Dubai: The property buying streak continues – Dubai’s real estate deals by end October have already gone well past what the market achieved in the whole of 2020. And there’s still the final eight weeks of 2021 to make it an even better showing.
By end October, Dubai’s real estate deals were 63.4 per cent higher in value than for the full-year 2020. In terms of number of deals, they are up nearly 40 per cent, according to the latest stats from the consultancy Property Finder.
Ready by some distance
The majority of buyers these days want their homes ready or nearly there, which is why 62 per cent of total home sales so far this year have taken place in secondary market.
In October alone, 60 per cent of all transactions were for secondary/ready properties, even as more developers were ready with offplan launches or new releases at ongoing projects. The offplan market saw 2,133 properties selling for a combined Dh4.4 billion, while in the ready space, all of 3,219 transactions fetched Dh8.72 billion.
A waiting game
“During 2020, developers decided to focus on completing existing projects rather than launch new projects,” said Lynnette Sacchetto, Director of Research and Data at Property Finder. “This focus led to a significantly large amount of units completed and ready just in time when investor demand rose significantly.”