Dubai Real Estate Market Overview January 2022

 

The uptrend of the Dubai property markets persists in January 2022, which marked a new all-time high record with over 5,800 transactions. It is the highest sales volume ever recorded in January over the years. This extraordinary performance is attributed mainly to the off-plan sales, which increased by 253% vs. Jan-2021. The economic boom in Dubai appears to have no end in sight where the value of the transactions exceeded AED 16.5 billion. 

Transactions Breakdown

Apartment sales were responsible for the majority of the transactions. 

  • Over 3,700 apartments were sold, up over 83% vs. 2021, amounting to AED 7.2B. ​​Regalia, SKYZ, Beach Mansion, and Peninsula One contributed to most of the transactions.
  • Over 1,500 villa transactions took place, up over 105% vs. 2021, amounting to AED 3.8B, driven mainly by the sales of DAMAC LAGOONS, Murooj Al Furjan, and Villanova.
  • Over 340 plots were sold, which is up over 11% compared to 2021, amounting to AED 5.4B.
  • One hundred eighty commercial property transactions took place, up over 22% compared to 2021, amounting to nearly AED 250M.

 

Top Performing Areas

 Nearly 600 off-plan and ready property transactions occurred in Business Bay, taking the bustling business centre to the top of our list. 

Apartments

  • Off-Plan: Business Bay - 340 transactions
  • Ready-Made: Business Bay - 186 transactions

Villas

  • Off-Plan: Al Hebia Fifth - 387 transactions
  • Ready-Made: Akoya Oxygen - 78 transactions

Commercial

  • Off-Plan: Silicon Oasis - 10 transactions
  • Ready-Made: Business Bay - 50 transactions

 

Best Selling Projects

 

Off Plan Apartments:

  • 📍 Regalia: 175 transactions, worth AED 200.9M.
  • 📍 Skyz By Danube: 129 transactions, worth AED 73.3M.
  • 📍 Beach Mansion: 123 transactions, worth AED 485.7M.
  • 📍 Peninsula One: 109 transactions, worth AED 111.9M.
  • 📍 Prime Residency 3: 68 transactions, worth AED 33.4M.

Off Plan Villas:

  • 📍 Damac Lagoons - Santorini (1): 180 transactions, worth AED 327.4M.
  • 📍 Damac Lagoons - Santorini (2): 136 transactions, worth AED 264.1M.
  • 📍 Murooj Alfurjan West: 124 transactions, worth AED 258M.
  • 📍 La Rosa 6: 111 transactions, worth AED 185.2M.
  • 📍 The Pulse Villas 2: 73 transactions, worth AED 105.7M.

Ready Apartments:

  • 📍 Al Habtoor City: 58 transactions, worth AED 111.8M.
  • 📍 Marquise Square Tower: 42 transactions, worth AED 68.1M.
  • 📍 Jumeirah Gate: 40 transactions, worth AED 178.7M.
  • 📍 MBL Residence: 37 transactions, worth AED 46.6M.
  • 📍 Bloom Heights: 35 transactions, worth AED 26.5M.

Ready Villas:

  • 📍 Emirates Living: 45 transactions, worth AED 206.9M.
  • 📍 Nad Al Shiba Third: 30 transactions, worth AED 81.9M.
  • 📍 The Sustainable City: 17 transactions, worth AED 58.9M.
  • 📍 Golf Place: 10 transactions, worth AED 128.1M.
  • 📍 Al Furjan Plots: 10 transactions, worth AED 24.7M.


New Property Supply

Eight projects resulted in 2,550 properties delivered by various developers: 

  • Shorooq Land 1 by Wishes Land - 244 units
  • Azizi Star Hotel Apartments by AZIZI - 488 units
  • Wilton Terraces by Ellington - 283 units
  • Villa Amalfi by Meraas - 69 units
  • Sobha Creek Vistas by Sobha Group - 780 units
  • Zazen One by Zazen - 86 units
  • Binghatti Gate by Binghatti - 132 units
  • Collective Emaar - 477 units

Also, over 2,000 properties composing ten projects were launched.

  • Ahad Residences by Ahad in Business Bay
  • La Violeta 1 by Dubai Properties in Villanova
  • The Pulse Beachfront 2 by Dubai South in Dubai South
  • Arabian Ranches by Emaar in Arabian Ranches
  • Catch Residences by Invest Group Overseas in Jumeirah Village Circle
  • Gardenia Townhomes by Jag Development in Jebel Ali
  • Royal Park South by Metrical in Jumeirah Village Circle
  • Tilal Al Furjan- Phase Two by Nakheel in Al Furjan
  • Tilal Al Furjan- Phase One by Nakheel in Al Furjan
  • Peninsula Five by Select Group in Business Bay

 

Demographics

Almost 31% of the buyers were female forming 2,700 female investors/buyers.
 

The majority of the buyers were between 31-40 years old.
 


 


Property Sales Volume by Price Range

Properties sold between AED 1-2 million composed 35% of the total sales volume with over 2,050 transactions.

Transactions made below AED 1M accounted for 31% of all sales, with 1,776 transactions made.

 

January Property Sales Volume by Price Range (off-plan/ready-made combined, all property types)


Off-plan vs. Ready Property

The off-plan sales surged by over 250% vs. Jan 2021 to over 3,300 transactions with a value of AED 6.645B, making up for 61% of total property transactions.

 

 

  • Villas sold off-plan: 1,128 total, valued at AED 2.3B
  • Apartments sold off-plan: 2,185 total, valued at AED 4.3B
  • Over 2,100 ready property sales were made, with a total sales value of AED 4.561B, accounting for 39% of the total sales volume.
  • Villas sold ready:  408 total, valued at AED 1.45B
  • Apartments sold ready: 1,578 total, valued at AED 2.88B

 
Dubai Property Price Change

Dubai’s average property prices have not only rebounded but far exceeded numbers from previous years. We can easily spot that the value of properties in Dubai reflects a strong recovery, with a steady incline.

StatusTypeAED Price per sqft YoY %vs. 2014 %
ReadyApartment1,12424.10 8.70 
ReadyCommercial80315.60 (-17.80) 
ReadyPlot66927.80 51.90 
ReadyVilla79426.70 8.40 
Off-planApartment1,64837.80 67.40 
Off-planCommercial1,001(-9.00) 15.00 
Off-planVilla8768.00  

 


For the Love of Luxury

Top five projects with the most expensive sold apartments:

  1. Burj Khalifa - AED 73M
  2. Dorchester Collection, Business Bay - AED 52M
  3. Palme Couture Residences, Palm Jumeirah - AED 48M
  4. Royal Atlantis Resort and Residences - AED 39M
  5. Il Primo, Downtown Dubai - AED 22M

Top five areas with the most expensive sold villas:

  1. Island 2 (Villa Amalfi) – AED 14M
  2. Dubai Hills Estates – AED 13M
  3. Al Hebiah Fourth – AED 10M
  4. Motor City – AED 6M
  5. Al Kheeran – AED 5M


Salesforce

Almost a new 350 broker licenses have been issued in January.


Key Takeaways

The Dubai real estate industry is off to a solid start in 2022. We are currently experiencing the highest transaction numbers the city has ever experienced. 

  • There is a surging demand for off-plan property investments.
  • Business Bay continues to be the leader in transaction areas of Dubai.
  • Properties priced below AED 2M accounted for over 65% of total transactions.
  • The geopolitical situation did not impact the investors’ trust at all.

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 them to be villas with a high level of accuracy.
  • We are not responsible for any investment decision made based on the information in this report.


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