Dubai property sales hit new high in November

Transactions continue to surge amid wider economic recovery

A property for sale in The Springs in Dubai. Sales in November were up more than 58 per cent, year on year. Antonie Robertson / The National

Dubai property sales transactions reached their highest for the month of November since 2011, according to Property Finder, as the market continued to surge.

A total of 10,941 transactions took place — marking a 58.50 per cent increase year on year.

In terms of value, there was a 70.80 per cent rise year on year to Dh30.5 billion ($8.3 billion), Property Finder said.

“We have seen positive momentum in the market over these past quarters, showcasing the resilience of Dubai real estate's sector,” said Scott Bond, country manager UAE at Property Finder.

“We see positive sentiments for investment opportunities following various governmental reforms and initiatives, making Dubai's properties one of the most preferred investment assets for the long term.”

The property market has been buoyed by the wider economic recovery in the UAE.

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Last month, the International Monetary Fund said it expected the UAE economy to grow by more than 6 per cent this year, after expanding by 3.8 per cent in 2021.

The market boom has also come on the back of the hosting of Expo 2020 and then the World Cup in neighbouring Qatar, which saw thousands of fans use the UAE, and in particular Dubai, as a base.

Records have been broken this year for transaction numbers on a number of occasions, plus highest sales price and highest rental price.

Both prices and rents have risen across the city on the back of new visa initiatives and an influx of high-net-worth individuals.

Of the transactions in November, 5,825 were for existing properties — a 54.80 per cent increase year on year, Property Finder said. The value of these deals was also up 60.80 per cent year on year, it said.

“November 2022 also recorded the highest off-plan volume and value of transactions in a decade, maintaining a remarkable performance last month,” Property Finder said.

“The volume of off-plan properties recorded a significant increase of 63 per cent year-on-year, attaining 5,116 transactions compared to the same period last year, with a total of 3,143 transactions.”