Dubai’s property deals up 88 per cent in first 11 months of 2021

The emirate registered 55,640 sales deals worth $36.86 billion as the property market continues to rebound

Dubai registered 55,640 sales deals worth Dh135.4 billion from January to November, making it the best year in terms of total sales since 2014. Pawan Singh / The National

Property sales transactions in Dubai surged 88.37 per cent annually in the first 11 months of 2021 as the UAE’s economy charted a strong recovery from the coronavirus pandemic-induced slowdown.

The emirate registered 55,640 sales deals worth Dh135.4 billion ($36.86bn) from January to November, making it the best year in terms of total sales since 2014, according to the latest data by the Dubai Land Department.

Expo 2020 Dubai, new measures by the government, including the expansion of the golden visa scheme and visas for retirees, and the roll out of mass inoculations are supporting Dubai’s property market.

In November alone, total transactions jumped 80 per cent annually to Dh17.95bn, the data shows.

Expo 2020 “may have had ripple effects on the Dubai real estate market as November 2021 showed the highest monthly sales figures in eight years”, the DLD said.

Expo 2020, which started on October 1, recorded more than 6.3 million visits up to December 13, according to official data.

Meanwhile, Moasher, Dubai’s official monthly house price index rose 2.12 per cent when compared with the previous month, according to the DLD. The index was introduced last year to provide consumers with updated property sales price insights in the emirate on a monthly basis.

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Property of the week: rare Dubai Marina villa on the market for Dh9 million

This spacious Marina Quays villa is on the market for Dh8,995,000. All photos: Luxhabitat Sotheby's International Realty

The property is spread across 3,819 square feet and has an open plan living room and kitchen with Dubai Marina views.

The SieMatic kitchen has been fully upgraded with Gaggenau appliances.

Outside there is a large terrace that acts as a garden with Dubai Marina views.

Direct access to the villa from the Marina Quays grounds.

Space for a large dining room table.

A second open plan, relaxing living area.

This space upstairs is currently being used as an art studio and has ample natural light coming in.

One of four Bagnodesign bathrooms.

Stairs are a rarity in Dubai Marina houses.

A well-lit home office.

A chic guest powder room.

One of three spacious bedrooms with water views.

Agent says the property is ideal for young couples and families.

Panoramic views of Dubai Marina from the terrace garden.

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UAE property prices are expected to continue to rise in 2022, according to experts.

“The UAE property market will perform in a healthy way,” Haider Tuaima, head of real estate research at ValuStrat consultancy, told The National this week.

“We have developers offering attractive payment plans and mortgage interest rates are low. We will see more international investors coming in to buy the property next year.”