Dubai property transactions hit 8-year highs 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.
Dubai real estate sector has recorded 55,651 sales transactions worth Dh135.4 billion in the first 11 months of 2021. According to data released by Property Finder on Monday, the value of real estate sales transactions is 88.39 per cent more than 2020 as a whole and is already the highest yearly sales figure since 2014. The ripple effects of Expo 2020 Dubai continue to have a positive impact on the different sectors of the emirate, especially the real estate sector as November recorded the highest monthly sales figures in eight years. It was the second consecutive month that the real estate transactions have hit eight-year highs in November. November 2021 saw 7,000 sales transactions worth Dh17.96 billion, making it the best November on record since the government started publishing data publicly. Interestingly, Dubai real estate witnessed the best October on record during the past eight years as investors poured Dh13.12 billion in the property sector through 5,352 deals. Since the beginning of Expo 2020 in Dubai, there have been 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. In October 2021, 54 per cent of all transactions were for secondary/ready properties and 46 per cent were for off-plan properties. The off-plan market transacted 3,219 properties worth a total of Dh6.84 billion. The ready market transacted 3,781 transactions worth Dh11.12 billion. Comparing November 2021 month-on-month to October 2021, off-plan value and volume increased by more than 50 per cent and secondary volume increased by more than 17.4 per cent and value increased by 27.6 per cent. Looking at overall transactions, total transaction value increased by 36.9 per cent and volume increased by 30.8 per cent compared to October. Comparing overall performance for the month compared to November 2020, November 2021 had 80.4 per cent more transactions that have been 138.8 per cent more in value. For a more realistic comparison when we compare it to November 2019, November 2021 had 45.4 per cent more transactions which were 104.2 per cent more in value. “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 Expo2020 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.