DUBAI: Property sales transactions in Dubai rose 80.4 per cent annually in November, buoyed by demand in the secondary real estate market as the UAE economy charted a strong recovery from the Covid-19 pandemic.
The emirate registered 7,000 sales deals worth Dh17.96 billion ($4.89bn) last month, making it the best November in terms of total sales in eight years, according to listings portal Property Finder, report agencies.
“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,” said Lynnette Sacchetto, director of research and data at Property Finder.
Property prices have rebounded in Dubai after the pandemic disrupted the global economy. The UAE government’s moves to provide more flexible visas has helped attract more investors with the emirate recording interest from more non-resident and high-net worth buyers, according to a recent Knight Frank study.
Last month, 54 per cent of all property transactions in the emirate were for secondary or ready property while off-plan property accounted for 46 per cent of the deals, according to the data.
The off-plan market had transactions involving 3,219 properties worth Dh6.84bn during the month. Transactions in the ready market reached 3,781, with a total value of Dh11.12bn.
Expo 2020 Dubai, which began in October, may have had a positive impact on total sales transactions last month, according to the Property Finder.
“The question on everyone’s mind is: are we starting to see the effects of Expo 2020 in the real estate market. The trends are giving us the answers.”
The world’s fair has been attracting a large number of visitors, recording 3 million visits in the first five weeks since it began on October 1, official data shows.
The UAE has also reached a major milestone in its coronavirus vaccination campaign as 100 per cent of eligible people have received their first dose. More than 90 per cent have received both doses, the National Emergency Crisis and Disasters Management Authority said last month.
Residential property prices in Dubai jumped 21 per cent in the first 10 months of the year to Dh1,235 per square foot, Knight Frank said last month.
Dubai, the commercial and tourism centre of the Middle East, recorded 55,651 sales transactions worth Dh135.4bn in the eleven months of this year, up 88.39 per cent compared with the whole of 2020.