The value of Dubai property deals more than doubled last year, surpassing a 12-year high, bolstered by secondary real estate market demand.

A total of 61,241 property sales deals were recorded in 2021, valued at Dh151.07 billion ($41.13 billion) compared to Dh71.87 billion the year before. These figures are the highest in terms of total transactions since 2013 and the highest value since 2009, as per research from Property Finder. Total 2009 sales were valued at Dh155.6 billion.

In addition, Q4 sales transaction volumes rose 64.12% compared to the same period in 2020, whilst the value of transactions increased 114.74% to Dh46.75 billion, reports The National.

“Investor sentiment remains strong, demand is still very high and supply is dwindling,” according to Lynnette Sacchetto, director of research and data at Property Finder. “This has put an upward pressure on prices as they still continue to rise and will most likely continue into first half of 2022.”

Following the pandemic-fuelled disruption, property prices in Dubai have since rallied, bolstered by government initiatives such as more flexible visas attracting more investors, according to a study by Knight Frank.

In 2021, 59.6% of Dubai’s property transactions were for secondary real estate, whilst 40.4% were for off-plan property, says Property Finder.

Furthermore, the six-month Expo 2020 has impacted Dubai’s property market, with sales transactions in the emirate totalling 17,942 worth Dh46.75 billion since October 2021.

“This is the highest volume and value the Dubai real estate market has transacted during a quarter in over eight years," Property Finder added.

Additionally, Dubai’s non-oil private sector economy’s business conditions were at their most robust in two and a half years last month, fuelled by a steep rise in new orders thanks to Expo 2020 and a boost to the tourism industry.