UAE – Mubasher: The real estate market in Dubai witnessed 4,429 transactions at a total value of AED 11.11 billion during May, recording the highest value of sales in four years.
The value of property sales in May was 1.4% higher month-on-month (MoM) compared to April 2021, yet lower by 8.1% in terms of volume, according to recent data.
This brings the year-to-date total transactions to 20,989 worth AED 47.19 billion.
On an annual basis, the total number of real estate transactions in Dubai surged 205% in May and the total value of the sales jumped 324% since May 2020.
“One indication that Dubai’s real estate market has rebounded is that the average transaction value for a single property has increased, 16.77% for villa/townhouses and 17.18% for apartments in one year,” Director of Research & Data, Lynnette Sacchetto, commented.
The top areas of interest in terms of searches for villas or townhouses in May were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Damac hills, and Mohamed bin Rashid City, according to Property finder. As for apartments during the same period, the top areas of interest were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Village Circle.
Sacchetto added: “When looking over the past few years, we have not only seen increases since 2020 but from 2019 as well. To put things further into perspective, we have seen a 36.5% increase in total volume of sales transactions and a whopping 83.8% increase in total value of sales transactions when comparing May 2021 to May 2019.”
From January to April 2021, Dubai registered 25,455 total property transactions worth AED 92 billion, up 51% year-on-year (YoY) in terms of volume and 72% in terms of value.
