The Dubai Land Department (DLD) claimed on Thursday that Expo 2020 is having a good influence on property sales in Dubai, with transaction volumes hitting close to $5 billion in November, making it the biggest month in over eight years.
"It's been almost 70 days since Expo2020 began, and the world's largest exhibition may have had rippling effects on the Dubai real estate market," the government agency said in a statement. "November 2021 saw the best monthly sales figures in eight years." It claimed November 2021 saw 6,989 sales transactions at a total of 17.95 billion dirhams ($4.89 billion), making it the biggest November since January 2014. Total sales transactions increased by 58.79 percent over the same month in 2020, with values increasing by 88.37 percent.
The secondary or ready property market accounted for 54% of the sales, with the remaining 46% being off-plan. According to the Land Department, evidence shows that Expo 2020 Dubai has a beneficial impact on Dubai's real estate market. "This activity was reflected in the market's performance, which showed an increasing trend that is expected to continue in the following year." The index price for November 2021 was 1,115,937 dirhams, according to DLD's 21st edition of Mo'asher, the emirate's sales price index, which has a base month of January 2012 and a base quarter of Q1 2012.
The indicator is at its highest level since March of this year. Transactions have reached a total of 55,640, worth 135.4 billion dirhams, for the year to date, including November. This is already the best yearly sales number since 2014. Total sales transaction value climbed by 36.82 percent and volume increased by 30.59 percent month over month from October to November.
"When comparing November 2021's total performance to November 2020s, November 2021 had 80.1 percent more sales transactions valued at 138.7% more."
"When we compare November 2021 to November 2019, November 2021 had 45.2 percent more sales transactions with a 104.1 percent higher value," the statement ended.
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