Data: deals and sales value of Dubai off-plan property set new records in November 2022
The Tranio experts have presented a new review of property market data for November 2022 released by Dubai Land Department.
According to the Department, the number of off-plan property transactions have reached a new record for the past two years and amounted to 5,399 in November 2022. Compared to the same period last year, the number of deals increased 1.7 times. Last month, a total of 4,918 off-plan transactions were registered, which is 9.7% less compared to November 2022.
The sales value of off-plan residential property deals amounted to 3.7 billion US dollars in November 2022, which is the highest figure for two years. In the same period last year, the amount of off-plan property transactions did not exceed 1.8 billion US dollars. In October 2022, the total volume of deals amounted to 3.4 billion US dollars, which is 8.7% less compared to November 2022.
Compared to October 2022, the average price of off-plan projects per square metre in November dropped slightly and amounted to 5,584 US dollars. In the same period last year, the average price of off-plan property per square metre was 20% lower than in November 2022 (4,667 US dollars).