USD 4 billion spent by home buyers in Dubai in August, 2021

The value of off-plan sales transactions last month was record high, says Property Finder.

Home buyers in Dubai spent a total of USD 4 billion in August 2021, which is the highest result since January 2017, real estate platform Property Finder reported on Tuesday. 

A total of 5,780 deals was recorded last month, making August the best month for the property market in the past 12 years from the point of view of transaction volume. 

The latest figures indicate that the market activity, which slowed down at the start of the pandemic last year, is growing again, according to Lynnette Sacchetto, director of research and data at Property Finder. 

The deals concluded in August the year-to-date total to 37,537 sales transactions worth USD 23 billion, which is 22.61 percent higher than the value of deals that took place in 2020. The total number of last year's deals was 35,401 sales transactions worth USD 19 billion.

The off-plan market recorded 2,599 sales transactions worth USD 1.3 billion last month. According to Property Finder, this is the highest value of off-plan sales transactions seen in Dubai's real estate market in over 11 years. As for the secondary market, it had 3,181 transactions worth USD 2.7 billion.

Villas and townhouses in Arabian Ranches 3 were in great demand in August, the area topped the charts in terms of transactions. Dubai Land, Dubai South, Tilal al Ghaf and Damac Hills 2 were also popular. 

The most sought-after locations to buy apartments were Business Bay, Jumeirah Village Circle, Dubai Harbour, Mohammed bin Rashid City and Downtown Dubai.