April’s extraordinary performance marks a new all-time high for the month compared to previous years.
Property sales volume in April over years - DXB Interact
The Dubai property market had a total sales value of over 18B, with nearly 7K transactions, at a sales volume increase of 44.2% compared to last year’s April sales. A nearly 100% YoY increase in sales volume for off-plan villas is the cause of the massive jump.
Mortgage transactions continue to decrease, indicating that the high number of sales is coming from cash buyers and investors.
Mortgage Transactions and Value - Apr 22 vs. 21
Even with the fed increasing the interest rate, the property market has not been affected in Dubai.
Price Changes
The average property price is the highest we have ever seen on record for the month of April.
Average property price for April - off-plan, and ready-made - all property types
The price of off-plan apartments increased by 56% compared to April of 2021.
** Prices change across Dubai could be attributed to selling properties in different areas than the areas last year. You can visit our interactive reporting tools to get more precise information.
Transactions Breakdown
Apartment sales were responsible for a vast majority of the transactions.
- Over 4,500 apartments were sold, up 55% vs. April 2021, amounting to AED 8.4B.
- Nearly 2,000 villa transactions took place, up 36% vs. April 2021, amounting to AED 6.1B.
- Nearly 400 plots were sold, which is up over 20% compared to April 2021, amounting to over AED 3B.
- Over 200 commercial property transactions took place, which is down by 13% compared to April 2021, amounting to over 500M.
Top Performing Areas
Business Bay - Dubai
Nearly 700 off-plan and ready property transactions occurred in Business Bay, keeping the bustling business center at the top of our list.
Apartments
Villas
Commercial69+
Projects
New Projects
- Jebel Ali Village Townhouses - Phase 3 in Jabal Ali First by Nakheel
- DAMAC HILLS - CAVALLI ESTATES in Damac Hills - 31 units
- Nad Al Sheba Gardens - Phase 2 in Nad Al Shiba First by Meraas - 206 Units
- One Za'abeel - in Zaabeel First by One Zaabeel L.L.C
Projects Completed
A total of 1,900 units were completed in the month of April.
- Parkside by Emaar - 372 units
- Majestique Residence 1 by Credo Investments - 124 units
- Binghatti Avenue by Binghatti - 640 units
- Avencia @ Akoya Oxygen by Damac - 190 units
- Centaury @ Akoya Oxygen by Damac - 413 units
- The Haven Residences by Metrical - 161 units
Best Selling Projects
Off Plan Apartments:
- 📍 Peninsula Two: 156 transactions, worth AED 161M
- 📍 The St. Regis Residences: 106 transactions, worth AED 313M
- 📍 Sobha Hartland Waves Grande: 77 Transactions, worth AED 137M
- 📍 Port De La Mer: 73 transactions, worth AED 269M
- 📍 Ciel: 71 transactions, worth AED 89.4M
Off Plan Villas:
- 📍 Arabian Ranches: 129 transactions, worth AED 275M
- 📍 The Pulse - Beachfront: 102 transactions, worth AED 165M
- 📍 Damac Lagoons - Portofino: 89 transactions, worth AED 222.4M
- 📍 Damac Lagoons - Nice 1: 86 transactions, worth AED 209M
- 📍 The Valley - Talia: 82 transactions, worth AED 135.6M
Ready Apartments:
Ready Villas:
- 📍 Emirates Living: 58 transactions, worth AED 343M
- 📍 Tilal Al Furjan: 44 transactions, worth AED 196M
- 📍 MBR City, District One: 34 transactions, worth AED 373.6M
- 📍 Arabian Ranches - Elie Saab LI: 22 transactions, worth AED 116M
- 📍 Arabian Ranches - Elie Saab: 18 transactions, worth AED 89M
Demographics
Purchase Age Groups:
There is a heightened interest in off-plan apartments coming from all age groups. The most notable leap in interest came from buyers aged 31-45 purchasing off-plan apartments.
Off-plan apartment transactions - Age demographics - DXB Interact
Buyers aged 36-40 made the most off-plan apartment purchases with nearly 400 transactions, an increase of over 50% compared to April of 2021.
Property Sales Volume by Price Range
Properties sold for between AED 1-2 million composed 34% of the total sales volume with 2,391 transactions.
Transactions made below AED 1M accounted for 31% of all sales, with 2,143 transactions made.
April Property Sales Volume by Price Range (off-plan/ready-made combined, all property types)
Off-Plan vs. Ready Property
Ready-made properties are selling slightly more than off-plan. This is partly because most commercial properties are being purchased ready-made.
(Not including plots)
Off-Plan
3,196 transactions, up over 66% compared to April of 2021, and valued at AED 6.7B
Ready
3,780 transactions, up nearly 30% compared to April of 2021, and valued at 8.3B
For the Love of Luxury
Il Primo - Downtown Dubai
Top five projects with the most expensive sold apartments:
- Il Primo - Downtown - AED 45M
- The Royal Atlantis - Palm Jumeirah - AED 41M
- Bulgari Residences 4 - Jumeirah Bay AED 40M
- Bulgari Residences 1 - Jumeirah Bay AED 39M
- W Residences - Palm Jumeirah - AED 30M
Top five areas with the most expensive sold villas:
- Dubai Hills - AED 96M
- Emirates Living - AED 71M
- Palm Jumeirah - AED 32M
- Jumeirah Gold Estates - Hillside - AED 50M
- The Mansions, Jumeira Bay - AED 32M
Key Takeaways
We experienced the highest number of transactions on record for the month of April this year. A nearly 100% YoY increase in sales volume for off-plan villas is the cause of the massive jump.
- Damac is the leader for both off-plan and ready villa sales, with over 400 off-plan transactions at Damac Lagoons, and over 100 ready-made sales at Akoya Oxygen.
- Business Bay remains the hottest area for apartments.
- Off-plan sales value increased by over 117%, while ready property is up by 45%.
- The average property price has reached the highest we have ever seen on record for the month of April. (all property types - off-plan and ready combined)
- Median property prices increased by:
56% - Off-plan apartments
14% - Off-plan villas
19.6% - Ready apartments
38% - Ready villas
- Mortgage transactions continue to decline, indicating a growing number of cash-paying investors.
For more information on the state of Dubai’s property market and trends, have a quick look at our Interactive Reporting Tool.