November saw a record monthly high of new off-plan developments launched, with a further 7,161 units coming onto the market for sale.

Flats accounted for 63.7 per cent of the new stock, while villas and townhouses accounted for 22.8 per cent and 13.5 per cent respectively.

As Dubai's real estate sector expands in the wake of the pandemic, new off-plan launches and sales are on the rise and hit a record high in November.

According to Property Monitor's latest November report, new off-plan launches hit a monthly high in November, with a further 7,161 units entering the market for sale with an estimated total sales value of Dh28.2 billion.

The study noted that flats accounted for 63.7 per cent of this new inventory, while villas and townhouses accounted for 22.8 per cent and 13.5 per cent respectively.

However, so far this year, more than 44,000 units have been launched in new projects with a total sales value of Dhs132.5 billion.

Property launches in Dubai have declined following the establishment of the Real Estate Commission in September 2019 to ensure a balance between supply and demand in the real estate market.

Unplanned launches have recently increased after the market absorbed the oversupply following the pandemic. Demand in the Dubai real estate market has increased significantly due to the successful handling of the pandemic.

"We remain bullish on the health of the Dubai market going into 2023 and predict that growth will continue and that the lessons of past market cycles will need to remain at the forefront of decision makers across developers, investors and consumers," said Zhann Jochinke, chief operating officer of Real Estate Monitor.

"The big rises are likely to be behind us for the foreseeable future, with some months of price stability looking promising and small rises and falls levelling off as we move into 2023," he said.

The number of transactions in November was 10,188, a significant month-on-month increase of 18.1%, the highest November on record and the sixth highest on record.

The study found that the ratio between off-plan (Oqood) and completed property transactions reversed for the first time in five months in November and favoured the latter, with title deeds registered for 54.8 per cent of all transactions, up 7.9 per cent month-on-month.

In November, Emaar Properties dominated the off-plan market, capturing the majority of developers' Oqood registrations with a 15.8 per cent market share. They recorded just under 900 transactions, spread across their numerous projects.

Damascus Properties ranked second with 13.8% of all off-plan registrations, followed by Nakheel with a 13.2% market share, with the most activity in Palm Beach Towers in Jumeirah and Jebel Ali Townhouses in Jebel Ali Village.