Dubai Property Market Highlights 2022

The Dubai property market hit all-time highs in 2022.

The year 2022 becomes the best-performing year ever in the history of the Dubai property market. 

• Over 97,000 sales transactions, up by 60%.
• Sales value reached AED 265B, up by 76%.
• Luxury sales surged by 97% in value and 85% in volume.
  • You might be interested to read about: “Where did rich people buy properties in Dubai in 2022.”

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This spectacular performance can be attributed to :

• The huge influx of ultra-wealthy people as Dubai became a millionaire magnet.
• Dubai is among The Most Entrepreneur-Friendly Cities, as per USnews.com
• Dubai is The World's Number One Destination, as per Tripadvisor.com
• Introducing The Golden Visa for investors.
• Dubai Land Department's initiatives to boost the market:
  1. Increase the property market transparency with DXBinteract.com
  2. Preventing property portals from advertising false ads.
  3. Restricting owners from listing their properties with more than 3 agents.

Property Prices

Property prices per sq. ft increased by 50% and 100% in some cases. On average it went up by:

• 23% Off-plan villas.
• 17% Off-plan apartment.
• 14% Ready apartment.
• 9% Ready villa.

Property Prices Increase in Main Areas

• Downtown Dubai 25%
• Palm Jumeirah 54%
• BlueWaters 56%
• Nad Al Shiba First 52%
• Jumeirah Bay 100%
• Business Bay 29%

Rental 

The rent went up by more than 50% in some cases. On average it went up by:

• 9% for villas.
• 14% for apartments.

Apartments Rental Change

• Town Square 43%
• Palm Jumeirah 30%
• Dubai Marina 29%
• Downtown Dubai 28%
• Jumeirah Village Triangle 24%
• Dubai Creek Harbour 24%
• Dubai Hills Estates 16%
• CityWalk 20%
• Business Bay 17%

Villas Rental Change

• Meydan (Nad Al Shiba First) 50%
• MBR City 40%
• Mudon 25%
• Arabian Ranches ​One 20%
• Town Square 16%

Property Supply

• 🔑 35,500+ Delivered units.
• 🚀 50,000+ Launched units.
• ⚙️ 115,000+ under-construction.
• 🔮 34,000+ units are expected to be delivered in 2023, with 70%+ construction progress.

Top Performing (Most Popular) Areas, Apartments.

• 📍 Business Bay.
• 📍 Dubai Marina.
• 📍 JVC.
• 📍 Al Merkadh (MBR City).
• 📍 Downtown Dubai. 

Top Performing (Most Popular) Areas, Villas.

• 📍 DAMAC lagoons.
• 📍 Jabal Ali First (Furjan).
• 📍 Dubai South.
• 📍 Damac Hills 2.
• 📍 VillaNova.

Read more about Top Performing Areas in 2022

 

Property launches concentrated in.

• 📍 Jumeirah Village Circle  5,500 units.
• 📍 Damac Hills Dubai   5,100 units.
• 📍 Business Bay   3,900+ units.
• 📍 Mohammad Bin Rashid City   3,200 units.
• 📍 Dubai Marina   2,900 units.

Areas with the most delivered properties.

• 📍 Damac Hills 2 6,500  units.
• 📍 Downtown Dubai 3,350+  units.
• 📍 Mohammad Bin Rashid City 3,000+  units.
• 📍 Business Bay 2,600 units.
• 📍 Dubai Hills Estate 2,300+ units.

Off-plan 

• The off-plan property sales surged by 100%.
• EMAAR launched the highest number of units, over 8,800.
• DAMAC delivered the highest number of units, over 9,200.

Mortgage 

Despite the hike in the interest rate, mortgage transactions tumbled by 3.5% only.

• Tumbled by -3.5  only to 24,000 transactions
• The value surged by 8% to AED 135B vs. 2021.

The Workforce increased by:

• 76% to 3,250+ agencies.
• 63% to 12,350+ agents.

Try the interactive reporting tool to be a better understanding of the property market.