More than 70 per cent of all transactions in January were for ready properties
Dubai’s real estate market saw deals worth Dh6.74 billion in January, 2021 – this is up 37 per cent from the same period last year.
Dubai: Dubai’s real estate market saw deals worth Dh6.74 billion in January, 2021 – this is up 37 per cent from the same period last year, according to a sales price index launched by the Dubai Land Department (DLD).
“The index data shows that Dubai’s real estate market continues its upwards trend - this is due to the proactive measures and incentive packages launched by the Dubai Government to address the effects and consequences of the outbreak of COVID-19,” the regulator said in a statement.
Customers want it ready
The trend throughout 2020 was that secondary or ready properties started transacting more, and this trend has continued into this new year.
DLD noted that 72 per cent of all transactions in January 2021 were for secondary or ready properties, and 28 per cent were for off-plan properties.
In terms of the volume of transactions, the secondary market transacted 2,373 properties worth a total of Dh5.43 billion – this is the highest in a single month since March, 2014.
In terms of sales transactions, 70 per cent were apartments and 30 per cent were villas or townhouses.
The fourth quarter of 2020 was the “strongest” quarter of the year with over 11,000 transactions worth Dh22.07 billion.
“This quarter kept the momentum going for the year to start strong, and we are most likely going to see this going forward into February, where we have already seen more than AED 3.3 billion in sales transactions in the first week,” said the statement.