In its new report, Property Monitor says this latest trend is reminiscent of the last market cycle where property investors flipped their purchase deals for a quick profit and therefore needs to be watched closely to rule out any possibility of the bubble bursting.

According to Property Monitor, the total number of resale transactions in the emirate rose by 3.2 per cent to 4,425 in the year to November 2022, representing nearly half (43.4 per cent) of the market share.

Resale transactions refer to any subsequent property sales (unplanned or completed) after the developer's initial first sale.

An increasing portion of resale activity (18.8%) can be attributed to secondary sales of off-plan properties, the report said.

The initial buyer, in most cases, is cashing in with a premium.

This seems reminiscent of the trend seen in the last market cycle when short-term gains from flipping and speculation were rampant.

At this stage, however, anecdotal evidence suggests that lucky buyers are getting windfalls outside of their plans, rather than premeditated speculative purchases.

In any event, the number of off-plan resales is an area to be watched closely in the coming months, with any apparent upturn being seen as a cautious market signal of a bursting bubble.

Dubai's property market continues to attract significant demand, with total sales reaching 10,188 in November.

Year-to-date transactions stood at 87,426, representing 142.6% of last year's entire annual volume.

According to the report, at the current rate, sales transactions could reach over 95,000, recording the second highest year ever in the history of the Dubai market.

However, property price growth slowed slightly last month, recording an increase of 1.06 per cent in November.

Properties in Dubai averaged Dhs1,076 per square foot and are now back to levels seen since November-December 2013, when the market was in the midst of a string of upswings.

Dubai now looks a strong outlier in the world market, with North America, Europe and other developed markets showing falling prices, despite inflationary pressures on energy, traded goods and food prices, and a strong rise in interest rates.