Price Index - May 2021

May 2021‭ ‬had the highest total sales transaction value since March 2017‭ ‬in excess of AED11.11‭ ‬billion‭. ‬This is the highest value‭ ‬of property transactions in four years‭. ‬

May 2021‭ ‬had 4,429‭ sales ‬transactions worth AED 11.11‭ ‬billion‭, ‬1.4‭ ‬percent more in terms of value‭. ‬This brings the year to date total‭ ‬to 20,989‭ ‬transactions worth AED 47.19‭ ‬billion‭. ‬

If we take a deeper dive into the data‭, ‬we have seen the total number of sales transactions grow by 215‭ ‬percent and the total value of‭ ‬transactions has grown by 357‭ ‬percent since May 2020‭. ‬To break this down‭, ‬the off-plan market sales transactions volume grew by‭ ‬74‭ ‬percent since last year and the secondary market‭, ‬which has been in high demand since the pandemic started‭, ‬has grown by over 466‭ ‬percent‭. ‬

In May 2021‭, ‬62‭ ‬percent of all transactions were for secondary/ready properties and 38‭ ‬percent were for off-plan properties‭. ‬When we look at the volume of transactions‭, ‬the off-plan market transacted 1,674‭ ‬properties worth a total of AED 2.58‭ ‬billion and the secondary market transacted 2,755‭ ‬properties worth a total of AED 8.53‭ ‬billion‭. ‬Comparing this to April 202‭.‬

Over the past three months the percentage between off-plan and ready properties has stayed at a consistent 38‭ ‬percent to 62‭ ‬percent respectively‭. ‬The average transaction price for off-plan property has however reduced by 10.7‭ ‬percent to AED 1,542,411‭ ‬and the average transaction price for secondary property has increased by 14.9‭ ‬percent to AED 3,094,274‭.‬

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.‬

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