2021 saw a 74.77 percent rise in sales transaction volume and an increase of 110.19 percent in value compared to 2020, latest data by Property Finder indicates
Dubai’s real estate market broke a 12-year record in 2021, with the value of industry sales transactions reaching AED151.07billion ($41.1bn), according to the latest data by Property Finder.
The past year saw a 74.77 percent rise in sales transaction volume and an increase of 110.19 percent in value compared to 2020, as well as an increase of 55.47 percent and 90.10 percent in volume and value compared to pre-Covid times, such as in 2019.
In 2021, 59.6 percent of all transactions were for secondary/ready properties and 40.4 percent were for off-plan properties. In terms of the volume of sales transactions, the off-plan market transacted 24,761 properties worth a total of AED45.5bn ($12.4bn) and the secondary market transacted 36,480 properties worth a total of AED105.56bn ($28.7bn), the highest secondary real estate sales transaction value since 2008.
The fourth quarter of 2021 recorded a total of 17,942 transactions worth AED46.75bn ($12.7bn), in which both volume and value of transactions peaked at their highest since Q4 2013.
In Q4 2021, 55.9 percent of all transactions were for secondary/ready properties and 44.1 percent were for off-plan properties. In terms of the volume of transactions, the off-plan market transacted 7,913 properties worth a total of AED16.92bn ($4.6bn) and the secondary market transacted 10,029 properties worth a total of AED29.82bn ($8.1bn).
“Despite the fact that many decided to travel for the first time in over a year during the holidays, Q4 didn’t seem to see a slowdown in sales transactions. Investor sentiment remains strong, demand is still very high and supply is dwindling. This has put upward pressure on prices as they still continue to rise and will most likely continue into H1 of 2022,” said Lynnette Sacchetto, director of research and data at Property Finder.
The fourth quarter of 2021 recorded a total of 17,942 transactions worth AED46.75bn ($12.7bn), in which both volume and value of transactions peaked at their highest since Q4 2013.
In Q4 2021, 55.9 percent of all transactions were for secondary/ready properties and 44.1 percent were for off-plan properties. In terms of the volume of transactions, the off-plan market transacted 7,913 properties worth a total of AED16.92bn ($4.6bn) and the secondary market transacted 10,029 properties worth a total of AED29.82bn ($8.1bn).
“Despite the fact that many decided to travel for the first time in over a year during the holidays, Q4 didn’t seem to see a slowdown in sales transactions. Investor sentiment remains strong, demand is still very high and supply is dwindling. This has put upward pressure on prices as they still continue to rise and will most likely continue into H1 of 2022,” said Lynnette Sacchetto, director of research and data at Property Finder.
Property Finder, the real estate website for residential and commercial properties, also reported a surge in off-plan sales transactions in Q4, reflected in the fact that this is the highest volume and value of off-plan sales transactions in a given quarter since Q1 2010.
SOURCE: arabianbusiness.com