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DUBAI / WAM
Dubai’s real estate sector recorded 6,388 sales transactions in June, worth AED14.79 billion, according to the 16th edition of Mo’asher, Dubai’s official sales price index.
This was the highest value of sales in eight years, noted officials. The sales transactions in June 2021 were 44.33 percent higher, in terms of volume, and 33.2 percent higher in value compared to May.
The base year for Mo’asher is 2012, the base quarter for the quarterly index is Q1 2012 and the base month for the monthly index is January 2012. In June, the overall monthly index recorded 1.07 and an index price of AED 1,009,593, the apartments monthly Index recorded 1.088 and an index price of AED 904,920, and the villas/townhouses monthly Index recorded 1.013 and an index price of AED 1,822,343.
In Q2 2021, the overall quarterly index recorded 1.108 and an index price of AED 1,023,552, the apartments quarterly index recorded 1.118 and an index price of AED 927,442 and the villas/townhouses quarterly index recorded 1.076 and an index price of AED 1,880,153.
The results achieved in June 2021, in addition to the number of sales transactions reached in 4,824 April and 4,426 in May, made for a profitable Q2, which had the highest quarterly volume of sales transactions since Q4 2013, with 15,638 sales transactions worth AED 36.86 billion, 33.26 percent more than Q1 2021, in terms of volume, and 46.76 percent more in terms of value.
This brings the year-to-date total to 27,373 sales transactions worth AED 61.97 billion. To put this into perspective, 2020 had a total number of 35,041 sales transactions worth AED 71.87 billion. This confirms the sustainability of the high growth rate in the performance of the real estate sector in 2021, said officials.
Comparing real estate sales transactions in both June and Q2 2021 with similar periods in 2020 and 2019, the market has had significant growth, and Covid-19 was a growth accelerator for the real estate sector.
According to proprietary Property Finder demand data, the top areas of interest in terms of sales transactions for villas/townhouses in Q2 2021 were Mohammed Bin Rashid City, Dubai Hills Estate, Dubai Land, Green Community and Town Square.
As for apartments for the same period, the greatest areas of interest were Jumeirah Lake Towers, Dubai Marina, Meydan, Jumeirah Village Circle and Downtown Dubai.