Dubai property transactions break 12-year record in 2021, reach Dh151 billion

The overall worth of property transactions in Dubai broke the 12-year record last year, arriving at Dh151.07 billion, Property Finder said on Thursday.

In 2021, 59.6 percent of all transactions were for optional/prepared properties and 40.4 percent for off-plan properties. The off-plan market executed 24,761 properties worth Dh45.5 billion and the auxiliary market executed 36,480 properties worth Dh105.56 billion. This is likewise the most elevated auxiliary real estate deals transaction esteem beginning around 2008.

When contrasted with 2020, Dubai's real estate sector showed an expansion of 74.77 percent in deals transaction volume and an increment of 110.19 percent in esteem. In any case, when contrasted with pre-Covid times, for example, 2019, 2021 showed an increment of 55.47 percent in volume and an increment of 90.10 percent in esteem.

In the final quarter of 2021, a sum of 17,942 transactions worth Dh46.75 billion was recorded with both volume and worth of transactions being the most noteworthy since Q4 2013.

In Q4 2021, 55.9 percent of all transactions were for auxiliary/prepared properties and 44.1 percent for off-plan units. The off-plan market saw 7,913 transactions worth a sum of Dh16.92 billion and the optional market executed 10,029 properties worth Dh29.82 billion.

Q4 2021 when contrasted with Q4 2020 showed an expansion of 64.12 percent in deals transaction volume and an increment of 114.74 percent in esteem. When contrasted with Q4 2019, Q4 2021 showed an expansion of 47.53 percent in volume and an increment of 97.59 percent in esteem.

"Regardless of the way that many chose to go without precedent for more than a year during special times of the year, Q4 didn't appear to see a stoppage in deals transactions. The financial backer feeling stays solid, the request is still extremely high and the supply is waning. This has come down on costs as they actually proceed to rise and will undoubtedly proceed into H1 of 2022," said Lynnette Sacchetto, head of exploration and information at Property Finder.

Property Finder said Expo 2020 Dubai seems to affect the neighborhood housing market. Since its beginning on October 1, 2021, the Dubai housing market has seen an aggregate of 17,942 deals transactions worth Dh46.75 billion. This is the most elevated volume and worth the Dubai housing market has executed during a quarter in more than 8 years.

Source: Khaleej Times