New 12-year record for Dubai property market in 2021
Dubai’s real estate market broke a 12-year record in 2021, with the value of sales transactions reaching AED151.07 billion ($41.1bn).
Sales transaction volume increased 74.77 percent during the past year and an increase of 110.19 percent in value compared to 2020, as well as an increase of 55.47 percent and 90.10 percent in volume and value compared to 2019.
In 2021, 59.6 percent of all transactions were for secondary/ready properties and 40.4 percent were for off-plan properties. In terms of the volume of sales transactions, the off-plan market transacted 24,761 properties worth a total of AED45.5bn ($12.4bn) and the secondary market transacted 36,480 properties worth a total of AED105.56bn ($28.7bn), it's the highest secondary real estate sales transaction value since 2008.
The fourth quarter of 2021 both volume and value of transactions peaked at their highest since Q4 2013 with 17,942 transactions worth AED46.75bn ($12.7bn).
In Q4 2021, 55.9 percent of all transactions were for secondary/ready 10,029 properties worth a total of AED29.82bn ($8.1bn) and 44.1 percent were for off-plan 7,913 properties transacted worth a total of AED16.92bn ($4.6bn).
Expo 2020 was also cited as a key factor impacting Dubai’s real estate market, with a total of 17,942 sales transactions worth AED46.75bn taking place since October 2021, the highest volume and value the market has transacted during a quarter in over eight years.
Comparing Q4 to Q3 2021, the volume of off-plan transactions increased by 14.53 percent and the secondary/ready property sales transactions increased by 11.22 percent. The value of off-plan sales transactions increased by 25.38 percent and the value of secondary sales transactions increased by 3.36 percent.
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