Dubai reported 4,643 property sales worth 10.93b in March, a new record in 16 months

Dubai's property sector achieved a record number of real estate sales transactions in March in 16 months, with 4,643 transactions worth Dh10.93 billion.

 

Dubai: According to the 13th edition of Mo’asher, Dubai’s official sales price index, launched by Dubai Land Department (DLD) in cooperation with Property Finder, March 2021 achieved a record number of real estate sales transactions in 16 months, with 4,643 transactions worth Dh10.93 billion.

 

Overall, transaction numbers grew 23 per cent and in value terms, deals grew 47 per cent in March compared to February.

 

The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012. Q1 2021 had 11,753 sales transactions worth Dh25.15 billion.

 

In total, Q1 2021 had 6 per cent more real estate sales transactions than Q4 2020, 16 per cent more for secondary properties and 7 per cent less for off-plan properties. When compared to Q1 2020, Q1 2021 had 15 per cent more total sales transactions, 70 per cent more for secondary properties and 29 per cent less for off-plan properties.

 

In March, 63 per cent of sales transactions were for secondary/ready properties, the highest since June 2015, and 37 per cent were for off-plan properties. Apartment sales accounted for 71 per cent of the total transactions and 29 per cent were for villa/townhouse sales

 

In terms of volume of sales transactions, the off-plan market transacted 1,713 properties worth a total of Dh2.91 billion and the secondary market transacted 2,930 properties worth a total of Dh8.02 billion. Comparing this to February 2021, the number of off-plan transactions in March increased by 37 per cent and the secondary/ready property transactions increased by 16 per cent.

 

For the month of March, the average sales transaction value for off-plan properties increased month-on-month by 24.6 per cent and for secondary properties it increased by 21.5 per cent. The total value of off-plan properties when comparing March 2021 to February 2021 increased by 70 per cent and secondary properties have increased by 41 per cent.

 

The top areas of interest in terms of searches for villas/townhouses in March 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.