The emirate registered sales transactions worth $41.13bn last year, making it the best year in terms of total transactions since 2013
The value of property deals in Dubai more than doubled last year and broke a 12-year record in terms of real estate sales transactions, buoyed by demand in the secondary real estate market as the UAE economy recovers from the coronavirus pandemic.
The emirate registered 61,241 sales transactions worth
Dh151.07 billion ($41.13bn) last year compared with Dh71.87bn worth of
transactions it closed in 2020, making
2021 the best year for total transactions since 2013 and the highest in value
since 2009, according to listings portal Property Finder. Total value of sales
in 2009 was Dh155.6bn.
The sales transaction volumes in the fourth quarter were
also 64.12 per cent higher when compared with the same period in 2020 and the
value of deals during the period surged 114.74 per cent to Dh46.75bn.
“Investor sentiment remains strong, demand is still very
high and supply is dwindling,” Lynnette Sacchetto, director of research and
data at Property Finder, said. “This has put an upward pressure on prices as
they still continue to rise and will most likely continue into first half of
2022.”
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 to attract more investors, with the
emirate recording interest from more non-resident and high-net worth
buyers, according to a recent Knight Frank study.
The six-month Expo 2020 global fair, which started in
October, also had a positive impact on the property sector.
Last year, 59.6 per cent of all property transactions in
the emirate were for secondary or ready property, while off-plan property
accounted for 40.4 per cent of the deals, according to Property Finder.
The off-plan market transacted 24,761 properties worth
Dh45.5bn during the year. Meanwhile, transactions in the ready market reached
36,480, with a total value of Dh105.56bn.
Expo 2020 appears to have had an impact on the Dubai real
estate market, Property Finder said, with Dubai having recorded a total of
17,942 sales transactions worth Dh46.75bn since last October.
“This is the highest volume and value the Dubai real
estate market has transacted during a quarter in over eight years,"
Property Finder said.
Business conditions in Dubai's non-oil private
sector economy were at their strongest level in two and a half years in
December, driven by a sharp increase in new orders amid a Expo 2020 Dubai demand
boost and an improvement in the tourism sector.
The emirate's seasonally adjusted IHS Markit
Purchasing Managers' Index reading climbed to 55.3 in December, from 54.5
in November, signalling a sharp improvement in operating conditions, as the
non-oil economy continued to recover.
Ahmed Shaikhani Group
Managing Director of Shaikhani Group says As the
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