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Dubai’s ready property sales transactions surged to a three-year high in February, as more buyers snapped up ready units, the latest official data showed.
Deals in the secondary market made up the biggest chunk (67 percent) of the total 3,787 transactions recorded for the month, valued at approximately 7.43 billion ($2 billion), according to Mo’asher, Dubai’s official sales price index released on Sunday.
“February now holds the record for the most secondary/ ready property sales transactions in a single month over the past three years,” said the Dubai Land Department (DLD), which produced the index in cooperation with Property Finder.
The sales transactions for February were 13.8 percent higher than in January 2021 in terms of volume and 8.9 percent in terms of value.
“Dubai’s real estate market continues its upward trend. After a slight dip in January, the index numbers are back on the rise,” the statement said.
Sales activity in Dubai started to pick up after the COVID-19 restrictions eased last year, with many of the buyers drawn to low sales prices and ready-to-move-in units.
Popular locations
According to Data Finder, the data platform under the Property Finder Group, villas and townhouses in And Al Sheba bagged the biggest share of the sales, at 10.3 percent, followed by Dubai Hills Estate (8.3 percent), Green Community (8 percent), Arabian Ranches (4.7 percent) and Dubailand (4 percent).
Within the apartment category, 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).
(Writing by Cleofe Maceda; editing by Seban Scaria)
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