Backed by constantly increasing demand from foreign buyers and a steep climb in both volume and value of transactions, Dubai real estate has strongly recovered in 2021-2022. In Q3, 2022, the values of properties for sale in Dubai have increased by 29 per cent, which seems to be drawn from the booming real estate market of 2021. Moreover, property transactions worth $35 billion were recorded and proved to be the highest grossing year since the 2008 financial crunch.
October 2022 – A high grossing month in Dubai real estate sector
Overall, the Dubai real estate market showed a massive jump of roughly around 62% as compared to October 2021. Roughly 8,700 real estate transactions took place, with a sales volume increase of more than 62%.
The total value of Dubai real estate transactions was estimated more than AED25 billion, which is nearly double the value of transactions recorded in October 2021. The transaction volume for both ready-to-move-in apartments and off plan properties for sale in Dubai was around 6,500 alone, which is almost double the volume recorded in October 2021.
3rd week of October 2022 – One of the highest grossing period
The 3rd week of October 2022 starting from the 16th and ending on the 21st of October was a record-breaking period for Dubai real estate. Dubai recorded AED8 billion property deals in this week, with a total of 2,703 properties sold.
These numbers indicate the overwhelming response from potential property investors from across the world, likely to make Dubai their new home. Though continually increasing demand from foreign and local investors has fuelled property prices across almost all prime areas in Dubai but a majority of property agents in Dubai state that this kind of activity and demand was last seen before 2014. Dubai real estate market can outperform any other established global real estate market.
According to the data released by the Dubai Land Department (DLD), the worth of 2,073 real estate transactions (that were conducted during the previous week) was around AED8 billion. Upon fractional analysis, we get to know that 147 plots were sold for AED1.12 billion, and the value of 2,023 residential apartments and villas was estimated at around AED4.79 billion. The top real estate transactions include a plot sold for AED85 million in Al Thanayah and another one sold for AED63 million in Island 2.
2022 – A prosperous year for Dubai real estate
Dubai real estate is a viable investment sector with numerous lucrative investment opportunities that promise positive returns year after year. After a momentary halt imposed by COVID-19 induced global pandemic, the sector flourished better and at a rapid speed. According to the Dubai Land Department (DLD), over 43,000 property transactions were recorded in the first half of 2022, worth more than $31.3 billion.
In July 2022, Dubai real estate recorded AED21 billion in sales with a total of 7,092 deals. August proved to be another stellar month, where 9,720 sales transactions were recorded worth AED24.3 billion.
4th week of October 2022 – where Dubai real estate exhibited stellar performance
According to the latest report of the Dubai Land Department (DLD), Dubai real estate market showed stellar performance during the week from 24th to 28th October. It proved to be another record-breaking week for Dubai real estate with AED11.3 billion deals in October 2022. During this week, plots were sold for AED2.26 billion and 1,983 apartments and villas were sold for AED4.74 billion. 97 mortgaged properties were sold for AED2.23, while 97 properties worth AED2.25 billion were granted between first-degree relatives.
Jebel Ali First recorded the most numbers of transactions for this given week in terms of plots sales, whereas Business Bay remained the top area for investing in apartments and villas.
“The top three land transactions were a land in Palm Jumeirah sold for AED300 million, a land sold for AED130 million in Island 2, and a land sold for AED86 million in World Islands. Jebel Ali recorded the most transactions for this week with 105 sales transactions worth AED353 million, followed by Mohammed bin Rashid Gardens with 29 sales transactions worth AED634 million, and Al Mamzar with 23 sales transactions worth AED166 million,” according to a news source.
Now is the best time to invest in Dubai real estate!
With limited supply and escalating prices, the demand for properties for sale in Dubai will continue increasing in 2023 and many years to come. Though apartments dominate in the transactions but villas, townhouses and plots also remained the favourite options to invest in Dubai real estate.
Whether you intend to buy an apartment, a villa or a plot in Dubai, you can discuss it all with the team HFRE through a phone call at +971 4876 2473 or you can also write us an email at info@hfre.ae. We assure you that one of our sales representatives will get back to you within 24 hours.