DUBAI- Coinciding with the launch of Expo 2020 Dubai, the largest global event and the first-of-its-kind in the Middle East, the Dubai real estate market continued to record new achievements and further growth in the field of real estate sales transactions.
According to the data of the 20th edition of Mo’asher, Dubai’s official sales price index launched by Dubai Land Department (DLD) in partnership with Property Finder, October 2021 recorded 5,352 sales transactions worth AED 13.12 billion, making it the best October on record for the past eight years.
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.
The index indicates that including October 2021, the year-to-date total is 48,651 sales transactions worth AED 177.44 billion. In just 10 months, the value of real estate sales transactions is 63.4% more than 2020 as a whole and is already the highest yearly sales figure since 2015.
In October 2021, the overall monthly Index recorded 1.132 and an index price of AED 1,086,969, apartments monthly Index recorded 1.16 and an index price of AED 974,621 and villas/townhouses monthly Index recorded 1.13 and an index price of AED 1,962,448.
October 2021 in terms of overall index numbers has been the highest since June 2019 and the highest for index value since March 2019.
Regarding apartment numbers, they have been the highest in index numbers since August 2020 and for index value since September 2020. The index for villas/townhouses performed the best, with October 2021 being the highest for index number since April 2019 and being the highest in Index value since February 2019.
October 2021 had 5,352 sales transactions worth AED 13.12 billion, making it the best October on record for the past eight years. Including October 2021, this brings the year-to-date total to 48,651 sales transactions worth AED 177.44 billion. In just 10 months, the value of real estate sales transactions is 63.4% more than 2020 as a whole and is already the highest yearly sales figure since 2015.
The villa townhouse index increased by 14% over the past six months. Since the start of the pandemic, the demand for villa/townhouses has increased exponentially, which led to an increase in sales of villa/townhouses, breaking records for the most sold starting in July 2020 and increasing month-on-month.
In October 2021, 60% of all transactions were for secondary/ready properties and 40% were for off-plan properties. When we look at the volume of sales transactions, the off-plan market transacted 2,133 properties worth a total of AED 4.4 billion.
The ready market transacted 3,219 sales transactions worth AED 8.72 billion. Breaking this down further by developer sales and individual sales, developers had a total of 3,395 transactions worth AED 8.08 billion which included off-plan and prime, ready properties while individual sales accounted for 1,957 transactions worth AED 5.03 billion as per data from data finder suggest.
According to proprietary Property Finder demand data, the top areas of transactions in the month of October 2021 for villas/townhouses in June 2021 were the Damac Hills 2, Nad Al Sheba, The Springs, Dubai Hills Estate and Arabian Ranches. As for apartments for the same period, the top areas of interest were Dubai Marina, Business Bay,Jumeirah Village Circle, Downtown Dubai and Jumeirah Lake Towers.
For off-plan properties the top areas of transactions in the month of October 2021 for villas/townhouses in June 2021 were the Arabian Ranches 3, Tilal al Ghaf, The Valley, Dubai Land and Mohammed bin Rashid City. As for apartments for the same period, the top areas of interest were Dubai Harbour, Mohammed bin Rashid City, Dubai Creek Harbour, Business Bay and Downtown Dubai.
© Copyright Emirates News Agency (WAM) 2021.