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Dubai property boom continues in July

Dubai property boom continues in July

Dubai property sales hit a 12-year high in July, as the UAE economy continues to recover from the pandemic. The emirate registered 4,384 sales deals worth Dh11.18 billion ($3.04bn), according to listings company Property Finder.

Director of research and data at Property Finder, Lynnette Sacchetto, said: “In previous years, we normally saw the summer months as a slower market due to holidays and people migrating. However, not this year, despite the fact that many are now starting to travel.

“We are still seeing impressive value and volume numbers – July attested to this. The Dubai market… will continue to go in an upwards direction.”

So far in 2021, Dubai has recorded 31,757 sales worth Dh73.15bn (to July 31), according to Property Finder. The value of property sales in the first seven months of 2021 exceeded the full-year level for 2020, which saw 35,401 property sales worth Dh71.87bn.

In July, 60% of all property transactions in Dubai were for secondary properties. The average transaction value increased ‘drastically’ in July, with the overall value of deals at Dh2.5 million, up 10% compared with June 2021, the property portal said.