Real estate transactions in Dubai hit an 8-year high in November
Since the event began in October, Expo 2020 has had a significant impact on Dubai’s real estate market with November recording the highest monthly sales figures in eight years.
Dubai Land Department (DLD) reported 6,989 sales transactions worth Dh17.95 billion in November, making it the best November on record since January 2014.
In November, there were 55,640 sales transactions worth Dh135.4 billion. The value of real estate sales transactions has risen by 88.37 percent in just 11 months compared to 2020 as a whole, the latest DLD data show.
While 54 percent of all transactions last month were for secondary/ready properties, 46 percent were for off-plan properties. “When we look at the volume of transactions, the off-plan market transacted 3,217 properties worth a total of Dh6.84 billion. The ready market transacted 3,772 transactions worth Dh11.11 billion,” DLD said in a statement.
Off-plan value and volume increased by more than 50 percent on a month-over-month basis and secondary volume by over 17 percent and value by 27.43 percent. Compared to October, total sales transaction value increased by 36.82 percent and volume increased by 30.59 percent.
A year-on-year increase of 80.1 percent in November 2021 was accompanied by a 138.7 percent increase in values. “For a more realistic comparison, when compared to November 2019, November 2021 had 45.2 percent more sales transactions, which were 104.1 percent more in value.
The real estate transactions for the week ending 16 December 2021 totaled Dh 7.13 billion across 1,974 deals.
A total of 225 plots were sold for Dh 1.05 billion, while 1,337 apartments and villas were sold for Dh 2.95 billion.
In Saih Shuaib 2, a plot was sold for Dh 46.08 million, followed by land sold for Dh 35.5 million in Al Barsha First, and another plot for Dh 46.08 million in Saih Shuaib 2.
With 96 sales transactions worth Dh286.29 million, Jebel Ali First recorded the most transactions this week, followed by Al Merkadh with 18 sales transactions worth Dh157.36 million, and Wadi Al Safa 5 with 15 sales transactions worth Dh66 million.