Dubai Property Transactions Set a 12-year High in 2021
The Dubai real estate sector saw a 74.77 percent increase in sales transaction volume when compared to 2020.
According to Property Finder, the total value of property transactions in Dubai broke the 12-year record last year, reaching Dh151.07 billion.
Secondary/ready properties will account for 59.5 percent of all transactions in 2021, while off-plan properties will account for 40.4%. The secondary market transacted 36,480 properties worth Dh105.56 billion, while the off-plan market transacted 24,761 properties worth Dh45.5 billion. This is also the highest transaction value for secondary real estate sales since 2008.
The Dubai real estate sector saw a 74.77 percent increase in sales transaction volume and a 110.19 percent increase in value when compared to 2020. However, when compared to pre-Covid times, such as 2019, 2021 showed a volume increase of 55.47 percent and a value increase of 90.10 percent.
A total of 17,942 transactions worth Dh46.75 billion were recorded, representing the highest volume and value of transactions since Q4 2013. 55.9% of all transactions were for secondary/ready properties, while 44.1% were for off-the-plan units.
Despite the fact that many people decided to travel for the first time in over a year during the holidays, sales transactions did not appear to slow down in Q4. Investor sentiment remains high, demand remains high, and supply is dwindling. This has put upward pressure on prices, which are still rising and will most likely continue into the first quarter of 2022, "said Lynnette Sacchetto, director of research and data at Property Finder.
According to Property Finder, Expo 2020 Dubai appears to have had an effect on the local real estate market. Since its inception on October 1, 2021, the Dubai real estate market has witnessed 17,942 sales transactions totaling Dh46.75 billion. This is the highest volume and value of transactions in the Dubai real estate market in a quarter in over 8 years.
Source: Khaleej Times