In August 2021, the Dubai property sales volume increased by 136.5% v.s. last year and recorded over 5,768 transactions achieving a new all-time high for the month of August.
Remarkably, the sales value exceeded AED 14.9 B marking August as the best performing month in 2021 in terms of value as per the following breakdown:
- 3,701 (+124%) apartments for AED 6.3B
- 854 (+218.7%) villas for AED 1.9B
- 157 (+41.4%) commercial for AED 206.3M
- 1,056 (+158.8%) plots for AED 6.6B
This performance is attributed mainly to the off-plan property sales value and volume which outperformed the ready-property for the first time in 2021.
Three new all-time high records, YTD.
The first eight months of 2021 witnessed three all-time high records:
- Total sales volume of over 37,000 transactions. (+84% vs. 2020).
- Luxury apartments with almost 500 apartments sold at over AED 6M (+178% vs. 2020).
- Mortgage transactions hit a new record high of over 13,500 (+ 77% vs. 2020 ).
The prices of the ready property market are what matters the most to investors because even when buying an off-plan, chances are that it will be sold once ready. The median property prices in Dubai vs. August 2020
- Ready apartment at AED 1.1M (+37.5% YoY) and (+21% vs. 2014)
- Ready villa at AED 2.5M (+40.8% YoY) and (+9.7% vs. 2014)
- Off-plan apartment at AED 1.1M (+60% YoY) and (+38% vs. 2014)
- Off-plan villa at AED 1.75M (+7.9% YoY) and (6.3% vs. 2014)
Property prices vary based on the size and area/project hence understanding the property prices per sqft gives a better idea
- Ready apartment at AED 986 (+16% YoY) and (-2.6% vs. 2014)
- Ready villa at AED 836 (+34.9% YoY) and (+17.4% vs. 2014)
- Off-plan villa at AED 884 (+22.9% YoY) and (+43.9% vs. 2014)
- Off-plan apartment at AED 1,665 (+34% YoY) and (+13.5% vs. 2014)
Most Expensive Properties
Top projects with the most expensive sold apartments
Top areas with the most expensive sold villas
This persistent upward trend in the Dubai property sales volume has resulted in prices increase which is expected to continue due to Expo, loan-to-mortgage and interest rate, loosening travel restrictions, introducing new visa rules, and the continuous government initiatives to make Dubai a better place to live and start new businesses.