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November’s highest month for real estate sales transactions value and volume in 8 years

To date in 2021, there has been 58.82% more sales transactions and the value has been 88.4% more when compared to the entire year of 2020

Off-plan real estate sales volume increased by 50.9% and value increased by 55.4%, month-on-month 54% of sales transactions were in the secondary/ready market and 46% were off-plan Since the start of Expo 2020,12,352 real estate sales transactions worth 31.08 billion dirhams took place

It has been 67 days since EXPO2020 started and the greatest show in the world may have had ripple effects on the Dubai real estate market as November 2021 showed the highest monthly sales figures in 8 years. 

November 2021 had 7,000 sales transactions worth AED 17.96 billion, making it the best November on record since the government started publishing data publicly.

Including November 2021, the year-to-date total of sales transactions is 55,651 worth 135.4 billion dirhams ($36.9 bn). In just 11 months, the value of real estate sales transactions is 88.4% more than 2020 as a whole and is already the highest yearly sales figure since 2014.

In October 2021, 54% of all transactions were for secondary/ready properties and 46% were for off-plan properties. When we look at the volume of transactions, the off-plan market transacted 3,219 properties worth a total of 6.84 billion dirhams ($1.86 bn). The ready market transacted 3,781 transactions worth 11.12 billion dirhams ($3.03bn). 

Comparing November 2021 month-on-month to October 2021, off-plan value and volume increased by more than 50% and secondary volume increased by more than 17.4%, and value increased by 27.6 percent. Looking at overall transactions, total transaction value increased by 36.9% and volume increased by 30.8% compared to October.

Comparing overall performance to November 2020, November 2021 had 80.4% more transactions that have been 138.8% more in value. For a more realistic comparison, when compared to November 2019, November 2021 had 45.4% more transactions which were 104.2% higher in value.

Commenting on the market, Lynnette Sacchetto, Director of Research and Data at Property Finder stated “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 Expo2020 was announced in December 2013. The question on everyone’s mind is are we starting to see the effects of Expo2020 in the real estate market and the trends are giving us the answers.”

“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.” Sacchetto added.