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.
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:
- Increase the property market transparency with DXBinteract.com
- Preventing property portals from advertising false ads.
- 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 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.
Top Performing (Most Popular) Areas, Villas.
Property launches concentrated in.
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.