Dubai real estate update: Apartments, villas worth $28bln sold in 9 months

Value of year-to-date sales highest in four years, says Property Finder

Port of Dubai Marina to the Blue Hour on the skyline. Image used for illustrative purpose.

Port of Dubai Marina to the Blue Hour on the skyline. Image used for illustrative purpose.

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Thousands of villas and apartments in Dubai with a combined value of 104.3 billion dirhams ($28.4 billion) were sold in the first nine months of the year, making 2021 the best time for property sales in four years, according to data from Property Finder. 

Between January and September 2021, the market saw a total of 43,299 deals, more than 45 percent higher than the transactions recorded during the whole of last year. The value of transactions for the past nine months was also the highest since 2017. 

“Mortgage transactions are [also] at an all-time high year-to-date, breaking all records, and the year hasn’t ended yet,” noted Lynnette Sacchetto, director of research and data at Property  Finder. 

The latest figures also showed that most buyers continue to focus on secondary or ready properties, although the off-plan market is picking up. 

September deals 

In September, 5,762 properties changed hands, with the total sales value exceeding 16 billion dirhams, the highest in a month since December 2013. 

More than half (56 percent) of all transactions were for completed units and 44 percent were for off-plan properties. 

During the same period, 2,530 off-plan units worth 5.1 billion dirhams were sold. The value is the highest for the off-plan segment in more than eight years, Property Finder said. The ready market sold 3,232 units worth 11.1 billion. 

Property prices also continue to rise in the villa/townhouse segment, as the demand “is still very prevalent”, noted Sacchetto. 

Property sales have picked up since COVID-19 restrictions eased last year, largely fuelled by demand from buyers looking for bigger private space and attractive mortgage rates and prices. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

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