82.9 billion dirhams in Dubai real estate sales on the map in 3 months

During the third quarter of this year, off-plan real estate sales transactions in Dubai recorded a growth of 26% on an annual basis, reaching 40.1 thousand transactions, thus accounting for 68% of the total real estate market transactions in the emirate.

The total value of sales transactions on the map reached its highest quarterly level ever, at 82.9 billion dirhams, an increase of 23% compared to last year, according to a recent report issued by the “Property Finder” platform.

The report stated that the Business Bay region came at the top of the regions in terms of planned sales, having acquired about 7.4 billion dirhams in sales, supported by the launch of new projects.

He stressed that the projects in the Al Barsha and Dubai Islands areas direct buyers towards investing in planned communities with high potential, which confirms the sustainability of demand for leading development projects in the emirate.

The real estate market in Dubai recorded the highest volume of quarterly transactions ever, after carrying out 59,000 sales transactions, a growth of 17% on an annual basis, with a value of 169 billion dirhams, according to data from the Dubai Land Department.

In addition, Dubai recorded about 18.91 thousand sales transactions for ready properties, representing 32% of the total market size, an increase of 2% on an annual basis.

The total value of sales also grew by 16% to 86.1 billion dirhams, which confirms that demand is now driven by the investment value, not the number of transactions.

According to the “Property Finder” report, the activity of ready-to-move-in real estate sales is driven by value in distinguished residential areas, which reflects a maturity stage in the market characterized by a focus on capital preservation and the transition of end-users to luxury properties.

The report indicated that the Wadi Al Safa region recorded, during the third quarter of this year, three transactions worth more than seven billion dirhams, driven by the increasing demand for land plots, pointing out that the Business Bay region continued its strong performance in sales of ready properties, supported by resale operations in luxury projects.

He explained that the Palm Jumeirah and Dubai Marina areas recorded sales exceeding six billion dirhams, confirming the continuing global interest in luxury housing overlooking the waterfront and built in the style of modern apartments.

• 16% growth in the value of ready real estate sales in Dubai during the third quarter.