By Akanimo Sampson
In Dubai, official property sales price index recorded nearly 3,800 deals last month worth AED7.43 billion, 13 percent higher than the previous month as the market continued its rebound from the COVID-19 pandemic.
According to the 12th edition of Mo’asher, the index launched by Dubai Land Department (DLD) in cooperation with Property Finder, Dubai’s real estate market recorded 3,787 sales transactions in February, 13.8 percent more than January in terms of volume and 8.9 percent more in terms of value.
This brings the year’s total, up until end of February, to 7,114 sales transactions worth AED14.2 billion, it showed.
The index data showed that Dubai’s real estate market has resumed its upwards trend after a slight dip in January.
It revealed that February had the highest number of secondary/ready sales in a single month since January 2017.
The trend of secondary/ready properties transacting higher, volume wise, than off-plan properties began in the second half of 2020 and has continued into early 2021.
In February, 67 percent of overall transactions were for secondary/ready properties and 33 percent were for off-plan properties.
The off-plan market transacted 1,355 properties worth a total of AED1.8 billion, while the secondary market transacted 4,114 properties worth a total of AED15.3 billion. Comparing this to January, the number of off-plan transactions in February increased by 39.9 percent.
According to Data Finder, part of the Property Finder Group, 10.3 percent of all sales in the villas/townhouses sector in February took place in Nad al Sheba, followed by Dubai Hills Estate (8.3 percent), Green Community (8 percent), Arabian Ranches (4.7 percent) and Dubailand (4 percent).
For apartments, 14.9 percent of all sales transactions took place in Business Bay followed by Dubai Marina (9 percent), Jumeirah Village Circle (8 percent), Downtown Dubai (6.5 percent) and Palm Jumeirah (6.2 percent).
Overall, the monthly index recorded an index price of AED1,004,652, with apartments averaging AED944,982 and villas/townhouses at AED1,760,377.
