In February, 67% of overall transactions were for secondary/ready properties, and 33% were for off-plan properties
By Staff Writer, WAM (Emirates News Agency)
DUBAI - Dubai’s real estate market recorded 3,787 sales transactions worth AED7.43 billion in February 2021, a 13.8 percent increase from January 2021 in terms of volume and 8.9 percent rise in terms of value, according to the 12th edition of Mo’asher, Dubai’s official sales price index that was launched by Dubai Land Department (DLD) in cooperation with Property Finder.
This brings the year’s total, up until end of February, to 7,114 sales transactions worth AED14.2 billion, said a press release issued by DLD on Sunday.
The index data, which is taken from the base year 2012, base month for the monthly index January 2012, and the base quarter for the quarterly index Q1 2012, shows that Dubai’s real estate market continues its upwards trend. After a slight dip in January, the index numbers are back on the rise.
Additional trends that started observing in H2 2020 were secondary/ready properties transacting higher, volume wise, than off-plan properties. This trend also continued into 2021, and the demand in the ready market continued to grow as February 2021 now holds the record for the most secondary/ready property sales transactions in a single month over the past three years, surpassing January’s numbers.
In February, 67 percent of overall transactions were for secondary/ready properties, and 33 percent were for off-plan properties. The volume of transactions and the off-plan market transacted 1,355 properties worth a total of AED1.8 billion, and the secondary market transacted 4,114 properties worth a total of AED15.3 billion.
Comparing this to January 2021, the number of off-plan transactions in February increased by 39.9 percent.
According to Data Finder, the real estate insights and data platform under the Property Finder Group, 10.3 percent of all sales in the villas/townhouses sector in February 2021 took place in Nad al Sheba, followed by Dubai Hills Estate (8.3 percent), Green Community (8 percent), Arabian Ranches (4.7 percent) and Dubailand (4 percent).
Looking at apartments, 14.9 percent of all sales transactions took place in Business Bay followed by Dubai Marina (9 percent), Jumeirah Village Circle (8 percent), Downtown Dubai (6.5 percent), and Palm Jumeirah (6.2 percent).
According to Property Finder’s proprietary demand data, the top areas of interest in terms of searches for villas/townhouses in February 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Mohamed bin Rashid City, and Damac Hills.
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.
Overall, the monthly Index recorded 1.071 and an index price of AED1,004,652. Apartments’ monthly Index recorded 1.125 and an index price of AED944,982, while the monthly index of villas/townhouses recorded 0.924 and an index price of AED1,760,377, said the DLD press release.