Dubai's real estate sector witnesses record-breaking second quarter

Top areas for apartment sales last month were Meydan, with 15 percent of sales; Jumeirah Lake Towers (9.3 percent); and Dubai Marina (8 percent).

Dubai’s real estate sector witnessed a record-breaking second quarter, with the month of June showing the highest property sales figures in eight years, according to the latest data from Property Finder.

Figures revealed that June had the highest monthly volume of property sales transactions since December 2013. Over the course of the month, there were 6,388 deals, up 44.33 percent compared to May’s numbers, worth AED14.79 billion (an increase of 46.76 percent month-on-month).

While year-on-year June’s transactions were up 173.46 percent and value rocketed by some 204.55 percent.

Director of Research & Data at Property Finder, Lynnette A Sacchetto, said: “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.”

A breakdown of the stats for June showed secondary properties made up 62.2 percent of all transactions and off-plan 37.8 percent. The secondary market sold 3,970 properties that totalled AED11.29bn in value, while the off-plan market transacted 2,418 properties worth AED3.5bn.

Top areas for apartment sales last month were Meydan, with 15 percent of sales; Jumeirah Lake Towers (9.3 percent); and Dubai Marina (8 percent).

In terms of villas and townhouses, these were centred around Green Community (18.2 percent), Mohammed Bin Rashid City (11.3 percent), and Dubai Hills Estate (5.5 percent).

Over the second quarter, there were 15,638 sales worth AED36.86bn, an increase of 183,4 percent and 237.79 percent year-on-year.

Sacchetto added: “Compared to Q1 2021, the overall, average secondary transaction value has increased by 17.28 percent and the average off-plan transaction value has increased by 0.83 percent. 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 the year and into 2022.”

In the year-to-date, data shows there have been 27,373 transactions totalling AED61.97bn. In comparison, throughout the whole of last year, there were 35,041 transactions worth AED71.87bn.