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Dubai saw highest October property transactions in eight years at $3.57bln

Dubai Land Department said the value of transactions for the first 10 months of 2021 was already 64.4% higher than for the whole of 2020

Dubai had its best October in terms of property transactions in 8 years at AED 13.12 billion ($3.57 billion), with the first 10 months of the year outstripping the whole of 2020 by 64.4 percent.

The Dubai Land Department (DLD) said there were 5,352 sales transactions, raising the year-to-date total to 48,651, worth AED 177.44 billion.

During the month, 60 percent of all transactions were for secondary or ready properties and 40 percent were for off-plan properties. 

The ready market accounted for 3,219 sales transactions worth AED 8.72 billion and the off-plan property segment accounted for 2,133 properties worth AED 4.4 billion in total, DLD said.

Property Finder demand data showed that the top areas for ready villas or townhouses were Damac Hills 2, Nad Al Sheba, The Springs, Dubai Hills Estate and Arabian Ranches. For ready apartments, the top areas of interest were Dubai Marina, Business Bay, Jumeirah Village Circle, Downtown Dubai and Jumeirah Lake Towers.

For off-plan properties, the top areas for villas or townhouses were Arabian Ranches 3, Tilal al Ghaf, The Valley, Dubai Land and Mohammed bin Rashid City. For apartments, the top areas were Dubai Harbour, Mohammed bin Rashid City, Dubai Creek Harbour, Business Bay and Downtown Dubai.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)

Imogen.lillywhite@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.© ZAWYA 2021

Source: https://www.zawya.com/uae/en/business/story/Dubai_saw_highest_October_property_transactions_in_eight_years_at_357bln-ZAWYA20211125042049/

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