As Summer slowly comes to an end, the record-breaking performance of the Dubai property market continues.
August 2022 was the best-performing month in the history of Dubai real estate.
Dubai witnessed more than 9,700 transactions, at a sales volume increase of nearly 70%. The total sales value reached over AED 24B, and the property sales value is 63% higher than August of 2021.
There is a heightened interest in both off-plan and ready apartments with these properties making up for over 6,700 transactions alone.
We also witnessed the most expensive apartment sale in the history of the Dubai property market, at a whopping AED 163M at The Royal Atlantis Residences - Palm Jumeirah for a luxury 5-bedroom apartment.
Property sales volume in August over the years - All types - Off-plan and ready combined - DXB Interact
We are seeing a decrease in both the number of mortgage transactions and mortgage value, indicating a growing number of cash buyers and investors.
Despite the increasing interest rate, Dubai's property market has clearly not been affected.
The average (all types) property price per square foot has fully recovered from the Covid 19-related downturn in 2020 and is now up to AED 1,149 for ready and off-plan properties combined.
Off-Plan - Property average price change in August over the years:
Average property price for August - off-plan Property, all property types
The median price for off-plan property continues to rise in the month of August and reached over AED 1.6M.
Ready - Property price/sqft change in August over the years:
Average property price/sqft for August - Ready, all property types
The average price for ready properties has begun to fall and is now down to just under 1.3M. This is nearly a 20% decrease from August of last year, however, price changes 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.
Apartment sales were once again responsible for a vast majority of the transactions.
Off-plan sales are out-pacing ready property sales by 16% in sales volume.
1,082 off-plan and ready property transactions occurred in Business Bay, taking this highly sought-after location to the top of our list, with a total sales value of nearly 1.7B.
Damac Lagoons was the highest-selling off-plan villa community by a long shot, with nearly 700 transactions.
Off-plan villa sales - August
Purchase Age Groups
Buyers of nearly all ages are showing a growing interest in off-plan apartments. Most notably, the age group of 36-45 had a 25% increase in sales volume compared to August of 2021.
Off-plan apartment transactions - Age demographics - DXB Interact
The Dubai marina is the top performing area for apartment rental transactions, with a total of 1,800 transactions taking place.
One-bedroom apartments make up for more than half of the rental transactions.
Properties sold for below AED 3M made for 68% of the total sales volume with 6,402 total transactions.
August Property Sales Volume by Price Range (off-plan/ready-made combined, all property types)
We are witnessing a surge in luxury transactions, with sales values on the rise. The highest transaction value took place at Royal Atlantis Residences, where an apartment was sold for AED 163M.
Royal Atlantis Residences - Palm Jumeirah
Top five projects with the most expensive sold apartments:
Top five areas with the most expensive sold villas:
August was the best performing month on record. Apartment sales are the driving force behind the month’s successful economic turnout.
For more information on the state of Dubai’s property market and trends, have a quick look at our Interactive Reporting Tool.
**Notes and Disclaimers:
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