June 2021: Dubai records highest volume of property sales transactions in 8 years

Dubai recorded the highest volume of property sales transactions in June this year, making it the highest monthly volume in eight years.

The emirate recorded 6,388 transactions worth Dhs14.79bn in June, 44.33 per cent more than May 2021 in terms of volume and 33.2 per cent more in terms of value. However, last month’s volumes increased 173.46 per cent compared to June 2020 and 204.55 per cent in terms of value.

In June 2021, 62.2 per cent of all transactions were for secondary/ready properties and 37.8 per cent were for off-plan properties. The off-plan market transacted 2,418 properties worth a total of Dhs3.5bn and the secondary market transacted 3,970 properties worth a total of Dhs11.29bn. Meydan stood out as the top area for sales transactions (15 per cent) among apartments last month, while Green Community topped as the top choice for sales transactions among villas/townhouses, recording 18.2 per cent.

Across Q2, Dubai recorded 4,824 and 4,426 sales transactions in April and May respectively. Q2 2021 had a total of 15,638 transactions worth Dhs36.86bn, 33.26 per cent more than Q1 2021 in terms of volume and 46.76 per cent more in terms of value.

In Q2 2021, 61.5 per cent of all transactions were for secondary/ready properties and 38.5 per cent were for off-plan properties. The off-plan market transacted 6,025 properties worth a total of Dhs9.17bn and the secondary market transacted 9,613 properties worth a total of Dhs27.68bn. Comparing this to Q1 2021, the number of off-plan transactions in Q2 increased by 53.93 per cent and the secondary/ready property transactions increased 22.91 per cent.

The year to date total stands at 27,373 sales transactions worth Dhs61.97bn.

“The trends this year have certainly kept us on our toes, with month-on-month increases and record breaking months for sales transactions, high investment demand from residents and foreign investment and property prices increasing across prime, popular communities. It has been a dynamic market to say the least,” said Lynnette A Sacchetto, director of research and data at Property Finder.

“Compared to Q1 2021, the overall, average secondary transaction value has increased by 17.28 per cent and the average off-plan transaction value has increased by 0.83 per cent. Following on from the rest of the year’s trends, Q2 outperformed previous quarters and we will most likely see this trend continue until the end of year and into 2022.”