to date stands at 31,757 sales transactions worth USD 19.9 billion. The value of real estate sales transactions has surpassed the total of 2020 just in seven months. Overall, 35,401 sales worth USD 19.5 billion were registered in 2020. And as of July 2021, the sales transactions value of the year is 1.78 percent more than in 2020.

59.4 percent of all transactions in July 2021 were for secondary/ready properties and 40.6 percent were for off-plan properties. When looking at the volume of transactions, 1,780 properties worth a total of USD 936 million were transacted in the off-plan market and 2,604 properties worth 2.1 billion were transacted in the secondary/ready market.

It is also interesting to see how the average transaction value has changed. In July, there was a drastic spike. Overall average transaction value increased to USD 694,278, which is 10.14 percent higher than in June 2021. Secondary/ready average transaction value increased to USD 809,705, by 4.62 percent, and off-plan average transaction value increased to USD 525,416, by 33.13 percent.

'In previous years, we normally saw the summer months as a slower market due to holidays and people migrating, however not this year despite the fact that many are now starting to travel. We are still seeing impressive value and volume numbers, July attested to this. The Dubai market is still and will continue to go in an upwards direction,' commented Lynnette Abad Sacchetto, Director of Research & Data at Property Finder.

According to Property Finder demand data, the top areas of interest in terms of transactions for villas/townhouses in July 2021 were the 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.