Dubai property sales reached an 11-year high in November
More than 5,000 deals were completed in the city last month, the highest monthly recording in over a decade…
November property sales in Dubai were the highest they’ve been in a single month for 11 years, according to the latest data from Property Finder’s Data Finder portal.
No less than 5,051 sales deals were completed last month, versus 4,774 in October. Property sales were also up by more than 1000 versus September 2019, when 4,007 sales were recorded.
Data Finder cited DLD data as the source for their results, which showed that since the government real estate committee was formed on September 2, 13,832 transactions occurred over the three-month timeframe. The committee, which is chaired by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, was formed at the start of September in a bid to help achieve a balance between supply and demand in the real estate sector. And with monthly property sales at a record high, it looks like the committee is having a positive impact.
The Data Finder report added that the Dubai Land Department (DLD) had also registered the sale of Burma Island, part of the World Islands, for Dhs112.77 million on Sunday December 8.
The World Islands, a project by master developer Nakheel, are an archipelago of islands off the coast of Dubai. It’s where you’ll find the currently under construction Heart of Europe development.
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So why are property sales on the up?
Well according to Data Finder, several stimuli have contributed to the increased sales momentum. Extended residency visas, streamlined processes and fee relaxations introduced by the government have all contributed to the market growth.
Lifting the 20 per cent cap on real estate lending for banks, and Central Bank’s removal of the 3 per cent early settlement fee on mortgages are also both factors that have encouraged confidence in the property market.