Real estate deals recorded in Dubai this year have increased by 88.89 percent year-on-year to reach $36.8 billion as a result of Dubai Expo 2020, according to a report by Property Finder.
Around 12,000 units have been sold since the Expo began. The report on Dubai real estate further states that a total of 12,352 properties with a combined value of Dh31.08 billion were sold during October and November. The sold units include around 7,000 secondary or ready residential units worth Dh19.84 billion and 5,352 off-plan units worth Dh11.24 billion.
Lynnette Sacchetto, Director of Research and Data at Property Finder told the media, “The question on everyone’s mind is are we starting to see the effects of Expo 2020 in the real estate market and the trends are giving us the answers.
“It is also interesting to note that 2021 to date had the highest off-plan value since 2009 which was the peak for off-plan sales in Dubai. The data clearly shows that investors and consumers are confident in Dubai’s future which is reinforced by proactive government initiatives, attractive real estate projects and the vision of the city.”
A Reuters poll of property analysts revealed that housing prices in Dubai will extend their rise into next year at twice the rate expected three months ago. The growth will mostly be driven by demand from foreign investors.
Recently, it was also reported that Dubai’s rental market continued to show an upward trajectory in the third quarter of 2021. However, the trend could be short-lived as thousands of new residential units are expected to hit the market by the end of this year. Rents for apartments and villas across the emirate posted quarterly increases of 3 percent and 6 percent, respectively.