Dubai posts 8-year high realty transactions in November

Wam file photo
Wam file photo

The number of year-to-date sales transactions reached 55,640 worth Dh135.4 billion in November.



by

Issac John

Published: Fri 17 Dec 2021, 12:15 AM

Last updated: Fri 17 Dec 2021, 12:17 AM

The impact of Expo 2020 on Dubai’s real estate market has been remarkable since the event started in October with November recording the highest monthly sales figures in eight years.

According to Dubai Land Department (DLD), in November 6,989 sales transactions worth Dh17.95 billion were registered, making it the best November on record since January 2014.

The number of year-to-date sales transactions reached 55,640 worth Dh135.4 billion in November. In just 11 months, the value of real estate sales transactions is 88.37 per cent more than 2020 as a whole and is already the highest yearly sales figure since 2014, DLD data shows.

While 54 per cent of all transactions last month were for secondary/ready properties, 46 per cent were for off-plan properties. “When we look at the volume of transactions, the off-plan market transacted 3,217 properties worth a total of Dh6.84 billion. The ready market transacted 3,772 transactions worth Dh11.11 billion,” DLD said in a statement.

Month-on-month, off-plan value and volume increased by more than 50 per cent and secondary volume increased by more than 17 per cent and value increased by 27.43 per cent. Total sales transaction value increased by 36.82 per cent and volume increased by 30.59 per cent compared to October.

November 2021 had 80.1 per cent more sales transactions year-on-year that were valued at 138.7 per cent more. “For a more realistic comparison, when compared to November 2019, November 2021 had 45.2 per cent more sales transactions, which were 104.1 per cent more in value.

For the week ending 16 December 2021, the real estate transactions were valued at Dh 7.13 billion across 1,974 deals.

While 225 plots were sold for dh 1.05 billion, 1,337 apartments and villas were sold for Dh2.95 billion.

The top three transactions included a plot in Saih Shuaib 2 that was sold for Dh 46.08 million, followed by a land sold for Dh35.5 million in Al Barsha First, and another plot sold for dDh 46.08 million in Saih Shuaib 2

Jebel Ali First recorded the most transactions for this week with 96 sales transactions worth Dh286.29 million, followed by Al Merkadh with 18 sales transactions worth Dh 157.36 million, and Wadi Al Safa 5 with 15 sales transactions worth Dh66 million.

issacjohn@khlaeejtimes.com


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