The past months leading up to the Expo saw exceptional growth in real estate sales transactions in terms of volume and value. However, September 2021 marked a significant importance as it recorded the highest value of real estate sales in a single month since December 2013. The month experienced sales exceeding 16.2 billion dirhams, distributed over 5,762 transactions, bringing the total value of real estate sales since the beginning of the year to over 100 billion dirhams. The third quarter was the best third quarter ever in terms of land sales value, according to data from the 18th edition of the official sales price index in Dubai launched by Dubai Land Department in collaboration with Property Finder.
According to the index, which uses 2012 as the base year, January 2012 as the base month, and the first quarter of 2012 as the base quarter, the overall monthly index in September recorded 1,115 points at a price of 1,065,816 dirhams, after the monthly apartment index recorded 1.14 points at a price of 954,524 dirhams, and 1,098 points for the monthly villa index at a price of 1,940,843 dirhams.
The overall quarterly index for the third quarter recorded 1,128 points at a price of 1,053,263 dirhams, after the quarterly apartment index recorded 1.134 points at a price of 946,644 dirhams, and 1.124 points for the quarterly villa index at a price of 1,954,802 dirhams. By the end of September, transactions increased to 43,299 sales worth 104.3 billion, and during the first nine months of 2021, the value of real estate sales transactions increased by 45.15% compared to the entire year of 2020, marking the highest annual real estate sales value since 2017.
The secondary market / ready units accounted for 56% of sales in September, while off-plan sales represented 44%, with off-plan sales dealing with 2,530 properties at a total value of 5.1 billion dirhams, marking the highest value of off-plan sales transactions in Dubai's real estate market in over 8 years. A total of 3,232 properties were traded in the secondary market with a total value of 11.1 billion during September 2021.
The third quarter of 2021 is considered the best third quarter in the history of the real estate sector in Dubai in terms of sales value, and the best third quarter in terms of transaction volume since 2009, witnessing 15,927 real estate sales worth 42.35 billion dirhams.
A comparison of the third quarter of 2021 with the third quarter of 2020 showed an increase of 85.36% in transaction volume and an increase of 135.42% in sales value. When compared to the period before the outbreak of COVID-19, the third quarter of 2021 showed an increase of 64.51% in transaction volume and 138.81% in sales value compared to the third quarter of 2019.
In the secondary market, the ready units accounted for 56.6% of sales in the third quarter of 2021, while off-plan sales represented 43.38%. In terms of transaction volume, off-plan sales dealt with 6,909 properties at a total value of 13.5 billion dirhams. Meanwhile, 9,017 properties were traded in the secondary market, with a total value of 28.85 billion dirhams during the third quarter of 2021.
