Real estate purchases in Dubai total $8.3 billion, a record high not seen since 2011

According to Property Finder, in November, Dubai saw the most enormous monthly sales volume in real estate since 2011, with over 10,000 deals totalling AED 30.5 billion ($8.30 billion). With 10,941 sales last month compared to 6,905 sales in the same month a year ago, the city’s real estate market is booming and showing no signs of slowing down. Value-wise, deals reached AED 30.5 billion, up from AED 17.9 billion in November 2021.

For the first time in over a decade, there was a transaction of more than AED 12.7 billion in off-plan projects. So there was a huge rise of 63% from the previous year to the current year, with 5,116 off-plan property purchases executed. On the other hand, there was a decrease in the number of new agreements registered in November. It rose to 53,086 from the previous total of 53,756.

“We have seen positive momentum in the market over these past quarters, showcasing the resilience of the Dubai real estate 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,” said Scott Bond, country manager – UAE at Property Finder.

The following topped the list of the most popular locations in which buyers were looking for a new home in November. The list is according to data compiled by Property Finder –  

-Dubai Marin
-Downtown Dubai
-Palm Jumeirah
-Dubai Hills Estate
-Business Bay
-Jumeirah Village Circle
-Mohammed Bin Rashid City
-Jumeirah Beach Residence
-Jumeirah Lakes Towers
-DAMAC Hills (Akoya by DAMAC)

Moreover, the areas where rentals were in high demand for the previous month are – 

-Dubai Marina
-Downtown Dubai
-Jumeirah Village Circle
-Business Bay
-Dubai Hills Estate
-Palm Jumeirah
-Jumeirah Lakes Towers

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