Property Finder: Dubai sets new yearly record for volume of property transactions

December 31, 2019
Share this Post: 

There has been a total of 44,590 transactions from November 2018 until November 2019, the highest ever in the history of Dubai real estate

  • 36,799 residential properties have been sold in Dubai from January until November 30 this year
  • Deals worth AED9.27 billion ($2.5 billion) registered in Dubai in November, the highest so far this year
  • Cumulatively, sales transactions worth AED 76.6 billion have been registered in Dubai until November 30 this year

There is definite evidence of improving momentum in the Dubai real estate market. The past 12 months have seen the maximum volume of transactions for this timeframe in the history of Dubai real estate, according to publicly available government data analysed by Data Finder, the real estate insights and data platform under the Property Finder Group.

Dubai registered a total of 44,590 overall real estate transactions from November 2018 until November 2019. This is the highest transactional volume for any 12-month period in the history of Dubai real estate since sales transaction data was made publicly available. 

A total of 36,799 residential properties have been sold in Dubai from January until November 30 this year, according to publicly available government data. This is the second highest since 2017 when 37,338 residential units were sold in total. However, when December transactions are added, it is likely that 2019 will hit a 10-year record for volume of residential properties sold.  

Property Finder also recently reported that November property sales in Dubai had hit a 11-year high of 5,037 deals, up from 4,774 deals in October and 4,007 transactions in September. All these are indications that the Dubai property market is gearing up for an upturn ahead of Expo 2020.

The spurt in transactional volumes since September 2019 can be attributed to the positive impact on market sentiment following the formation of the emirate’s Higher Real Estate Planning Committee, which has been set up to come up with a longer term plan for the future of the sector.

Value of transactions

Even in terms of the value of real estate transactions, November 2019 has been the best so far this year, with deals worth AED9.27 billion ($2.5 billion) registered in Dubai. The second best month so far this year was February, with property transactions worth AED 8.71 billion ($2.3 billion) registered in Dubai, according to Data Finder. This was followed by October, which registered transactions worth AED 8.68 billion ($2.36 billion). 

The lowest so far was August, which clocked in only property deals worth AED 4.27 billion ($1.16 billion). This can be attributed to the general transactional lull during the summer months.

Cumulatively, sales transactions worth AED 76.6 billion ($2 billion) have been registered in Dubai until November 30 this year, according to publicly available government data. This excludes mortgage transactions, land grants and other transactions.

The increasing sales momentum is an indication of increasing consumer confidence in the market. This comes on the back of declining property prices, an excess amount of supply in the market, favorable payment plans from developers and low interest rates from mortgage providers. All these combined are driving confidence among buyers to invest in Dubai property a few months ahead of Expo 2020.

“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. Prices should also start to stabilize as we move into H2 of 2020.”

— Lynnette Abad, Director of Research and Data, Property Finder

Reforms initiated by the government and the UAE Central Bank have also boosted demand. New regulations, such as the 10-year Gold Card, retirement visa, property purchase visa, and the Mollak system to streamline service charges have been welcomed by end-users and investors alike. The decision to reduce the early settlement fee for mortgages and remove the maximum age to repay mortgages have also met with a positive response.

SOURCE Property Finder Group

Join us February 26-27 for the Property Portal Watch Conference Bangkok 2020.

Property Portal Watch Bangkok Conference, 2020

December 31, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Nils K
Ringier's Nils Körber on ArtificiaI Intelligence, Training the Machine, and Talking about Problems

"What would you do with one million interns?" The award for the best question at the PropTech and Portal Watch...

Read More
Untitled Design 13
As OnTheMarket Hits 15,000 Advertisers, Zoopla Fights Back with Big Agency Deal

The British property portal Zoopla has announced a new long-term listings deal with Dexters, one of London's top agencies with...

Read More
Untitled Design 12
LeBonCoin Suffers Data Leak and Boliga Comes Under Cyber Attack on Same Weekend

LeBonCoin, the leading French horizontal marketplace owned by Adevinta, has acknowledged that some of its users' personal information was exposed...

Read More
Number 2S Challenging Hero Image 2
Analysis: Can Zoopla, Realtor.com and Domain See Off Challengers and Close the Gap to Market Leaders?

Well-funded challenger portals have been generating a lot of headlines in the industry recently. CoStar has been explicit about its...

Read More

Editor's Pick