Dubai property transactions hit 8-year highs for second time in November

Transactions in 11 months reach Dh135.4 billion; Expo 2020 Dubai continues to have a positive impact on different sectors of Dubai.



Wam
Wam
by

A Staff Reporter

Published: Mon 6 Dec 2021, 9:30 AM

Last updated: Mon 6 Dec 2021, 5:15 PM

Property transactions in November 2021 reached 7,000 in volume and Dh17.96 billion in value, making it the best November on record since the government started publishing data publicly eight years ago.

According to data published by Property Finder, the total of sales transactions reached 55,651 worth Dh135.4 billion in the first 11 months, which is 88.39 per cent more than 2020 as a whole and is already the highest yearly sales figure since 2014.

Looking at overall transactions, total transaction value increased by 36.9 per cent and volume increased by 30.8 per cent compared to October. Off-plan value and volume increased by more than 50 per cent month-on-month and secondary volume increased by more than 17.4 per cent and value increased by 27.6 per cent.

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Since the beginning of the Expo 2020 on October 1, Dubai has recorded 12,352 real estate sales transactions worth Dh31.08 billion. This included 7,000 secondary/ready sales transactions worth Dh19.84 billion and 5,352 off-plan sales transactions worth Dh11.24 billion.

“The sales trends continue to thrive month-on-month and it’s interesting to note that November 2021 had the highest amount of sales transactions since Expo 2020 was announced in December 2013. The question on everyone’s mind is are we starting to see the effects of Expo2020 in the real estate market and the trends are giving us the answers,” said Lynnette Sacchetto, director of research and data at Property Finder.

“It is also interesting to note that 2021 to-date had the highest off-plan value since 2009 which was the peak for off-plan sales in Dubai. The data clearly shows that investors and consumers are confident in Dubai’s future which is reinforced by proactive government initiatives, attractive real estate projects and the vision of the City,” Sacchetto added.

-waheedabbas@khaleejtimes.com


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