Dubai records off-plan property sales transactions worth Dhs4.95bn in Aug 2021

Dubai records off-plan property sales transactions worth Dhs4.95bn in Aug 2021

Dubai’s real estate market recorded 2,599 off-plan sales transactions worth Dhs4.95bn in August 2021, the highest monthly value for off-plan properties since December 2013. Meanwhile, 2,599 was also the highest number of off-plan transactions in a calendar month since November 2019. The top areas for off-plan villa/townhouses sales transactions were Arabian Ranches 3 (187 units) followed by Villanova (157), Tilal al Ghaf (79), Dubai South (58) and Mohammed bin Rashid City (16). For off-plan apartment sales transactions Dubai Harbour (260 units) had the most sales, followed by Mohammed bin Rashid City (239), Business Bay (219), Jumeirah Village Circle(171) and Jumeirah Lakes Towers(137). Buyer appetite for higher valued units has also increased with the average transaction price for an off-plan property year-on-year having increased by 53 per cent from Dhs1,246,009 in August 2020 to Dhs1,904,635 in August 2021. The median price for off-plan apartment sales transactions in August 2020 was Dhs 745,500, having increased year-on-year by 48 per cent to Dhs1,100,000. A 12 per cent increase in the median price for off-plan villa/townhouses sales transactions was also witnessed, having increased from Dhs1,622,000 in August 2020 to Dhs1,817,888 in August 2021. During 2020, villa/townhouses were in high demand, with several of the