Dubai records 44,590 real estate deals in 12 months from Nov 2018
Property Finder's Data Finder says 36,799 real estate transactions were carried out from January to November 2019
Dubai’s real estate market has improved, showcasing an upward trend, recording 44,590 property transactions in a single year starting November 2018, according to Property Finder’s real estate insights and data platform, Data Finder.
According to the report 36,799 residential properties were sold in the period starting January to November 2019, which Data Finder said was derived from the publicly available government data.
This number is the second highest since 2017, when a total of 37,338 residential units were sold in the emirate. Furthermore, according to the report an addition of December transactions into this number creates a probability that 2019 will hit a 10-year record in terms of residential properties sale.
Findings from the report reveal that the positive impact on market sentiment following the formation of Dubai’s Higher Real Estate Planning Committee by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has led the spike in transactional volumes since September 2019.
Transactions in numbers
Real estate deals valued at $2.5bn (AED9.27bn) were recorded in November 2019, making the month best in terms of value of transactions this year.
February 2019 follows November as the second best month this year, with property transactions worth $2.37bn (AED8.71bn) being registered in Dubai. Meanwhile, $2.36bn (AED8.68bn) worth of transactions were posted in October.
August 2019 was a calm period for real estate transactions, according to the report, which revealed that $1.2bn (AED4.27bn) worth of property deals were inked in the eighth month of 2019.
Sales transactions excluding mortgage, land grants, and other transactions for the period ending on 30 November, 2019 reached $20.9bn (AED76.6bn), the report said citing publicly available government data as the source.
This push in the real estate market is due to consumer confidence that comes because of factors such as, declining property prices, an excess amount of supply in the market, favourable payment plans from developers, and low interest rates from mortgage providers.
“I believe we will continue to see transactions rise month on month going into 2020 and see a nice mix of investors and end-users purchasing property in Dubai”, director of research and data at Property Finder, Lynnette Abad said.
“Prices should also start to stabilise as we move into H2 of 2020.”