Property sales transactions increased considerably in Dubai throughout 2019, with records showing an eleven year high. This is a total growth of 20% compared to the previous year, according to Property Finder. It’s thought that this increase is largely down to new government policies boosting the entire sector.
Dubai’s Property Sales Transactions Show Eleven Year High
Last year, total property sales transactions in Dubai reached 41,988. This is a significant increase from the 11,662 property sales transactions that were recorded in 2008. The low number of transactions in 2008 was largely due to the global financial crisis. Of the total property transactions in 2019, over half were accounted for by off plan properties. This shows just how attractive the prices and incentives for buying off plan properties have been. For example, the lack of service fees and discounts on registration charges. However, the number of off plan launches were actually down from the amount seen in 2017 and 2018. This information is according to Property Finder.
There are five areas in Dubai that stand out as having more property sales than other areas. These are Downtown Burj Khalifa, Dubai Creek Harbour, Dubai Hills Estate, Dubai South and Business Bay.
Lynnette Abad, Director of Data and Research at Property Finder, explained: “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.”