Dubai has recorded a total of 4,429 real estate transactions for May with a value of over AED11.1 billion ($3.02 billion), the highest for a month since March 2017, according to Mo’asher, Dubai’s official sales price index.

 

A total of 20,989 real estate sale transactions were sealed during the January to May period worth AED 47.19 billion, up 1.4 per cent over last April, stated the 15th edition of price index, launched by Dubai Land Department (DLD), in cooperation with Property Finder. 

 

The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012.

 

In May 2021, the overall monthly Index recorded 1.071 and an index price of AED1.01 million, the apartments monthly Index recorded 1.085 and an index price of AED904,476 and the villas/townhouses monthly Index recorded 0.993 and an index price of AED1,773,164.

 

The total number of sales transactions grow by 215 per cent and the total value of sales transactions by 357 per cent since May last year. 

 

According to DLD, the off-plan market sales transactions volume grew by 74 per cent since last year, and the secondary market, which has been in high demand since the pandemic started, has grown by over 466 per cent.

 

In May 2021, 62 percent of all transactions were for secondary/ready properties in May 2021 and 38 percent were for off-plan properties. 

 

In addition, 77 percent of sales transactions were for apartments and 23 percent were for villa/townhouses. When we look at the volume of transactions, the off-plan market transacted 1,674 properties worth AED 2.58 billion and the secondary market transacted 2,755 properties worth AED 8.53 billion, it added.

 

In the villas/townhouses sector, 10.1 percent of all sales in May took place in Mohammed bin Rashid City, followed by Dubailand (7.6 percent), Dubai Hills Estate (7.4 percent), Arabian Ranches 3 (6.5 percent) and Town Square (6.4 percent). 

 

Looking at apartments, 10.8 percent of all sales transactions took place in Jumeirah Lake Towers, followed by Dubai Marina (9.2 percent), Jumeirah Village Circle (8.6 percent), DownTown Dubai (7.4 percent), and Business Bay (5.7 percent) according to data from Property Finder.

 

According to proprietary Property Finder demand data, the top areas of interest in terms of searches for villas/townhouses in May 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Damac Hills, and Mohamed bin Rashid City. 

 

As for apartments for the same period, the top areas of interest were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Village Circle.-TradeArabia News Service