Home buyers in Dubai spent a total of 14.97 billion dirhams ($4 billion) in August 2021, the highest since January 2017, Property Finder reported on Tuesday. 

Last month also recorded a total of 5,780 deals, making August the best month for the property market in the past 12 years, in terms of transaction volume. 

The latest figures indicate that sentiments in the market, which hit a snag at the start of the pandemic last year, is back up, according to Lynnette Sacchetto, director of research and data at Property Finder. 

“These figures are a true testament to the strength of Dubai, particularly the residential market. Consumer and investor sentiments are up, which shows the confidence of people, including foreign direct investment into Dubai,” Sacchetto said. 

“The Dubai government has done an excellent job, being proactive and implementing laws and incentives for people to invest. With Expo 2020 right around the corner, I expect it to continue to increase.” 

August transactions 

The deals made in August bring the year-to-date total to 37,537 sales transactions worth 88.12 billion dirhams, which is 22.61 percent higher than the value of deals made in 2020. The entire year of 2020 had 35,401 sales transactions worth 71.87 billion dirhams. 

The off-plan market saw 2,599 properties sold for 4.95 billion dirhams last month. This is the highest value of off-plan sales transactions the Dubai real estate market has seen in over 11 years, according to Property Finder. The secondary market also recorded 3,181 transactions worth 10.02 billion dirhams. 

Properties in demand last month were the villas and townhouses in Arabian Ranches 3, which topped the charts in terms of transactions. Dubai Land, Dubai South, Tilal al Ghaf and Damac Hills 2 were also popular. 

As for apartment buyers, the most sought-after locations were Business Bay, Jumeirah Village Circle, Dubai Harbour, Mohammed bin Rashid City and Downtown Dubai. 

(Writing by Cleofe Maceda; editing by Seban Scaria ) 

Cleofe.maceda@refinitiv.com 

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