Dubai property sales hit eight year high in November

Boosted by the ongoing impact of Expo 2020 Dubai, which began on October 1, November saw 7,000 sales transactions worth AED17.96 billion, making it the best November on record since the government started publishing data publicly.

Including November, the year to date total of sales transactions rose to 55,651 worth AED135.4 billion.

In just 11 months, the value of real estate sales transactions is 88.39 percent more than 2020 as a whole and is already the highest yearly sales figure since 2014.

Fifty four percent of all transactions were for secondary/ready properties and 46 percent were for off-plan properties, according to data published by Property Finder.

The off-plan market transacted 3,219 properties worth a total of AED6.84 billion while the ready market transacted 3,781 transactions worth AED11.12 billion.

Comparing November month-on-month to the previous month, off-plan value and volume increased by more than 50 percent and secondary volume increased by more than 17.4 percent and value increased by 27.6 percent. Looking at overall transactions, total values increased by 36.9 percent and volume increased by 30.8 percent.

Lynnette Sacchetto, director of research and data at Property Finder, said: “The sales trends continue to thrive month-on-month and it’s interesting to note that November 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.”

She added: “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.”