After a relatively quiet July because of the Eid al Adha holidays, August bounced back to the growth trajectory the Dubai Real Estate Market has been on since the end of last year. August 2021 is now the second highest month after June 2021 since December 2013 for the highest number of sales transactions in a single calendar month.
August 2021 had 5,780 transactions worth AED 14.97 billion, making it the best August on record in the past 12 years.
This brings the year to August total to 37,537 sales transactions worth AED 88.12 billion. In just 8 months, the value of real estate sales transactions is 22.61 percent more than 2020 as a whole. The entire year of 2020 had 35,401 sales worth AED 71.87 billion.
In August 2021, 55 percent of all transactions were for secondary/ready properties and 45 percent were for off-plan properties. Looking at overall percentage, the percentage of off-plan properties relative to the entire market has increased by 5% month-on-month.
When we look at the volume of sales transactions, the off-plan market transacted 2,599 properties worth a total of AED 4.95 billion. This is the highest value of off-plan sales transactions the Dubai Real estate market has seen in over 11 years. The last time the market saw this much money being pumped into off-plan properties was early 2009-10. The Secondary market transacted 3,181 transactions worth AED 10.02 billion.
The overall average transaction value increased to AED AED 2,589,938 an increase of 1.57 percent when compared to July 2021, Secondary/ready Average transaction value increased to AED 3,149,857 an increase of 5.91 percent and off-plan average transaction value has decreased by 1.3 percent to AED 1,904,635.