According to Property Finder, MENAT’s leading PropTech company, the real estate market continues to flourish. In November, sales transactions recorded a remarkable performance, crossing 10,000 transactions, the highest recorded since 2011.
November 2022 attained 10,941 total sales transactions and witnessed a 58.5% year-on-year increase compared to the same month last year, with 6,905 transactions. In terms of value, there was a significant increase of 70.8% in transactions worth AED 30.5 billion compared to AED 17.9 billion in November 2021.
In terms of volume, existing properties recorded 5,825 transactions, with a remarkable increase of 54.8% year-on-year, showcasing an outstanding sales transaction performance for November 2022. Similarly, in terms of value, the transactions for existing properties witnessed an increase of 60.8% year-on-year, reaching AED 17.8 billion compared to AED 11.1 billion in November 2021.
In terms of value, off-plan properties witnessed a record-breaking performance, transacting more than AED 12.7 billion for the first time in a decade, with an increase of 87.1% compared to AED 6.8 billion in November 2021.
November 2022 also recorded the highest off-plan volume and value of transactions in a decade, maintaining a remarkable performance last month. The volume of off-plan properties recorded a significant increase of 63% year-on-year, attaining 5,116 transactions compared to the same period last year, with a total of 3,143 transactions.
Last month’s performance for commercial contracts acquired around 30% of the total registered rental contracts, witnessing a significant year-on-year increase of 11.2% in November. Alternatively, the tenancy market witnessed a slight slowdown momentum in November 2022, recording 53,086 total registered contracts compared to 53,756 in October 2022.
Annual contracts represent around 89% of the total registered rental contracts, witnessing an increase of 7.5% compared to the same period last year. On the other hand, non-annual contracts witnessed a slight month-on-month increase of 1.1% compared to October 2022.
Furthermore, residential contracts acquired 69% in November, witnessing a decline of 14.9% year-on-year, in addition to a decline of 2.7% month-on-month.
Commenting on the growing market, Scott Bond, country manager – UAE at Property Finder, stated: “We have seen positive momentum in the market over these past quarters, showcasing the resilience of Dubai real estate’s sector. We see positive sentiments for investment opportunities following various governmental reforms and initiatives, making Dubai’s properties one of the most preferred investment assets for the long term.“
According to Property Finder’s proprietary data, the top demanded areas searched for sale in November were Dubai Marina, Downtown Dubai, Palm Jumeirah, Dubai Hills Estate, Business Bay, Jumeirah Village Circle, Mohammed Bin Rashid City, Jumeirah Beach Residence, Jumeirah Lake Towers and DAMAC Hills (Akoya by DAMAC). The top overall demanded areas for rent in November were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, Dubai Hills Estate, Palm Jumeirah and Jumeirah Lake Towers.