The Dubai Real Estate Market in November 2022
According to Property Finder, Dubai’s property market reached new heights in November, with sales transactions reaching their highest levels since 2011. A total of 10,941 transactions took place, marking a 58.50% increase compared to the same period the previous year.
In terms of value, there was a 70.80% rise to $8.3 billion, further demonstrating the market’s surge. Scott Bond, country manager UAE at Property Finder, attributes this positive momentum to various governmental reforms and initiatives that make Dubai properties an attractive investment option.
The International Monetary Fund (IMF) has predicted that the UAE economy will grow by more than 6% this year. This follows an expansion of 3.8% in 2021. The growth is expected to be driven by the hosting of Expo 2020 and the World Cup in Qatar, which has seen thousands of fans use the UAE, particularly Dubai, as a base. These events have contributed to the boom in Dubai’s property market.
According to Property Finder, the property market in Dubai reached new heights in November, with sales transactions reaching their highest levels since 2011.
Of the total transactions, 5,825 were for existing properties, marking a 54.80% increase compared to the previous year. The value of these deals also increased by 60.80%.
Additionally, November saw the highest volume and value of off-plan transactions in a decade, with a significant 63% increase in year-on-year off-plan transactions. These positive results demonstrate the resilience and strength of Dubai’s real estate market.