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Dubai Property Market Highlights 2022

 
  • 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. 

 

 

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:

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 โ€‹One 20%
  • Town Square 16%

Property Supply

  • ๐Ÿ”‘ 35,500+ Delivered units.
  • ๐Ÿš€ 50,000+ Launched units.
  • โš™๏ธ 115,000+ under-construction.
  • ๐Ÿ”ฎ 34,000+ units are expected to be delivered in 2023, with 70%+ construction progress.

Top Performing (Most Popular) Areas, Apartments.

Top Performing (Most Popular) Areas, Villas.

 

Property launches concentrated in.

Areas with the most delivered properties.

  • ๐Ÿ“ Damac Hills 2 6,500  units.
  • ๐Ÿ“ Downtown Dubai 3,350+  units.
  • ๐Ÿ“ Mohammad Bin Rashid City 3,000+  units.
  • ๐Ÿ“ Business Bay 2,600 units.
  • ๐Ÿ“ 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.

 



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