Dubai Real Estate Market Overview 2022

Dubai Real Estate Market

Dubai Real Estate Market: Property sales in Dubai are rising at the fastest pace ever. H1 2022 observed a rise in property sales by 60% to in excess of 43,000 properties worth AED 115B, up by 87% when compared with H1 2021. Business Bay spearheaded the apartment sales while DAMAC Lagoons dominated the rental property sales. Despite summertime and rates of interest, June is the greatest month in 2022 with 9,000 transactions, and Q2 hits an exciting-time high quarterly sales within the good reputation for the Dubai Real Estate Market with 25,000 transactions marking a rise of 10% QoQ and 45% versus. this past year.

Dubai Real Estate Market Overview

Dubai Real Estate Market

Dubai Real Estate Market Overview

The majority of the Off-plan apartment sales took place in

  • Business Bay – 2,350 apartments
  • Downtown – 1,700 apartments
  • Al Merkadh – 1,660 apartments
  • Dubai Marina – 1,500 apartments
  • Dubai Creek – 1,400 apartments
  • JVC – 1,130 apartments

Combined with the new rising section of Al Wasl that observed over 720 sales mainly in Safa One/Two, Canal Front, and Central Park.

While the ready apartment sales are concentrated in

  • Dubai Marina – 2,100 apartments
  • Business Bay – 1,380  apartments
  • JVC – 1,290 apartments
  • Downtown – 1,110 apartments
  • Palm Jumeirah – 790 apartments
  • JLT – 710 apartments

The main areas for ready villa sales are:

  • Akoya Oxygen – 620 Villas
  • Dubai Hills – 350 Villas
  • Emirate Living – 350 Villas
  • Arabian Ranches II – 195 Villas
  • Villanova – 185 Villas
  • Damac Hills – 170 Villas

Remarkably, over 115 villa sales took place in the Sustainable City which has a very limited supply of 500 villas only.

The hottest areas for off-plan villas are

  • Damac Lagoons – 2,660 villas
  • Jabal Ali First – 800 villas
  • Arabian Ranches 3 – 800 villas
  • Villanova – 540 villas
  • Dubai South – 510 villas
  • Tilal Al Ghaf – 400 villas

Resale

The apartments resale a.k.a secondary market happened mainly in

Prices Change

The prices for Dubai properties continue to increase, showing a strong will in the region.

  • Off-plan apartment: AED 1.2M (⬆46% YoY)
  • Off-plan villa:  AED 1.7M (⬆9.6% YoY)
  • Ready apartment: AED 1.1M (⬆14% YoY)
  • Ready villa:  AED 2.6M (⬆6% YoY)

Dubai Property Price Change Per Sq.ft. (YoY)

  • Off-plan apartment: AED 1,750 (⬆26%)
  • Off-plan villa:  AED 980 (⬆24%)
  • Ready apartment:    AED 1,120 (⬆23%)
  • Ready villa:   AED 835 (⬆10.5%)

Prices Change per sq. ft in the Hot Areas

  • Dubai Marina: 45%
  • Business Bay: 34%
  • Jumeirah Village Circle: 15%
  • Downtown Dubai: 36%
  • Dubai Creek Harbour: 21%
  • Dubai Hills Estate: 36%
  • Palm Jumeirah: 32%
  • Al Hebiah Fourth: 20%
  • Me’Aisem First:  9%
  • Arabian Ranches 2: 20%
  • Al Wasl: 20%
  • Madinat Jumeirah Living: 22%
  • Jumeirah First (La Mer): 36%

Property Sales Proportions:

In total, the sales were distributed between 28,420 apartments, 10,800 villas 2,340 plots, and 1,450 commercial.

Off-plan vs. Ready Sales.

A lot of the sales were off-plan which surged by 113% versus. H1 2021 as the ready sales rose by 25%. However, the ready rental property sales declined by 20%

Ready vs. off-plan sales proportion

Offplan vs. ready property sales over years for H1

Property Supply

The brand new property launches elevated by 130% to 18,000 units comprising 67 projects registered in H1 2022 – addition to 17 projects with unannounced units count. Also, over 20,000 qualities were completed creating 52 projects that are a 30% increase when compared with H1 2021.

Rentals

The rental in the freehold areas increased by 13% from 164,000 contracts in H1 2021 to over 185,000 contracts in H1 2022.

Mortgage

The mortgage transactions slumped by 37% in value to AED 43.4B and 15% in volume to 11,280 however, that does appear to affect the home market whatsoever.

Using the approaching World Cup 2022 in Qatar, the announcement of numerous Russian companies to shift from Europe to Dubai, and also the growing population of Dubai, the Dubai Real Estate Market is becoming very promising

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