The Dubai real estate market is not only getting back on its feet but also performing well beyond expectations. Year-to-date the sales volume increased by 75% to 56,300 transactions worth over AED 137B achieving an increase of 109% in value. Moreover, there is a huge chance that 2021 becomes the best performing year ever in the history of the Dubai real estate market.
Even though the majority of the sales volume has been ready properties in 2021, the off-plan sales value hit an all-time high reaching almost AED 40B which came mainly from the new luxury lifestyle that Dubai offers. Over 330 apartments sold at above AED 8000,000 mainly inThe Royal Atlantis, Il Primo, One at Palm Jumeirah, W Residences Dubai, Dorchester Collection Dubai, Private Residences Dubai, Five Luxe, The Palm Tower, and Emaar Beachfront.
Almost 50,000 units were delivered in 2021, and over 17,700 units were launched which is higher than the previous year by 48%.
In November 2021, the average off-plan villa prices per sq. ft rose at the fastest pace ever where it increased by 50% vs. 2014 and 15% vs. last year. The Dubai market transacted over 7,000 properties worth AED 18B that is an 80% increase vs. November 2020 and achieved a new all-time high for the month of November.
The apartments increased by 68.4% to 4,527 transactions worth AED 8.6B; villas by 114.4% to 1,057 transactions worth AED 2.4B; plots by 105% to 1,146 worth AED 6.7B.
A few things are at play, but in a nutshell, the number of real estate brokers increased by 53% to 7,410 brokers in the market working for almost 1,800 agencies. The most obvious stimulus to this extraordinary performance is the EXPO 2020 that has just started; so, we can be very positive toward 2022 where the EXPO impact will crystalize more.
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