Buyers have snapped up thousands of homes in Dubai since the start of Expo 2020, bringing the year-to-date real estate deals to 135.4 billion dirhams ($36.8 billion), up by 88.39 percent from last year and the highest since 2014, Property Finder reported on Monday.
From October to November, a total of 12,352 properties with a combined value of 31.08 billion dirhams went to buyers. The transacted properties included 7,000 secondary or ready residential units worth 19.84 billion and 5,352 off-plan units worth 11.24 billion dirhams.
The month of November alone saw 7,000 deals valued at 17.96 billion dirhams, making it the best month on record since Expo 2020 was announced in December 2013, according to Property Finder.
“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
Expo 2020 Dubai logged a total of 2.35 million visits during the first month of the world’s fair, according to organisers. However, it is not clear how many people had visited the global event, with most Expo 2020 pass holders making more than one visit to the site.
In its report, Property Finder said more than half (54 percent) of all transactions during the first month of the Expo were for secondary or ready properties, while 46 percent were for properties that have yet to be delivered. In November, the value of off-plan and secondary transactions jumped by 50 percent and 27.6 percent, respectively, when compared to October.
Transaction activity in November also posted significant improvement when compared with the same period last year, with total sales jumping by 80.4 percent and value transacted rising by 138.8 percent. Property deals last month also exceeded the levels seen before the pandemic, with the total number of transactions and value in November 2021 going up by 45.4 percent and 104.2 percent, respectively, when compared with November 2019.
(Reporting by Cleofe Maceda; editing by Seban Scaria )
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