Dubai property deals more than doubled in 2021 amid economic recovery
The value of property deals in Dubai more than doubled in 2021 and broke a 12-year record in terms of real estate sales transactions value, buoyed by demand in the secondary real estate market as the UAE economy recovers from the coronavirus pandemic.
The emirate registered 61,241 sales transactions worth Dh151.07 billion ($41.13bn) last year compared with Dh71.87bn worth of transactions it closed in 2020, making 2021 the best year for total transactions since 2013 and the highest in value since 2009, according to listings portal Property Finder. Total value of sales in 2009 was Dh155.6bn.
The sales transaction volumes in the fourth quarter were also 64.12 per cent higher when compared with same period in 2020 and the value of deals during the period surged 114.74 per cent to Dh46.75bn.
“Investor sentiment remains strong, demand is still very high and supply is dwindling,” Lynnette Sacchetto, director of research and data at Property Finder, said. “This has put an upward pressure on prices as they still continue to rise and will most likely continue into first half of 2022.”
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