Dubai: Dubai saw its best November since 2014 for real estate deals, according to the Dubai Land Department (DLD). The emirate reported 6,989 sales transactions, worth roughly Dh18 billion.
Including November, the year-to-date total sales transactions reached 55,640 worth Dh135.4 billion. In just 11 months, the value of sales transactions is about 88 per cent more than 2020 as a whole and already the highest yearly sales figure since 2014. “Reports that monitor the position of Dubai real estate market confirm that Expo 2020 Dubai leaves positive effects on the market movement, especially since the emirate has enjoyed unprecedented promotion since Expo’s launch in October,” said the DLD report. “Activity was directly reflected in the market performance, where an upward trend is observed and is likely to continue in the coming year.”
Around 54 per cent of all transactions were for secondary properties and 46 per cent were for offplan properties. In terms of the volume of transactions, the offplan market transacted 3,217 properties worth a total of Dh6.84 billion.
The ready market transacted 3,772 transactions worth Dh11.11 billion. Comparing November month-on-month to October, offplan value and volume increased by more than 50 per cent and secondary volume increased by more than 17 per cent and value increased by 27.43 per cent. Looking at overall transactions, total sales transaction value increased by 36.82 per cent and volume increased by 30.59 per cent compared to October.
“It has been over 70 days since Expo2020 started, and the greatest show in the world may have had ripple effects on the Dubai real estate market,” said DLD.