Dubai registered 84,196 property transactions worth Dh300 billion ($82bn) last year, which is the highest annual value recorded in the emirate’s history, the Dubai Land Department has said.
The volume of property transactions in 2021 grew annually by 66 per cent and their value increased by 72 per cent, a statement released by the DLD on Friday said.
The emirate recorded 5,601 property transactions worth about Dh16bn in December, said Mo’asher, the emirate’s official sales price index issued by the DLD in partnership with real estate listings portal Property Finder.
The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-driven slowdown as the country’s economy improves on the back of fiscal and monetary measures.
Pent-up demand and improved investor sentiment have also helped to drive property sales, particularly in Dubai and Abu Dhabi, amid the pickup in economic activity. New initiatives, such as visas for expatriate retirees and the expansion of the 10-year golden visa scheme, are expected to support the local market, say industry experts.
"Nearly 60 per cent of all transactions in Dubai last year were for secondary/ready properties, while about 40 per cent were for off-plan properties," the DLD said.
The off-plan market transacted 24,761 properties worth nearly Dh46bn and the secondary market accounted for 36,480 properties worth about Dh106bn. This is the highest secondary market sales transaction value since 2008, the regulator said.
Meanwhile, Dubai recorded property sales transactions worth Dh151bn last year, scaling a 12-year record in terms of value. The volume of sales transactions last year was the highest since 2013, the DLD said.
Sales transactions are a change of ownership from one party to another whereas total transactions include sales transactions and other methods of transfers, such as mortgage registration and property gifts among family members, the DLD said.
Dubai registered 17,942 property transactions worth about Dh47bn in the fourth quarter of last year, the highest in terms of both volume and value since the corresponding period in 2013, the DLD said.
About 56 per cent of all transactions in the fourth quarter last year were for secondary/ready properties and 44 per cent were for off-plan properties. The off-plan market transacted 7,913 properties worth Dh16.9bn, while the secondary market transacted 10,029 properties at value of about Dh30bn, the DLD said.
“We have seen a surge in off-plan sales transactions in Q4, which is reflected in the fact that this is the highest volume and value of off-plan sales transactions in a given quarter since Q1 2010,” the DLD said.
Meanwhile, Dubai recorded a 64 per cent annual increase in transaction volumes and a 115 per cent rise in value in the fourth quarter of last year.
Separately, the emirate recorded 1,724 transactions worth Dh4.9bn during the week ending January 28, the DLD said.
A total of 139 plots were sold for Dh784 million, while 1,172 apartments and villas were transacted for Dh2.7bn, the regulator said.
The top three transactions for the week were land in Al Thanayah Fourth that was sold for Dh50m, followed by land transacted for Dh43m in Hadaeq Sheikh Mohammed Bin Rashid, and a plot sold for Dh50m in Al Thanayah Fourth.
The top three transactions for apartments and villas were an apartment that sold for Dh383m in Marsa Dubai, one that transacted for Dh270m in Business Bay, and another that sold for Dh252m in Business Bay, the DLD said.
Mortgaged properties worth Dh1.25bn were sold this week, with the highest being land in Al Muteena that was mortgaged for Dh113m.
Fifty-five properties worth Dh196m were granted among first-degree relatives, the DLD said.