- 36,799 residential properties have been sold in Dubai from January until November 30 this year
- Deals worth AED9.27 billion registered in Dubai in November, the highest so far this year
- Cumulatively, sales transactions worth AED 76.6 billion have been registered in Dubai until November 30 this year
Dubai: There is definite evidence of improving momentum in the Dubai real estate market. The past 12 months have seen the maximum volume of transactions for this timeframe in the history of Dubai real estate, according to publicly available government data analysed by Data Finder, the real estate insights and data platform under the Property Finder Group.
Dubai registered a total of 44,590 overall real estate transactions from November 2018 until November 2019. This is the highest transactional volume for any 12-month period in the history of Dubai real estate since sales transaction data was made publicly available.
A total of 36,799 residential properties have been sold in Dubai from January until November 30 this year, according to publicly available government data. This is the second highest since 2017 when 37,338 residential units were sold in total. However, when December transactions are added, it is likely that 2019 will hit a 10-year record for volume of residential properties sold.
Property Finder also recently reported that November property sales in Dubai had hit a 11-year high of 5,037 deals, up from 4,774 deals in October and 4,007 transactions in September. All these are indications that the Dubai property market is gearing up for an upturn ahead of Expo 2020.
The spurt in transactional volumes since September 2019 can be attributed to the positive impact on market sentiment following the formation of the emirate’s Higher Real Estate Planning Committee, which has been set up to come up with a longer term plan for the future of the sector.
Value of transactions
Even in terms of the value of real estate transactions, November 2019 has been the best so far this year, with deals worth AED9.27 billion registered in Dubai. The second best month so far this year was February, with property transactions worth AED 8.71 billion registered in Dubai, according to Data Finder. This was followed by October, which registered transactions worth AED 8.68 billion.
The lowest so far was August, which clocked in only property deals worth AED 4.27 billion. This can be attributed to the general transactional lull during the summer months.
Cumulatively, sales transactions worth AED 76.6 billion have been registered in Dubai until November 30 this year, according to publicly available government data. This excludes mortgage transactions, land grants and other transactions.
The increasing sales momentum is an indication of increasing consumer confidence in the market. This comes on the back of declining property prices, an excess amount of supply in the market, favourable payment plans from developers and low interest rates from mortgage providers. All these combined are driving confidence among buyers to invest in Dubai property a few months ahead of Expo 2020.
“I believe we will continue to see transactions rise month on month going into 2020 and see a nice mix of investors and end-users purchasing property in Dubai. Prices should also start to stabilise as we move into H2 of 2020,” says Lynnette Abad, Director of Research and Data, Property Finder.
Reforms initiated by the government and the UAE Central Bank have also boosted demand. New regulations, such as the 10-year Gold Card, retirement visa, property purchase visa, and the Mollak system to streamline service charges have been welcomed by end-users and investors alike. The decision to reduce the early settlement fee for mortgages and remove the maximum age to repay mortgages have also met with a positive response.
-Ends-
About Property Finder – www.propertyfinder.ae
Property Finder is the leading property portal in the MENA region and Turkey that facilitates the house-hunting journey for both buyers and renters.
Founded in 2007, the website has evolved over the years as the go-to platform for developers, real estate brokerages, and house hunters to make informed decisions on all things real estate.
A UAE-born start-up, Property Finder has branched out of the country’s shores and operates in a total of seven markets, including Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt, and Morocco, and has a significant stake in the second-largest property portal in Turkey, which has over 6 million monthly visitors and more than 18,000 real estate agents.
US private equity firm General Atlantic led Property Finder’s latest round of investment of a total of $120 million in 2018. This is being used to hire further exceptional talent and investing in its technology and product capabilities.
The property portal employs over 450 employees globally, of which 204 people work out of its Dubai office, and generates over six million monthly visits as a Group.
In April 2019, Property Finder announced the acquisition of JRD Group, following an increased investment in Turkish portal Zingat.
In 2014, Property Finder acquired eSimsar.com, the top property portal in Saudi Arabia, while in 2013, the Group bought out realestate.com.lb, the number 1 property portal in Lebanon, and lastly, the acquisition of Selektimmo, a Moroccan portal, to pad out sarouty.ma, Property Finder’s Moroccan offering, in 2016.
For media enquiries, please contact Anna Lucas Southgate
anna@propertyfinder.ae
+971 55 115 9971
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