Dubai’s property market soars with Jan-Nov 2021 sales figures highest since 2014

Dubai’s residential real estate market has seen strong growth so far this year, with 55,651 sales transactions worth Dhs135.4bn recorded between January to November 2021.

The value of real estate sales transactions for the first 11 months is 88.39 per cent more than 2020 as a whole and is already the highest yearly sales figure since 2014, according to a new report by Property Finder.

November 2021 had 7,000 sales transactions worth Dhs17.96bn, making it the best November on record since the government started publishing data publicly.

On a year-on-year basis, the month had 80.4 per cent more transactions, with values up 138.8 per cent.

Comparing November month-on-month to October 2021, sales transaction values increased by 36.9 per cent and volumes increased by 30.8 per cent.

“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,” said Lynnette Sacchetto, director of Research and Data at Property Finder.

“The question on everyone’s mind is ‘are we starting to see the effects of Expo 2020 in the real estate market’ and the trends are giving us the answers.”

Since the beginning of the Expo, the market has seen 12,352 real estate sales transactions worth Dhs31.08bn. This included 7,000 secondary/ready sales transactions worth Dhs19.84bn and 5,352 off-plan sales transactions worth Dhs11.24bn.

Overall, there has been a shift towards off-plan – in October 2021, 54 per cent of all transactions were for secondary/ready properties and 46 per cent were for off-plan properties.

Looking at total volumes, the off-plan market transacted 3,219 properties worth a total of Dhs6.84bn while the ready market saw 3,781 transactions worth Dhs11.12bn.

“It is 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,” said Sacchetto.

“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.”

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