Sales of off-plan and secondary properties in Dubai reached a 12-year high in the third quarter, both in terms of volume and value, according to a report by Property Finder.
A total of 25,456 sales transactions worth Dh69.72 billion ($18.98bn) were recorded in the third quarter, marking an increase of about 62 per cent in terms of volume and more than 65 per cent in terms of value, compared with the third quarter of 2021.
There were 4,210 transactions worth Dh14.66bn in the secondary segment and 4,439 off-plan transactions valued at Dh9.75bn in September — a monthly high — as the momentum recorded throughout the year in the Dubai market continued.
“The surge in demand across [the] off-plan and secondary market comes as no surprise, given the UAE’s proactive strategies, attractive policies, golden visa initiative, formidable investment landscape and the property-pricing tactics,” said Scott Bond, UAE country manager at Property Finder.
“Major trends and catalysts, including an influx of high-net-worth individuals and millennials switching from renting to owning their desired properties, will consolidate the prominence of Dubai’s property market.”
Secondary properties recorded an increase of more than 30 per cent in terms of volume and a rise of more than 32 per cent in terms of value in September, on an annual basis.
Meanwhile, off-plan transactions in September were up more than 80 per cent in terms of volume and 94 per cent in terms of value year on year, Property Finder said.