Dubai’s real estate market has continued to showcase post-pandemic resilience by recording sales transactions worth AED30.5 billion ($8.30 billion) in November, cited ZāZEN Properties, a sustainable property developer in the UAE.
The developer recently launched off-plan sales for a new project (below) in Al Furjan which is expected to be fuelled by the rising interest in off-plan projects following the industry’s best monthly performance since 2011.
Last month, Dubai registered a 58.5 percent increase compared to last year with 10,941 sales, the growth has been spearheaded by the off-plan sector’s record-breaking performance.
Dubai has attracted over 4000 high-net-worth individuals (HNWIs) being the highest number recorded globally. This adds to the nearly 70,000 millionaires that currently reside in the city and who are looking to secure real estate assets in desirable locations.
The World Cup in Qatar is also a key contributor to the influx of tourism to GCC states, many of the transit visitors are viewing off-plan purchases as investment opportunities.
According to Property Finder, the tenancy market witnessed a slight slowdown last month recording 53,086 registered contracts as compared to 53,756 in October.
“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.
According to the proprietary data by Property Finder, the areas with the most demand searched for sale in November includes Dubai Marina, Downtown Dubai, Palm Jumeirah, Dubai Hills Estate, Business Bay, Jumeirah Village Circle, Mohammed Bin Rashid City, Jumeirah Beach Residence, Jumeirah Lakes Towers and DAMAC Hills (Akoya by DAMAC).
For rentals, the areas in top demand in November were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, Dubai Hills Estate, Palm Jumeirah and Jumeirah Lakes Towers.
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