Dubai’s property deals up 88 per cent in first 11 months of 2021

Property sales transactions in Dubai surged 88.37 per cent annually in the first 11 months of 2021 as the UAE’s economy charted a strong recovery from the coronavirus pandemic-induced slowdown.

The emirate registered 55,640 sales deals worth Dh135.4 billion ($36.86bn) from January to November, making it the best year in terms of total sales since 2014, according to the latest data by the Dubai Land Department.

Expo 2020 Dubai, new measures by the government, including the expansion of the golden visa scheme and visas for retirees, and the roll out of mass inoculations are supporting Dubai’s property market.

In November alone, total transactions jumped 80 per cent annually to Dh17.95bn, the data shows. Expo 2020 “may have had ripple effects on the Dubai real estate market as November 2021 showed the highest monthly sales figures in eight years”, the DLD said.

Expo 2020, which started on October 1, recorded more than 6.3 million visits up to December 13, according to official data.

Meanwhile, Moasher, Dubai’s official monthly house price index rose 2.12 per cent when compared with the previous month, according to the DLD. The index was introduced last year to provide consumers with updated property sales price insights in the emirate on a monthly basis.

UAE property prices are expected to continue to rise in 2022, according to experts. “The UAE property market will perform in a healthy way,” Haider Tuaima, head of real estate research at ValuStrat consultancy, told The National this week.

“We have developers offering attractive payment plans and mortgage interest rates are low. We will see more international investors coming in to buy the property next year.”