Dubai reports 43% YoY increase in property transactions in August
Dubai’s property investment market continues to go from strength to strength, with the total value of real estate transactions rising 43% year-on-year (YoY) in August to reach AED33.7 billion (US$9.18 billion).
According to data published by Property Finder, August saw a staggering 11,818 real estate deals, marking a 25% rise from the 9,450 transactions recorded in the same month last year.
More than 6,800 sales of off-plan properties were registered during the month, marking a 63% YoY increase. The property category also accounted for 58% of all sales transactions and half the month's transactional value at AED17 billion, up 103% YoY.
Ten key areas of Dubai, including Business Bay and Jumeirah Village, accounted for 53% of all transactions and more than 65% of the total sales value registered in the city. Both of these districts are key areas of development for The First Group.
The firm, which ranks among the UAE’s fastest-growing hotel developers, currently operates three upscale hotels under its lifestyle hospitality brand, The First Collection in both districts; The First Collection at Jumeirah Village Circle, The First Collection Business Bay and newly opened The First Collection Waterfront.
In terms of established properties, apartments accounted for 59% of all sales transactions, with investors demonstrating a preference for two-bedroom apartments.
Commenting on the sector’s overall performance, Cherif Sleiman, chief revenue officer at Property Finder, said: “Dubai’s property sector continued its steep year-on-year growth trajectory [in August]. We were pleased to see the sustained growth in investor appetite, with the market remaining robust over the holiday months and the off-plan segment witnessing an unprecedented surge.”