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
Mortgage Transactions and Value
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.
Price Changes
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.
Transactions Breakdown
Apartment sales were once again responsible for a vast majority of the transactions.
- Over 6,700 apartments were sold, up nearly 83% vs. August 2021, amounting to AED 12B.
- Nearly 2,400 villa transactions occurred, which is more than a 50% increase vs. August 2021, amounting to nearly AED 8B.
- Over 300 plots were sold, an 6% jump compared to August 2021, amounting to over AED 4B in sales value.
- Over 250 commercial property transactions took place, up by more than 70% compared to August 2021, amounting to AED 340M.
Off-Plan Vs. Ready
Off-plan sales are out-pacing ready property sales by 16% in sales volume.
Top Performing Areas
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
Apartments
- Off-Plan: Business Bay - 647 transactions - Total value: AED 1B
- Ready: Business Bay - 435 transactions - Total value: AED 670M
Villas
- Off-Plan: Damac Lagoons - 695 transactions - Total value: ~AED 1.9B
- Ready: Akoya Oxygen - 184 transactions - Total value: AED 235M
Commercial
- Off-Plan: Meydan One - 42 transactions - Total value: AED 56M
- Ready: Business Bay - 82 transactions - Total value: AED 106M
Property Type Sales Performance in August
Type | Volume | Value | Change |
| Ready Apartments | 2,922 | 4.5B | 71.8% vs. Aug-2021 |
| Off-plan Apartments | 3,668 | 7.2B | 84.6% vs. Aug-2021 |
| Ready Villas | 710 | 2.7B | -6.5% vs. Aug-2021 |
| Off-plan Villas | 1,551 | 4.1B | 88.2% vs. Aug-2021 |
| Ready Commercial | 206 | 257.3M | 32.9% vs. Aug-2021 |
| Off-plan Commercial | 50 | 73.5M | 1566.7% vs. Aug-2021 |
| Ready Plots | 379 | 4.9B | 18.1% vs. Aug-2021 |
Demographics
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
Rental Registrations
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.
Property Sales Volume by Price Range
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)
For the Love of Luxury
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:
- Royal Atlantis Residences - 📍Palm Jumeirah - AED 163M
- One At Palm Jumeirah, 📍Palm Jumeirah - AED 85M
- One At Palm Jumeirah, 📍Palm Jumeirah - AED 50M
- Dorchester Collection Dubai, 📍Business Bay - AED 42M
- Six Senses Residences The Palm,📍 Palm Jumeirah - AED 39M
Top five areas with the most expensive sold villas:
- Elysian Mansions, 📍Al Hebiah Fourth - AED 42M
- Dubai Hills - Hills Grove Community, 📍Dubai Hills - AED 37M
- Alaya, 📍Tilal Al Ghaf - AED 26M
- Damac Lagoons - Venice (1), 📍Damac Lagoons - AED 23M
- Sobha Hartland Villas Phase Iii, 📍Sobha Heartland - AED 18M
Key Takeaways
August was the best performing month on record. Apartment sales are the driving force behind the month’s successful economic turnout.
- Apartment transactions were responsible for the majority of sales, with over 6,700 transactions, up 83% vs. August of 2021.
- Damac Lagoons is spearheading the off-plan sector, with a total sales volume of 700 properties, amounting to a value of nearly AED 2B.
- We are witnessing a surge in luxury transactions, with sales values on the rise. The most expensive apartment sale in the history of the Dubai property market took place at Royal Atlantis Residences, where a 5-bedroom apartment was sold for AED 163M.
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:
- In this report, “transaction” refers to the actual property sales, which do not include mortgage or gift transactions.
- Off-plan property could be sold by a developer or individual.
- Some villa transactions were registered as plots in The Dubai Land Department, so we modified what we notice to be villas with a high level of accuracy.
- Plot transactions are excluded when it comes to comparing off-plan vs. ready property sales.
- We are not responsible for any investment decision made based on the information in this report.
- Figures have been rounded to the neared tenth for clarity.