Dubai property sales up 136.5% in August

Sajjad Ahmed, Deputy Business Editor

DUBAI: The Dubai property sales volume increased by 136.5 per cent in August 2021compared to same month of last year, according to report of fam Properties. The report is based on the Dubai Land Department recent figures.

 The property sector also recorded over 5,768 transactions achieving a new all-time high for the month of August.

Remarkably, the sales value exceeded Dhs14.9 billion marking August as the best performing month in 2021 in terms of value as per the following breakdown:

Over 3,701 apartments were sold for Dhs6.3 billion with 124% increase rate, while 854 villas for Dhs1.9 billion with 218.7% growth rate last month.

Over 157  commercial sold for Dhs206.3 million with an increase 41.4% per cent and

1,056 plots for Dhs6.6 billion with158.8% rise compared to August 2020.

This performance is attributed mainly to the off-plan property sales value and volume, which outperformed the ready-property for the first time in 2021.

Meanwhile, the first eight months of 2021 witnessed three all-time high records.

The total sales volume of over 37,000 transactions recorded  84% growth rate compared to the same period in 2020.

Luxury apartments registered 178% growth with almost 500 apartments sold at over Dhs6 million compared to the same period last year.

The mortgage transactions recorded 77% increase and hit a new record high of over 13,500.

The prices of the ready property market are what matters the most to investors because even when buying an off-plan, chances are that it will be sold once ready.

 The median property prices in Dubai versus August 2020 showed that ready apartment  at Dhs1.1 million with 37.5% Year-on-Year growth and the ready villa at Dhs2.5 million with 40.8% YoY growth rate.

 Off-plan apartment at Dhs 1.1 million with 60% YoY increase andOff-plan villa at Dhs1.75 million with 7.9% YoY rise.

Property prices vary based on the size and area/project hence understanding the property prices per sqft gives a better idea.

Top projects with the most expensive sold apartments were

Dhs44 million IL Primo in Downtown Dubai, Dhs36 million ONE AT PALM JUMEIRAH in Palm Jumeirah, Dhs29 million Amna Tower in Business Bay, Dhs24 million W Residences Dubai - The Palm in Palm Jumeirah, Dhs21 million Address Fountain Views Residences - Tower 1 in Downtown Dubai.

Top areas with the most expensive sold villas included Dhs34 million Palm Jumeirah, Dhs17 million MBR City ( Al Merkadh), Dhs12 million Dubai Marina,Dhs 6 million Dubai Hills Estates andDhs 5 million Motor City.

Firas Al Msaddi , CEO of fam Properties said, “This persistent upward trend in the Dubai property sales volume has resulted in prices increase which is expected to continue due to Expo, loan-to-mortgage and interest rate, loosening travel restrictions, introducing new visa rules, and the continuous government initiatives to make Dubai a better place to live and start new businesses.”