Dubai's mortgage market posts record breaking year

Dubai's mortgage market experienced its best ever year in 2021, beating the previous highest figures by 26 per cent.

The total number of transactions registered with Dubai Land Department reached 19,520 surpassing the numbers recorded in 2017.

January proved to be the strongest month, with business valued at AED 20.82 billion but the market remained strong throughout the year with October to December 10 per cent higher than 2020 and 21 per cent better than 2019.

The sector has witnessed an impressive bounce-back following the slump felt during the first half of 2020 when strict lockdown measures were implemented to tackle the pandemic. 

Since restrictions were lifted in Dubai the market has been on an upward trajectory which continued throughout 2021.

To provide further context on the overall growth witnessed within the mortgage market in the past year, comparing data with pre-pandemic levels, the number of mortgage transactions were up by 57% compared to 2019.