Residential property sales in Dubai brought USD 28 billion in nine months

Residential property sales in Dubai brought USD 28 billion in nine months

Between January and September 2021, the emirate had a total of 43,299 property deals.

According to data from Property Finder, thousands of villas and apartments worth in total USD 28.4 billion were sold in Dubai in the first nine months of the year, making 2021 the best year in terms of property sales in four years.

In the period between January and September 2021, the emirate had a total of 43,299 deals, which is over 45 percent higher than a total number of transactions for the whole last year. The total value of transactions for the past nine months was also the highest since 2017.

'Mortgage transactions are [also] at an all-time high year-to-date, breaking all records, and the year hasn’t ended yet,' noted Lynnette Sacchetto, director of research and data at Property Finder.

The latest figures also showed that most buyers still focus on secondary or ready properties, but the demand on the off-plan market is also picking up.

In September, 5,762 properties were transacted in Dubai. The total sales value exceeded USD 4.3 billion, which is the highest in a month since December 2013.

More than half (56 percent) of all transactions were for ready units. Off-plan properties accounted for 44 percent of the total number of sales.

During this period 2,530 off-plan units worth USD 1.3 billion were transacted. This is the hiпhest value for the off-plan segment in over eight years, Property Finder reported. 3,232 units worth USD 3 billion were sold in the ready market.

Property prices also continue to grow in the villa/townhouse segment, as the demand there ' is still very prevalent', Sacchetto pointed out.

Property sales have picked up since еру ease of COVID-19 restrictions last year, largely driven by demand from buyers looking for bigger private space and attractive mortgage rates and prices.

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