JLT overtakes Marina as top spot for property deals

Eudore R. Chand

DUBAI 21 June 2021: The number of real estate transactions in the Emirate of Dubai in May 2021 reached 4,429, the highest total sales transaction values since March 2017 in excess of Dh11.11 billion, with a growth of 1.4 percent compared to last April.

A total of 20,989 real estate sale transactions were recorded from January to May worth Dh47.19 billion, according to Mo’asher, Dubai’s official sales price index.

It added that Dubai’s real estate market has achieved a new record, the highest over the past four years in terms of the value of real estate sales transactions, thus highlighting the emirate’s attractiveness and flexibility in attracting real estate investments, and emphasising Dubai as one of the best global real estate destinations and the most capable of adapting to various conditions and global developments.

The 15th edition of price index, launched by Dubai Land Department (DLD), in cooperation with Property Finder, shows that May 2021 had the highest total sales transaction values since March 2017 in excess of Dh11.11 billion, with a growth 1.4 percent compared to last April.

The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012. In May 2021, the overall monthly Index recorded 1.071 and an index price of Dh1,007,529, the apartments monthly Index recorded 1.085 and an index price of Dh904,476 and the villas/townhouses monthly Index recorded 0.993 and an index price of Dh1,773,164.

The total number of sales transactions grow by 215 percent and the total value of sales transactions 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 in May 2021 and 38 percent were for off-plan properties. In addition, 77 percent of sales transactions were for apartments and 23 percent were for villa/townhouses. When we look at the volume of transactions, the off-plan market transacted 1,674 properties worth Dh2.58 billion and the secondary market transacted 2,755 properties worth Dh8.53 billion.

Top Spots

In the villas/townhouses sector, 10.1 percent of all sales in May 2021 took place in Mohammed bin Rashid City, followed by Dubailand (7.6 percent), Dubai Hills Estate (7.4 percent), Arabian Ranches 3 (6.5 percent) and Town Square (6.4 percent).

Looking at apartments, 10.8 percent of all sales transactions took place in Jumeirah Lake Towers, followed by Dubai Marina (9.2 percent), Jumeirah Village Circle (8.6 percent), DownTown Dubai (7.4 percent), and Business Bay (5.7 percent) according to data from Property Finder.

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.

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Dubai Gazette