Dubai property market: off-plan sales jump over 300% in January – News

Real estate transactions worth 16.69 billion dirhams were carried out last month



Published: Thu 17 Feb 2022, 09:14

Dubai’s property market recorded 5,797 sales transactions worth 16.69 billion dirhams last month, becoming the best January on record, Property Finder said in its monthly report on Thursday.

In January 2022, 53% of all transactions were for secondary/ready properties and 47% were for off-plan properties. The off-plan market processed 2,706 properties with a total value of Dhs 5.32 billion while the loan market processed 3,091 transactions worth Dhs 11.37 billion.

Comparing January 2022 month-over-month to December 2021, over-plan value fell more than 6%, but volume increased 5.58%. The secondary volume increased by more than 1.74% and the value increased by 13.68%. Looking at all transactions, the total value of transactions increased by 6.40% and the volume increased by 3.5% compared to December.

Comparing the month’s overall performance compared to January 2021, January 2022 saw 74.56% more transactions with 145.31% more value. Comparing it to the exact period of last year, the secondary volume increased by 30.70% and the value by 106.77%. The rebound we have seen in the VEFA market has been significant, with the value of off-plan sales transactions increasing by 307.88% and the volume by 183.05%.

“There are a lot of questions about how 2022 will unfold. Based on many factors such as data and trending patterns, it looks like 2022 will continue on an upward trajectory with regards to sales volumes and price increases in major and popular areas,” Lynnette said. Sacchetto, director of research and data at Property Finder. .

“New supply will be low in prime areas and certain asset classes, such as villas/townhouses, so we can continue to expect price increases in these areas as demand remains strong. off-plan segment is unlikely to cool off any time soon due to investor sentiment, attractive pricing, the allure of Dubai and the overall launch of good projects in the market.During the pandemic, many developers have taken a step back and really assessed the market to understand what kind of projects to build that ticked all the boxes for investors and consumers, she added.

READ ALSO :

Since the start of Expo 2020 Dubai, the market has recorded 23,739 real estate transactions worth 63.43 billion Dh. This included 13,120 secondary/loan sale transactions worth Dh41.19 billion and 10,619 off-plan sale transactions worth Dh22.24 billion.

About Tammy N. McFarlane

Check Also

Project Market in UAE Hits $3.7 Billion in Q3; overtakes Saudi Arabia as construction sector rebounds – News

In the UAE, the construction sector once again accounted for the largest share of new …