International Finance
Real Estate

Property sales in Dubai surge in November, hitting 11-year high

Dubai property sales
5,051 property sales were recorded in November, a 5.8 percent increase from October

The number of property sales in Dubai has substantially increased in the month of November, recording an 11-year high, according to local media reports.

According to Data Finder, the real estate insights and data platform under the Property Finder Group, around 5051 property sales were recorded by the Dubai Land Department in November, which is a 5.8 percent increase from the month of October.

Property sales have picked up after the government in Dubai intervened and brought in a balance to the real estate market, which was witnessing a slowdown due to oversupply in the market.

According to experts, the government’s decision to form a special committee to ensure semi-government real estate firms don’t compete with the private sector has inspired confidence in investors.

After the formation of the committee on September 2, around 13,832 transactions were recorded over the three-month timeframe.

Lynnette Abad, director of data and research at Property Finder told the media, “It is a combination of all of the above as to why sales transactions have increased this year and consumer confidence is building up in the market. This, coupled with declining prices and an excess amount of supply, has given the buyer many choices, attractive prices, and incentives.”

Experts also predicted that property prices in Dubai will drop by 11.3 percent on average this year. However, the market is expected to get better in 2020 as property price decline is expected to slow down. According to local media reports, the market will see a 5 percent to 7 percent correction as demand increases.

In the month of September, experts predicted that housing prices in Dubai will drop by 10 percent this year and 5 percent in 2020. They predict the decline to be 3.3 percent in 2021.

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