“To date, we have over Dh104 billion in sales transaction value which is the highest value since 2017 and mortgage transactions are at an all-time high year-to-date, breaking all records, and the year hasn’t ended yet,” said Lynnette Sacchetto, Director of Research and Data at Property Finder. Image Credit: Stefan Lindeque/ANM

Dubai: Dubai real estate transactions exceed Dh100 billion mark in September, according to data from Property Finder, a property portal.

“Last month not only had the highest value of real estate sold in a single month since December 2013 but also crossed the Dh100 billion mark for the year,” the portal said in a statement.

September 2021 had 5,762 transactions worth Dh16.2 billion, making it the best September on record in the past 8 years.

Including September 2021, this brings the year to date total to 43,299 sales transactions worth Dh104.3 billion. In just 9 months, the value of real estate sales transactions is 45.15 per cent more than 2020 as a whole and is already the highest yearly sales figure since 2017.

Off-plan is back

In September 2021, 56 per cent of all transactions were for secondary/ready properties and 44 per cent were for off-plan properties. “When we look at the volume of transactions, the off-plan market transacted 2,530 properties worth a total of Dh5.1 billion. This is the highest value of off-plan sales transactions the Dubai real estate market has seen in over 8 years,” said the portal’s statement.

The Secondary market transacted 3,232 transactions worth Dh11.1 billion.

According to Property Finder, the median price for secondary apartments has increased by 41 per cent over the past year and has increased by 20 per cent for secondary villa/townhouses. The median price for off-plan apartments has increased by more than 15 per cent while villa/townhouses in the off-plan segment have increased by over 10 per cent.