Since H2 of 2020, we have seen records broken in certain segments of the real estate sector and in March 2021, we saw bigger records broken. According to records registered with Dubai Land Department March 2021 had 4,643 transactions worth AED 10.93 billion, 23 percent more than February 2021 in terms of volume and 47 percent more in terms of value.
Q1 2021 had 11,753 sales transactions worth AED 25.15 billion. In total, Q1 2021 had 6 percent more real estate sales transactions than Q4 2020, 16 percent more for secondary properties and 7 percent less for off-plan properties. When compared to Q1 2020, Q1 2021 had 15 percent more total sales transactions, 70 percent more for secondary properties and 29 percent less for off-plan properties.
In March, 63 percent of sales transactions were for secondary/ready properties and 37 percent were for off-plan properties. When we look at the volume of sales transactions, the off-plan market transacted 1,713 properties worth a total of AED 2.91 billion and the secondary market transacted 2,930 properties worth a total of AED 8.02 billion. Comparing this to February 2021, the number of off-plan transactions in March increased by 37 percent and the secondary/ready property transactions increased by 16 percent.
For the month of March, an interesting factor is that the average transaction value for off-plan properties has increased month-on-month by 24.6 percent and for secondary properties it increased by 21.5 percent. The total value of off-plan properties when comparing March 2021 to February 2021 has increased by 70 percent and secondary properties have increased by 41 percent.