June - 2022 | Dubai Real Estate Market Report

 

​The unparalleled performance​ of the Dubai property market​​ in 2022 continues, as​ June​ was the best month for transactions​ since October 2013. The total sales value reached nearly AED 23B with nearly 9,000 transactions, at a sales volume increase of over 41%. The property sales value is over 55% higher than that of 2021 at this point. 

There is a heightened interest in both off-plan and ready apartments with these properties making up for nearly 6,000 transactions alone.

Property sales volume in June over years - DXB Interact

Mortgage Transactions and Value

For the first time since March, we are seeing growth in the number of mortgage transactions, indicating a growing number of “live-in” and first-time home buyers. 

Even with the increasing interest rate, Dubai's property market has not been affected.

Price Changes

The average property price is the highest we have ever seen on record for June. 

The price of off-plan apartments has increased by nearly 60% since June of 2021, Jumping from AED 854K to AED 1.36M. This is partly due to buyers seeking higher-priced areas like Business Bay and Downtown. 

The prices of off-plan and ready villas continue to drop. The combined price is now down by over 30% from June 2021.

** Prices change 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 responsible for a vast majority of the transactions. 

  • 5,882 apartments were sold, up 41% vs. June 2021, amounting to nearly AED 11B. ​​
  • 1,988 villa transactions took place, which is a 32.4% increase vs. June 2021, amounting to AED 7B.
  • 689 plots were sold, which is a 102% leap compared to June 2021, amounting to over AED 4B.
  • 292 commercial property transactions took place, which is up by over 16% compared to June 2021, amounting to over AED 457M.

Top Performing Areas

857 off-plan and ready property transactions occurred Downtown, taking this highly sought-after location to the top of our list, with a total sales value of AED 2.3B.

Damac Lagoons was the highest-selling off-plan villa community by a long shot, with 565 transactions.

Top 5 performing off-plan villa areas - June 2022

Apartments

  • Off-Plan: Downtown - 614 transactions - Total value: AED 1.6B
  • Ready: Dubai Marina - 298 transactions - Total value: AED 498M

Villas

Commercial

Best Selling Projects

Off-plan apartments📍 City Center Residences: 213, worth AED 526.6M
📍 Farhad Azizi Residence: 190, worth AED 152.4M
📍 Imperial Avenue: 169, worth AED 211M
📍 Creek Palace: 155, worth AED 286.4M
📍 The St. Regis Residences (Downtown): 133, worth 504.5M
Off-plan villas📍 Damac Lagoons - Portofino: 284, worth AED 734M
📍 The Pulse Beachfront 2: 126, worth AED 247.7M
📍 Damac Lagoons - Nice 1: 81, worth AED 162M
📍 Damac Lagoons - Nice 2: 72, worth AED 132.3M
📍 La Violeta 1: 56, worth AED 95M
Ready apartments📍 SLS Dubai: 59, worth AED 80.5M
📍  Elite Downtown Residence: 57, worth AED 69M
📍 Flamingo Residence: 43, worth AED 39.4M
📍 MBL Residence: 23, worth AED 32.4M
📍 Bloom Heights B: 23, worth AED 20.6M
Ready villas📍 Emirates Living: 89, worth AED 520.4M
📍 The Sustainable City: 32, worth AED 110M
📍 Amaranta 2: 28, worth AED 50M
📍 Palm Jumeirah Plots: 27, worth AED 495.7M
📍 Grand Views: 18, worth AED 96M


 

New Projects - Announced in June

  • 📍Lime Gardens - Dubai Hills Estate 
  • 📍Mudon Al Ranim 2 - Dubai Land - Mdn Real Estate
  • 📍Mayas Geneva - JVC - n/a
  • 📍AG Square - Dubai Land - AG Properties
  • 📍AG Central - Dubai Land - AG Properties
  • 📍Address Hillcrest - Dubai Hills Estate  
  • 📍Marina Shores - Dubai Marina - Emaar
  • 📍Verdana(Phase 2) - DIP - Reportage Prime Properties
  • 📍MYKA Residence - IMPZ - n/a
  • 📍Celia Residence - Studio City - Abou Eid Real Estate 
  • 📍The Valley Orania - Dubai Land - Emaar
  • 📍MBL Royal - JLT - MBL Royal Dev, DMCC
  • 📍Prime Gardens - Arjan - Prescott Real Estate
  • 📍Zubaida Residence - JVC - n/a
  • 📍Serenia Living - Palm Jumeirah - Palma Homes Real Estate
  • 📍Berkely Place - MBR - Ellington Properties
  • 📍Maimoon Gardens - JVC - n/a
  • 📍Binghatti Heights - JVC - Binghatti Developers

Completed Projects

A total of 3,413 units were handed over in June.

  • 📍Samana Hills - Arjan - Samana Int. Dev - 199 units
  • 📍Sun Point Dubai - Jumeirah Golf Estates - SOL Properties - 252 units
  • 📍The Estate - Al Furjan - Digo Real Estate Dev - 40 units
  • 📍Harbour Gate - Dubai Creek Harbour - The Lagoons - 517 units
  • 📍Zinnia @ Akoya Oxygen - Damac Hills - Front Line Investment - 499 units
  • 📍Park Ridge - Dubai Hills Estate - 1,056 units
  • 📍Shorooq Land 2 - Dubai Land - Wishes Land Dev - 253 units
  • 📍Reva Residences - Business Bay - Damac Word Real Estate - 597 units

Demographics

Purchase Age Groups

We are seeing that the age groups from 31-45 are highly interested in buying off-plan properties. 

Off-plan apartment transactions - Age demographics - DXB Interact

While all age groups are buying more off-plan apartments, buyers aged 41-45 showed the highest increase in transactions, with a nearly 45% increase compared to June of 2021. Buyers of the 36-40 age group made the most off-plan apartment purchases, with 538 total transactions at an increase of over 36% compared to June of 2021.

Property Sales Volume by Price Range

Properties sold for AED 2M and less made for 67% of the total sales volume with 5,872 transactions.

 

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

  • Below 1M: 2,709 transactions.
  • 1M-2M: 3,163 transactions.
  • 2M-3M: 1,317 transactions.
  • 3M-5M: 948 transactions.
  • 5M+: 714 transactions. 

Off-Plan vs. Ready Property

It is always a close race, but once again off-plan properties are selling slightly more than ready properties.

 

(All property types, excluding plots)
 

For the Love of Luxury

Top five projects with the most expensive sold apartments:

  1. Jumeirah Living - Marsa Al Arab - AED 105M
  2. Ava - Palm Jumeirah - AED 60M
  3. Bulgari Residences 4 - Jumeirah Bay - AED 50M
  4. Il Primo - Downtown Dubai - AED 50M
  5. Five Luxe - Marsa Dubai - AED 48M

Top five areas with the most expensive sold villas:

  1. Palm Jumeirah Plots - AED 126M
  2. MBR City - District One - AED 110M
  3. Emirates Living - AED 53M
  4. Elysian Mansions - AED 29M
  5. Golf Place -Dubai Hills - AED 28M

Key Takeaways

We experienced the highest number of transactions on record for June this year. We have not seen monthly transaction numbers on this level since October 2013. A high number of off-plan and ready apartment transactions caused the massive jump.

  • The uptrend phase continues in the Dubai Property where 2022 has been the best year ever.
  • Damac is in the lead for off-plan villa transactions, with 565 transactions at Damac Lagoons.
  • For the first time since March, we are seeing growth in the number of mortgage transactions, indicating a growing number of “live-in” and first-time home buyers. 
  • Even with the fed increasing the interest rate, Dubai's property market has not been affected.
  • Villa prices (off-plan and ready combined) are down by 30% compared to June 2021.

For more information on the state of Dubai’s property market and trends, have a quick look at our Interactive Reporting Tool.



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