October 2021 in Dubai's real estate market: 5,352 sales transactions, USD 3.5 billion

October 2021 in Dubai's real estate market: 5,352 sales transactions, USD 3.5 billion

To date the value of property sales transactions exceed 2020 as a whole by 43.4 percent.

Amid the ongoing Expo 2020, the largest global event and the first-of-its-kind in the Middle East, the Dubai real estate market continued to record new achievements and further growth of real estate sales transactions volumes. October 2021 recorded 5,352 sales transactions worth USD 3.5 billion, making it the best October in the past eight years, according to Mo'asher, Dubai’s official sales price index launched by Dubai Land Department (DLD).

The base year for Mo'asher is 2012, the base month for the monthly index is January 2012 and the base quarter for the quarterly index is Q1 2012.

Including October 2021, the year to date totals 48,651 sales transactions worth USD 48 billion. Just in 10 months the value of real estate sales transactions exceeded 2020 as a whole by 43.4 percent. Moreover, it is already the highest yearly sales figure since 2015.

In October 2021, the overall monthly Index recorded 1.132 and an index price of USD 295,939, the apartments monthly Index recorded 1.16 and an index price of USD 265,351 and the villas/townhouses monthly index recorded 1.13 and an index price of USD 534,298.

Over the past six months, the villa/townhouse index increased by 14 percent. The demand for villa/townhouses has increased exponentially since the start of the pandemic, which caused an increase in sales of this kind of property. Deals in the villa/townhouse segment started breaking records in July 2020 and still grow month-on-month.

60 percent of all October sales were for secondary/ready properties, while 40 percent accounted for off-plan properties. As for the volume of sales transactions, the off-plan market sold 2,133 properties valued at a total of USD 1.19 billion. The secondary market recorded 3,219 sales transactions worth USD 2.3 billion.

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

For off-plan villas/townhouses the top areas of transactions in October 2021 Arabian Ranches 3, Tilal al Ghaf, The Valley, Dubai Land and Mohammed bin Rashid City. As for apartments for the same period, the top areas of interest were Dubai Harbour, Mohammed bin Rashid City, Dubai Creek Harbour, Business Bay and Downtown Dubai.

Share
Subscribe to newsletter
Subscribe