Dubai's 5,051 November property deals eclipse October's 11-year high
Property Finder report shows a total of 13,832 Dubai property deals since formation of Higher Real Estate Planning Committee
Property sales transactions in the emirate of Dubai continue to scale record highs, eclipsing the 11-year high of 4,774 overall property sales posted in October 2019 by rising further to 5,051 overall transactions in November 2019, according to Data Finder, the real estate insights and data platform under the Property Finder Group.
In total, 13,832 transactions have been completed during the three month period between September and November 2019.
Property sales transactions have scaled new heights ever since the government announced the formation of the Higher Real Estate Planning Committee, chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of the Executive Council.
The committee’s purpose is to ensure that semi-government real estate companies do not compete with private investors. The committee also aims to develop a comprehensive strategic plan and vision for all major real estate projects in the emirate for the next 10 years.
In addition to the Expo 2020, the Property Finder Group also points to other stimuli that have boosted investment in the real estate market such as extended visas, easier processes, and fee relaxations.
Furthermore, positive regulations such as the Central Bank removing the 3% early settlement fee for mortgages; relaxing the maximum age requirement to repay mortgages; and lifting the 20% cap on real estate lending for banks have also catalysed interest in the property market.
Commenting on the boom in property market transactions, the director of Data and Research at Property Finder, Lynnette Abad, said: “It is a combination of all of the above as to why sales transactions have increased this year and consumer confidence is building up in the market. This, coupled with declining prices, and an excess amount of supply, has given the buyer much choice, attractive prices, and incentives.”
Business Bay has emerged as the top pick for buyers, with an overall 1,160 property transactions recorded in three months, between September and November 2019.
Other communities that registered increased overall property transactions during this period were Dubai Creek Harbour at 1,057 transactions; Dubai South with 838 transactions; as well as Jumeirah, with projects such as La Mer (647), and Downtown Burj Khalifa (560).
Dubai Creek Harbour saw the most off-plan transactions (1,030) in the three-month timeframe, followed by Business Bay (863), Dubai South (696), Jumeirah (586), and Villanova (508).
November 2019 also recorded brisk activity for off-plan sales, clocking in 3,053 transactions, the second highest since September 2015.
In the secondary market, International City topped in terms of the number of transactions (443), followed by Dubai Marina (359), Business Bay (297), Jumeirah Village Circle (282), and Bluewaters Island (262).