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Dubai property transactions break 12-year record in 2021, reach Dh151 billion
When compared to 2020, Dubai real estate sector showed an increase of 74.77% in sales transaction volume.
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Total value of property transactions in Dubai broke the 12-year record last year, reaching Dh151.07 billion, Property Finder said on Thursday.
In 2021, 59.6 per cent of all transactions were for secondary/ready properties and 40.4 per cent for off-plan properties. The off-plan market transacted 24,761 properties worth Dh45.5 billion and the secondary market transacted 36,480 properties worth Dh105.56 billion. This is also the highest secondary real estate sales transaction value since 2008.
When compared to 2020, Dubai real estate sector showed an increase of 74.77 per cent in sales transaction volume and an increase of 110.19 per cent in value. But when compared to pre-Covid times such as 2019, 2021 showed an increase of 55.47 per cent in volume and an increase of 90.10 per cent in value.
In the fourth quarter of 2021, a total of 17,942 transactions worth Dh46.75 billion were recorded with both volume and value of transactions being the highest since Q4 2013.
In Q4 2021, 55.9 per cent of all transactions were for secondary/ready properties and 44.1 per cent for off-plan units. The off-plan market saw 7,913 transactions worth a total of Dh16.92 billion and the secondary market transacted 10,029 properties worth Dh29.82 billion.
Q4 2021 when compared to Q4 2020 showed an increase of 64.12 per cent in sales transaction volume and an increase of 114.74 per cent in value. When compared to Q4 2019, Q4 2021 showed an increase of 47.53 per cent in volume and an increase of 97.59 per cent in value.
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“Despite the fact that many decided to travel for the first time in over a year during the holidays, Q4 didn’t seem to see a slowdown in sales transactions. Investor sentiment remains strong, demand is still very high and supply is dwindling. This has put an upward pressure on prices as they still continue to rise and will most likely continue into H1 of 2022,” said Lynnette Sacchetto, director of research and data at Property Finder.
Property Finder said Expo 2020 Dubai appears to have had an impact on the local real estate market. Since its start on October 1, 2021, the Dubai real estate market has seen a total of 17,942 sales transactions worth Dh46.75 billion. This is the highest volume and value the Dubai real estate market has transacted during a quarter in over 8 years.
waheedabbas@khaleejtimes.com
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