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Dubai real estate deals exceed the peak of September 2013

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Figures issued by Property Finder, a real estate technology company, showed that the Dubai real estate market continues to achieve continuous growth, as it recorded last September the highest number of deals of 8,649 deals, with a value of 24.42 billion dirhams, exceeding the peak of the market achieved in 2013. The percentage increase is 13.34% in terms of the number of transactions and 23.04% in terms of value.

Secondary / ready-made properties witnessed an increase of 30.46% on an annual basis in terms of the number of transactions, after their number reached about 4210 transactions. 11.07 billion dirhams in September of the year 2021.

The number of off-plan transactions in the market reached 4,439 properties, worth 9.77 billion dirhams, in September, with a significant increase of about 80.23% in terms of the number of transactions and 94.13% in terms of value on an annual basis.

Third quarter

The real estate market in the third quarter achieved the highest number of off-plan sales and secondary/ready real estate deals over the past 12 years in terms of the number and value of transactions, as the third quarter recorded 25,456 sales transactions worth 69.72 billion dirhams. When comparing growth with the same period last year, the third quarter recorded a remarkable increase of 61.69% in terms of number of transactions and 65.64% in terms of value.

Comparing the performance of the secondary market / ready properties on an annual basis, it appears that the third quarter recorded an increase of 52.44% in terms of the number of transactions and 56.94% in terms of value on an annual basis. The off-plan market transactions in the third quarter witnessed a steady growth; Referring to the same period last year, we find that the number of off-plan real estate sales increased by 74.03% in terms of the number of transactions and 84.58% in terms of value.

9 months

Within the framework of the general performance of the Dubai real estate market over the past nine months, sales transactions recorded 125.2 billion dirhams, exceeding the total value of sales achieved in the whole of 2013, which amounted to 119 billion dirhams. Off-plan transactions reached an all-time high in the past nine months, when a total of 29,339 sales were recorded, compared to 24,077 transactions recorded during the whole of last year.

Lease contracts

Rental contracts in September witnessed an increase of 7.55% on a monthly basis, while the annual contracts recorded a growth rate of approximately 9.13% on a monthly basis and 4.88% on an annual basis. Residential contracts continued their growth and accounted for about 71.59% of the total lease contracts in September, recording an increase of 8.56% over the previous month. Commercial contracts also saw an increase of 4.63% on a monthly basis.

Lease contracts in the third quarter witnessed an increase of 13.59% on a quarterly basis, compared to the third quarter of 2021, while the annual contracts in the third quarter showed a growth of 21.85% on a quarterly basis, and 1.8% on an annual basis. On the other hand, residential contracts in the third quarter revealed an increase of 11.80% on a quarterly basis, while commercial contracts witnessed an increase of 17.67% on a quarterly basis as well.

Scott Bond, Director of Property Finder in the UAE, said: “The rise in demand for off-plan and secondary real estate was not surprising, but thanks to the successful strategies adopted by the UAE, in addition to its flexible policies, and the launch of the Golden Visa initiative, in addition to the investment climate. Ideal and competitive prices for real estate. We believe that the main trends and motivating factors including the affluence of the wealthy, the shift from renting to home ownership, and sustainability in the real estate market, will all contribute to strengthening the position of the Dubai real estate market.