September 2020 was a very strong month for Dubai residential real estate. In September we had 3,894 property sales transactions which was 55.3 percent higher than the month of August and 63.9 percent higher than the month of July. The total value of the transactions was AED 8.943 billion which is 89.5 percent higher than the month of August 2020 and 39.1 percent higher than September 2019. Weekly sales transactions have been increasing at an average rate of 27.6 percent weekly for the past 4 weeks.
46 percent of the sales transactions in September were off plan transactions compared to 54 percent in the secondary market transactions properties which is a rise in the off plan sector by 15 percent compared to August 2020. Looking at the number of transactions in each segment, the off plan transactions grew by 129.2 percent and the secondary transactions grew by 23.5 percent compared to August 2020. The value of off plan properties transacted grew by 155.7 percent and the value of secondary property transacted grew by 74.2 percent compared to August 2020.
As was predicted the v shape recovery in the real estate sector is proved with September results and we started to see the same level of both transaction volume and values.
Q3 2020 had a total of 8,675 property sales transactions which is 55.1 percent higher than Q2 2020. The total value of the transactions in Q3 reached AED 18.146 billion which is 65 percent higher than the Q2 2020. This brings the overall total for Sales transaction this year to 24,473 with a total value of AED 50.62 billion.
The breakdown of the transactions for Q3 was 37.3 percent off plan and 62.7 percent secondary which is a rise in the secondary sector by 21.7 percent when compared to Q2 2020.