February’s extraordinary performance marks a new all-time high for the month compared to previous years.
The Dubai property market had a total sales value of over AED 16.4B, a 124% surge, with over 6,300 transactions, at an increase of 70% compared to last year’s February sales. Remarkably, there are more cash buyers in the market; mortgage declined by -27.3% vs. Feb 2021 to 1,580 transactions worth AED 6.6B (-16 % in value vs. Feb 2021) Which might indicate a higher number of investors than end-users. Also, there’s an increase in the prices in all major property types such as off-plan apartments which went up by 15% compared to Feb 2021 and 32% compared to Feb 2014.
Transactions Breakdown
Apartment sales were responsible for the majority of the transactions.
- Over 4,000 apartments were sold, up nearly 57% vs. 2021, amounting to AED 6.8B.
- Over 1,150 villa transactions took place, up nearly 74% vs. 2021, amounting to AED 3.1B.
- Nearly 870 plots were sold, which is up over 170% compared to 2021, amounting to AED 6B.
- Over 261 commercial property transactions took place, up over 54% compared to 2021, amounting to over AED 450M. There were 33 commercial off-plan transactions vs. only 1 transaction in Feb - 2021.
Top Performing Areas
Over 600 off-plan and ready property transactions occurred in Business Bay, keeping the bustling business center to the top of our list.
Apartments
- Off-Plan: Meydan One - 349 transactions
- Ready-Made: Business Bay - 243 transactions
Villas
- Off-Plan: Villanova - 147 transactions
- Ready-Made: Dubai Hills - 33 transactions
Commercial
- Off-Plan: Jumeirah Lake Towers - 14 transactions
- Ready-Made: Business Bay - 87 transactions
Property Sales Volume by Price Range
Properties sold for between AED 1-2 million composed 33% of the total sales volume with over 2,100 transactions.
Transactions made below AED 1M accounted for 35% of all sales, with over 2,200 transactions made.
January Property Sales Volume by Price Range (off-plan/ready-made combined, all property types)
Ready villas are seeing growth from buyers aged 36 to 40. This age group purchased nearly 10% more villas than in February of 2021 and now makes up for 24% of the ratio of buyers in this property category.
Off-plan vs. Ready Property
Ready-made and off-plan property sales are now tied, with the numbers currently sitting at around 2,500 per month. The off-plan sales increased by 111% compared to Feb 2021 whereas the increase in the ready property sale was only 32%.
(Every property type, in all locations)
Off-Plan Sales Volume
- Villas: 494
- Apartments: 2,084
- Commercial property: 33
Ready Sales Volume
- Villas: 259
- Apartments: 1,979
- Commercial property: 228
You can check the best selling projects here.
Dubai Property Price Change
The prices for Dubai property continue to increase, showing a strong will in the region. Growing concerns regarding world conflict have not swayed investing activity.
- Ready Apartment: Price per sqft AED 1,100 (⬆37.30 vs. Feb 2021)
- Ready Commercial: AED Price per sqft AED 845 (⬆21.70 vs. Feb 2021)
- Ready Plot: Price per sqft AED 991 (⬆114.10 vs. Feb 2021)
- Ready Villa: Price per sqft AED 763 (⬆5.30 vs. Feb 2021)
- Off-plan Apartment: Price per sqft AED 1,558 (⬆15.30 vs. Feb 2021)
- Off-plan Commercial: Price per sqft AED 993 (1.50 vs. Feb 2021)
- Off-plan Villa: Price per sqft AED 839 (⬆5.80 vs. Feb 2021)
Buyer Demographics
Gender
Over 31% of the buyers were female, forming 2,680 female investors/buyers. Women’s purchases are steadily increasing in the region.
Age
Ready apartments are seeing growth from buyers aged 41 to 45. At an increase of over 25% compared to the same period in 2021, this age group is now responsible for 20% of transactions in this property category.
Ready Apartments - Buyer Age - February 2022
Ready villas are seeing growth from buyers aged 36 to 40. This age group purchased nearly 10% more villas than in February of 2021 and now makes up for 24% of the ratio of buyers in this property category.
Ready Villas - Buyer Age - February 2022
Property Supply
New upcoming projects
- "DAMAC HILLS (2) - AMARGO 2" in Al Yufrah 2 by Front Line Investment Management L L C
- "DAMAC HILLS - GOLF GATE" in Al Hebiah Third by Damac Crescent Properties Llc
- "City Center Residences" in Burj Khalifa by Dar Al Arkan Properties L.L.C
- "Welcome Residency" in Al Barsha South Third by Alseeb Real Estate Development
- "Binghatti Creek" in Al Jadaf by Binghatti Developers Fze
Completed projects
Almost 15 projects comprised of over 5,000 properties completed in Feb 2022.
- Collective 2.0 - 495 units
- Binghatti Point - 126 units
- Vardon @ Akoya Oxygen - 692 units
- Pacifica @ Akoya Oxygen - 640 units
- Al Habtoor City (Meera) - 370 units
- Elite Downtown Residence - 449 units
- District One Phase III, Residences ( 1,2,3,4) - 166 units
- Lawnz Residence By Danube - 1,064 units
- Sobha Hartland Villas - Phase II - 24 units
- Madinat Jumeriah Living - Phase 2 - 364 units
- Hera Tower - 529 units
- Acuna @ Akoya Oxygen - 33 units
** Completion is based on the inspection of 100% progress.
Top five projects with the most expensive sold apartments:
- AED 69M Dorchester Collection Dubai
- AED 63M The Royal Atlantis Resort and Residences
- AED 48M One at Palm Jumeirah
- AED 45M Serenia Residences
- AED 40M The Address Residences - Dubai Opera - Downtown
Top five areas with the most expensive sold villas:
- AED 61 M Emirates Living
- AED 43 M Dubai Hills - Hills View Community
- AED 30 M Villa Amalfi
- AED 22 M Nad Al Shiba Third
- AED 23 M MBR City
Key Takeaways
The market is strong for both ready-property and off-plan, with the two categories’ transaction numbers being nearly identical.
- The market had a total sales value of over AED 16.4B, at an astronomical 124% surge compared to February 2021.
- Properties priced below AED 2M accounted for 68% of total transactions.
- Mortgage transactions declined by -27.3% vs. Feb 2021, indicating a growing number of investors (cash buyers).
For more information on the state of Dubai’s property market and trends, have a quick look at our Interactive Reporting Tool.