November had a record-breaking volume of sales, surpassing 10,000 transactions.
According to Property Finder, Dubai had over 10,000 sales transactions totaling AED30.5 billion ($8.30 billion) in November, the most since 2011.
The city's real estate market continues to thrive, with 10,941 sales last month compared to 6,905 during the same time last year, a 58.5 year-on-year gain. In terms of value, transactions were AED30.5 billion in November 2021, up from AED17.9 billion in November 2021.
For the first time in over a decade, off-plan homes achieved a record-breaking performance, trading for more than AED12.7 billion. The number of off-plan homes increased by 63 percent year on year, reaching 5,116 sales compared to the previous year.
The tenancy market had a modest downturn last month, with 53,086 recorded contracts compared to 53,756 in October.
"We have observed significant market momentum in recent quarters, demonstrating the resiliency of the #dubairealestateindustry. We see favorable attitudes for investment prospects due to many governmental reforms and efforts, making Dubai's properties one of the most desired long-term investment assets, "said Scott Bond, Property Finder's UAE country manager.
According to Property Finder's proprietary data, the most popular areas for sale searches in November were 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 Properties).
Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, Dubai Hills Estate, Palm Jumeirah, and Jumeirah Lakes Towers were November's most popular rental regions.
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