Dubai property market breaks 12-year record in 2021

2021 was a record year in Dubai’s property market. New highs were recorded in both the number and value of sales transactions, with some 61,300 property sales completed in 2021. By comparison, there were 34,900 sales in the pandemic year of 2020.

The number of sales increased by about 76% and was still 9.7% more than in the previous record year of 2014. In total, the value of transactions in 2021 comprised around AED 150.6 billion (EUR 36.1 billion). In the previous year, the figure was AED 72 billion (EUR 17.3 billion) – still an increase of 109%. The best sales month was November 2021, followed by December and September.

2021 saw an increase in property prices in Dubai. According to available data through the end of November, the average price for a square foot (ft2) is now AED 968 (€2,494/m2). In Dubai, the property market reached its last peak in September 2014. The years 2014 to 2019 were characterised by large-scale construction and accompanying price reductions of 20 to 30%.

With the pandemic, things went even further downhill in 2020 until the price curve finally moved upward again at the end of the year. From November 2020 to October 2021, Dubai’s property became more expensive month after month (from AED 820 to AED 977/ft2 on average/month). It wasn’t until November 21 that there was a slight price decline from the previous month again (-1%).

In comparison to November 2020, prices are up by as much as 18%. Prices are fuelled by new construction projects being sold off-plan as well as new development projects.

Average prices in the main locations:

• Creek Harbour 4 118 EUR/m2
• City Walk 4 064 EUR/m2
• Downtown 3 978 EUR/m2
• Palm Jumeirah 3 538 EUR/m2
• Business Bay 3 440 EUR/m2
• Dubai Marina 3 182 EUR/m2

source: Kensington International

CONTACT US:

www.noacircle.com

Follow Us: Instagram | Facebook | Telegram | YouTube | LinkedIn

Registered in the Republic of Cyprus with registration number HE338967

Copyright © 2022 NOA Circle Ltd.