In the first 11 months of 2021, Dubai’s real estate sector has recorded 55,651 sales transactions worth Dh135.4 billion.
According to data released by Property Finder on Monday, 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.
The ripple effects of Expo 2020 Dubai are evident across the different sectors of the emirate, especially in the real estate sector as November recorded the highest monthly sales figures in eight years.
November marked the second consecutive month that real estate transactions reached eight-year highs.
7,000 sales transactions worth Dh17.96 billion took place in November 2021, the best November on record since the government started publishing data.
Dubai real estate experienced its best October in eight years last month as investors poured Dh13.12 billion into the sector through 5,352 transactions.
There have been 12,352 real estate sales worth Dh31.08 billion since Expo 2020 began in Dubai. The secondary/ready sales transactions were worth Dh19.84 billion, while the off-plan sales were worth Dh11.24 billion.
Over half of all transactions in October 2021 involved secondary/ready properties and 46% involved off-plan properties. A total of 3,219 properties worth Dh6.84 billion were sold on the off-plan market. There were 3,781 transactions worth Dh11.12 billion on the ready market.
Comparing November 2021 with October 2021, off-plan value and volume increased by more than 50 percent, while secondary volume increased by more than 17.4 percent, while value increased by 27.6 percent.
In terms of volume and value, total transactions increased by 30.8 percent and 36.9 percent, respectively, when compared with October.
Comparing November 2021 with November 2020, November 2021 had 80.4 percent more transactions valued at 138.8 percent more than November 2020. If we compare November 2021 to November 2019, November 2021 had 45.4% more transactions worth 104.2% more.
“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 Expo2020 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,” 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,” Sacchetto added.