13 November 2022, Arabian Business
November witnessed a record-breaking sale amount, crossing 10,000 transactions
In November, Dubai has recorded over 10,000 sales transactions amounting to AED30.5 billion ($8.30 billion), the highest ever since 2011, according to Property Finder.
The real estate market in the city continues to flourish, with last month witnessing a 58.5 year-on-year increase with 10,941 transactions as compared to 6,905 transactions during the same period last year. In terms of value, transactions amounted to AED30.5 billion as compared to AED17.9 billion in November 2021.
Off-plan properties witnessed a record-breaking performance transacting more than AED12.7 billion for the first time in over 10 years. The volume of off-plan properties saw a significant increase of 63 percent year on year attaining 5,116 transactions as compared to the same period last year.
The tenancy market witnessed a slight slowdown last month recording 53,086 registered contracts as compared to 53,756 in October.
“We have seen positive momentum in the market over these past quarters, showcasing the resilience of the Dubai real estate sector. 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,” said Scott Bond, country manager – UAE at Property Finder.
According to the proprietary data by Property Finder, the areas with the most demand searched for sale in November includes Dubai Marina, Downtown Dubai, Palm Jumeirah, Dubai Hills Estate, Business Bay, Jumeirah Village Circle, Mohammed Bin Rashid City, Jumeirah Beach Residence, Jumeirah Lakes Towers and DAMAC Hills (Akoya by DAMAC).
For rentals, the areas in top demand in November were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, Dubai Hills Estate, Palm Jumeirah and Jumeirah Lakes Towers.