Property sales transactions in Dubai hit an 11-year high in 2019, recording a growth of 20 per cent compared to the previous year, as new government policies boosted the sector, according to Property Finder.
Total real estate transactions in Dubai reached 41,988 last year, new data the from real estate listings portal found, which compares favourably to the 11,662 property sales transactions registered in the emirate in 2008 at the height of the global financial crisis.
“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 at Property Finder, in a statement on Monday.
Off-plan properties, accounted for 23,643 transactions in 2019, owing to attractive prices and incentives offered by developers such as the waiving of service fees, a range of post-handover payment plans, discounts on registration charges and commissions and guaranteed rental returns. However, new off-plan launches were considerably down from their 2017 and 2018 levels, Property Finder said.
The top five areas with the highest overall property sales transactions in 2019 were Business Bay with 3,146 transactions, Downtown Burj Khalifa with 2,816, Dubai Creek Harbour with 2,492, Dubai Hills Estate with 2,373 and Dubai South with 2,048 deals.
There were also over 45,000 units completed in 2019, according to Property Finder – the highest number of units finished in one year since 2014. Dubai also registered 18,345 transactions in the secondary market last year.
In September, Dubai formed a higher committee for real estate planning, headed by Deputy Ruler Sheikh Maktoum bin Mohammed and a number of senior property developers. It aims to balance the supply in the emirate's property sector through greater collaboration between government-related entities and private sector firms.
Other measures rolled out by the government last year included 10-year visas for investors and professionals, as well as reforms to real estate laws in Dubai.