01 February 2020

Dubai registered a total of 41,988 real estate transactions in 2019, marking the highest number of sales transactions registered annually in the emirate since 2008, said Property Finder, a leading property portal in Mena.

The number of property deals during 2019 also marks a growth of 20 per cent in the volume of registered property sales transactions compared to 34,961 transactions in 2018, according to Data Finder, the real estate insights and data platform under the Property Finder Group.

There were 11,662 property sales transactions registered in Dubai in 2008. The emirate’s real estate market has, therefore, grown by 260 per cent in the past 11 years in terms of the volume of transactions. The second highest number of property sales transactions registered in Dubai since 2008 was in 2017 (40,649).

This news comes on the heels of recent reports about the Dubai property market regaining momentum, especially after the announcement of the formation of the Higher Real Estate Committee to rebalance supply and demand, back in September 2019. The committee is said to have helped inspire market confidence, with both October and November 2019 seeing a record number of transactions – 4,774 and 5,037, respectively.

December 2019 clocked in 2,989 registered property sales transactions. Other good months for property sales in Dubai last year were July (4,234), September (4,007) and May (3,512).

“Going into 2020 and leading up to the Expo, we should continue to see transaction levels increase and prices start to stabilise in certain areas. We have already started to see certain market dynamics shift as a direct effect from Expo and these trends will most likely continue throughout the year,” said Lynnette Abad, director of Data and Research, Property Finder.

Meanwhile, another leading property portal Bayut reported that property prices in Dubai’s popular areas continued to become more competitive throughout 2019 compared to 2018, resulting in both the number and value of transactions increasing for property sales in the emirate.

Popular freehold communities such as Palm Jumeirah, Dubai Marina, Downtown Dubai and Jumeirah Village Circle dominate the sales segment in the secondary market, added the 2019 End of Year report from Bayut.  

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