CW In Focus | Dubai's November 2019 real estate market update
Catch the latest insights on the emirate’s real estate market, as property prices drop, while sales soar to record highs
Here’s a sneak-peek into the latest numbers from November 2019. Although property prices have continued to fall, overall property transactions and sales have surpassed October 2019’s 11-year high.
Property prices in Dubai fell to $243.67 (AED895) per square foot on average, while property transactions marked the strongest month for sales in a decade in November 2019.
The data was shared by the Dynamic Price Index (or DPI) from Property Monitor, the UAE’s only data platform backed by property professionals accredited by the Royal Institution of Chartered Surveyors (RICS).
In Dubai, the index value for November 2019 decreased 11.63% year-on-year to 124.9, which is 1.35% lower compared to its value in October 2019.
Property values are now at their lowest point in seven years, with these levels last seen in December 2012.
Meanwhile, property sales transactions in the emirate of Dubai continued to scale record highs, eclipsing the 11-year high of October 2019, rising to more than 5,000 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 HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of the Executive Council.
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.