The Dubai real estate market is not only regaining its footing, but it is also outperforming forecasts. sales volume climbed by 75% to 56,300 transactions valued over AED 137 billion, from past years, representing a value growth of 109 percent. Furthermore, 2021 has a strong probability of becoming the best-performing year in the history of the Dubai real estate market.
Even though fully built homes accounted for the majority of sales in 2021, the off-plan sales value reached an all-time high of approximately AED 40 billion, owing to Dubai's new luxury apartments for sale in Dubai. More than 330 apartments at The Royal Atlantis, Il Primo, One at Palm Jumeirah, W Residences Dubai, Dorchester Collection Dubai, Private Residences Dubai, Five Luxe, The Palm Tower, and Emaar Beachfront sold for more than AED 8,000,000.
In November 2021, the average off-plan villa price per sq. ft. grew at the quickest rate ever, increasing by 50% compared to 2014 and 15% compared to the previous year. The Dubai property market transacted nearly 7,000 homes worth AED 18 billion in November, a rise of 80% from November 2020 and a new record for the month.
Apartments climbed by 68.4% to 4,527 sales worth AED 8.6 billion; villas increased by 114.4 percent to 1,057 transactions worth AED 2.4 billion, and plots increased by 105 percent to 1,146 transactions for AED 6.7 billion.
A lot of factors are at play, but in summary, the number of real estate brokers in the market surged by 53% to 7,410 brokers working for over 1,800 companies. The most evident stimulant to this exceptional performance is EXPO 2020, which has just begun; so, we may look forward to a bright future in 2022 when the EXPO's influence will be more apparent in the real estate market of UAE especially Dubai.
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