Dubai recently had real estate sales worth approximately 42.4 billion dirhams in Q3 2021, making this quarter the best in the country’s history in terms of real estate sales transaction value. Property in Dubai is a hot commodity, the emirates had 15,926 real estate transactions in the same quarter, the highest volume of transactions since 2009!
56.6% of all deals in the city during the Q3 quarter were for constructed properties while properties under construction came out to be around 43.4%.
The property market is displaying signs of recovery after the pandemic and buying real estate in Dubai can be quite profitable now. According to a report by CBRE, residential transaction volumes rose 76.8% in the initial 8 months of 2021, while off-plan transactions grew by 39%. The market prices of villas are also continually rising due to increased demand and low supply.
This may be because many individuals are choosing to upscale to bigger homes with bigger garden spaces amid a work from home and schooling environment triggered due the recent coronavirus pandemic.