Since the start of Expo 2020, buyers have snapped up thousands of homes in Dubai, bringing the year-to-date deal value to 135.4 billion dirhams ($36.8 billion), up 88.39 percent from last year and the highest since 2014, according to Property Finder.
From October to November, 12,352 properties with a combined value of 31.08 billion dirhams were sold. A total of 7,000 secondary or ready residential units worth 19.84 billion and 5,352 off-plan units worth 11.24 billion dirhams were transacted.
According to Property Finder, November saw 7,000 deals valued at 17.96 billion dirhams, making it the best month since Expo 2020 was announced in December 2013.
“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,” 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.”
Expo 2020 Dubai
A total of 2.35 million people visited Expo 2020 Dubai during its first month, according to organizers. Nevertheless, it is unclear how many people had visited the global event, as most Expo 2020 pass holders visited the site more than once.
According to Property Finder’s report, more than half (54%) of all transactions during the Expo’s first month were for secondary or ready properties, while 46% were for properties that are still under construction. Compared to October, the value of off-plan and secondary transactions increased by 50 percent and 27.6 percent, respectively, in November.
Transaction activity in November also grew substantially when compared with the same time last year, with total sales rising by 80.4 percent and value transacted increasing by 138.8 percent.
A total of 45.4% of property transactions and 104.2 percent of their value in November 2021 were more than double what they were in November 2019, the largest percentage increase since November 2019.