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.