By Gavin Gibbon
Over 44,500 real estate transactions were completed in Dubai from November 2018 until the end of November this year
A record 44,590 real estate transactions were completed in Dubai from November 2018 until the end of November this year, according to Data Finder, which is part of the Property Finder platform.
Despite continual suggestions of a slump in the emirate’s real estate market, the figure represents the highest number of transactions in the history of Dubai real estate.
A statement from Data Finder said: “There is definite evidence of improving momentum in the Dubai real estate market.”
A total of 36,799 residential properties were sold in Dubai this year from January to November. And once December’s figures are added, the total is expected to mark a ten-year record.
Property Finder recently reported that November property sales in Dubai had hit an 11-year high of 5,037 deals, up from 4,774 in October. “All these are indications that the Dubai property market is gearing up for an upturn ahead of Expo 2020,” the statement added.
November saw deals worth AED9.27bn ($2.5bn) registered, the best month of the year so far, while AED76.6bn ($20.9bn) of transactions were registered from January to November.
The statement said: “The increasing sales momentum is an indication of increasing consumer confidence in the market. This comes on the back of declining property prices, an excess amount of supply in the market, favourable payment plans from developers and low interest rates from mortgage providers.
“All these combined ae driving confidence among buyers to invest in Dubai property a few months ahead of Expo 2020.”
Reforms initiated by the government and the UAE Central Bank have also boosted demand.
New regulations, such as the 10-year Gold Card, retirement visa, property purchase visa, and the Mollak system to streamline service charges have been welcomed by both end-users and investors.