Dubai: For a third straight month, Dubai’s property market has set a record on transactions. Last month’s tally of Dh17.96 billion from 7,000 deals is the best November to date. That takes the 11-month total to a substantial Dh135.4 billion – and which is nearly 90 per cent over the whole of 2020’s property deals.
The other big takeaway from November’s property sales in Dubai is the continued resurgence of offplan sales, according to the latest Property Finder data. There were Dh6.84 billion worth of offplan sales, as more investors got into the market and willing to wait two to three years to take delivery of their homes.
Ready home sales in November were at Dh11.12 billion, as demand for completed homes keep building on end-users and investors wanting an immediate handover. “The question on everyone’s mind is are we starting to see the effects of Expo2020 in the real estate market - the trends are giving us the answers,” said Lynnette Sacchetto, Director of Research and Data at Property Finder. “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 Expo 2020 was announced in December 2013.”
Comparing November to October’s tally, offplan value and volume was up more than 50 per cent, while secondary market volumes increased more than 17.4 per cent, while value increased 27.6 percent. Clearly, as has been seen since September, offplan sales are rebounding. To date, only a few developers have seen fit launch brand new offplan projects, with Damac, Sobha Realy and Danube leading the way.
So, will more developers be turning up for the offplan party in 2022? December's tally and the full-year 2021 numbers should give us a cue.
It is interesting that 2021 to date had the highest offplan value since 2009 which was the peak for offplan sales in Dubai. The data clearly shows that investors and consumers are confident in Dubai’s future