The Dubai real estate market recorded record sales during last November, after it exceeded 10,000 deals, marking the highest level since 2011, with a total value of 300.5 billion dirhams, compared to 17.9 billion dirhams recorded in November of last year, an increase of 70.8% in transaction value.
According to a report by Property Finder, the leading real estate technology company in the Middle East, North Africa and Turkey, the real estate market in Dubai last November achieved 941 sales transactions in total, an increase of 58.5% on an annual basis compared to the same month last year, with 6,905 transactions. .
In terms of volume, ready properties in Dubai recorded 5,825 transactions, which represents a remarkable increase of 54.8% year on year, as evidenced by the outstanding performance of sales during November 2022. On the other hand, sales of ready properties witnessed an increase in value of 60.8%. On an annual basis, to reach 17.8 billion dirhams, compared to an amount of 11.1 billion dirhams achieved in November 2021.
Off-plan real estate witnessed an unprecedented performance in terms of value, which exceeded 12.7 billion dirhams for the first time in a decade, an increase of 87.1%, compared to 6.8 billion dirhams recorded in November of the previous year.
November 2022 also achieved the highest level in terms of volume and value of off-plan transactions in a decade, in addition to maintaining the superior performance of last month. The volume of off-plan property sales increased significantly by 63% on an annual basis, with 5,116 transactions, compared to the same period last year, with a total of 3,143 transactions.
Commenting on the growth of the real estate market in Dubai, Scott Bond, Director of Property Finder in the UAE, said: “We have seen positive momentum in the market throughout the year, which is an indication of the resilience of the Dubai real estate sector. It seems noticeable that investment opportunities are spreading thanks to the many reforms and government initiatives that have made Dubai real estate one of the preferred investment assets in the long term.
According to the data obtained by Property Finder, Dubai Marina, Downtown Dubai, Palm Jumeirah, Dubai Hills Estate, Business Bay, Jumeirah Village Circle, Mohammed Bin Rashid City, Jumeirah Beach Residences, Jumeirah Lakes Towers and Damac Hills (Akoya by Damac), were the most popular areas targeted by searches. Selling in november. The most requested areas for rent in November were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, Dubai Hills Estate, Palm Jumeirah and Jumeirah Lakes Towers.
