Stock Dubai Skyline Marina
July recorded 1.78% more in sales transaction value when compared to 2020 Image Credit: Virendra Saklani/Gulf News

Dubai: Dubai’s property transactions amounted to Dh11.18 billion in July, making it the best July on record in the past 12 years.

This brings the year to date total to 31,757 sales transactions worth Dh73.15 billion. In just 7 months, the value of real estate sales transactions has surpassed 2020 as a whole. Last year, the real estate market had 35,401 sales worth Dh71.87 billion.

Rising average transaction values

Overall average transaction value increased to Dh2.55 million in July, an increase of 10.14 per cent when compared to June. Secondary/ready average transaction value increased to Dh2.97 million, an increase of 4.62 per cent and off-plan average transaction value increased to Dh1.92 million, an increase of 33.13 per cent.

In previous years, we normally saw the summer months as a slower market due to holidays and people migrating, however not this year despite the fact that many are now starting to travel. We are still seeing impressive value and volume numbers, July attested to this. The Dubai market is still and will continue to go in an upwards direction.

- Lynnette A Sacchetto, Director of Research & Data

Top property picks

The top areas of interest in terms of transactions for villas/townhouses in July were the Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Damac Hills and Mohamed bin Rashid City. As for apartments, the top areas of interest were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle.