- Off-plan real estate sales volume increased by 50.9 percent and value increased by 55.4 percent, month-on-month.
- In November 2021, 54 percent of sales transactions were in the secondary/ready market and 46 percent were off-plan
Highlights for EXPO2020:
- Since the beginning of the EXPO2020 in Dubai, we have seen 12,352 real estate sales transactions worth AED 31.08 billion. This included 7,000 Secondary/Ready Sales Transactions worth AED 19.84 billion and 5,352 off-plan sales transactions worth 11.24 billion.
Dubai: It has been 67 days since EXPO2020 started and the greatest show in the world may have had ripple effects on the Dubai real estate market as November 2021 showed the highest monthly sales figures in 8 years.
November 2021 had 7,000 sales transactions worth AED 17.96 billion, making it the best November on record since the government started publishing data publicly.
Including November 2021, the year to date total of sales transactions is 55,651 worth AED 135.4 billion. In just 11 months, 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.
In October 2021, 54 percent of all transactions were for secondary/ready properties and 46 percent were for off-plan properties. When we look at the volume of transactions, the off-plan market transacted 3,219 properties worth a total of AED 6.84 billion. The ready market transacted 3,781 transactions worth AED 11.12 billion.
Comparing November 2021 month-on-month to October 2021, off-plan value and volume increased by more than 50 percent and secondary volume increased by more than 17.4 percent and value increased by 27.6 percent. Looking at overall transactions, total transaction value increased by 36.9 percent and volume increased by 30.8 percent compared to October.
Comparing overall performance for the month compared to November 2020, November 2021 had 80.4 percent more transactions that have been 138.8 percent more in value. For a more realistic comparison when we compare it to November 2019, November 2021 had 45.4 percent more transactions which were 104.2 percent more in value.
Commenting on the market, Lynnette Sacchetto, Director of Research and Data at Property Finder stated “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.”
“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.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.