The unparalleled performance of the Dubai property market in 2022 continues as May hits a new all-time-high record for this month compared to previous years. The total sales value exceeded AED 18B with nearly 7,000 transactions, at a sales volume increase of over 53%. Remarkably, the ready villa sales lagged by - 35% whereas other types of property contributed to this outstanding performance.
Property sales volume in May over years - DXB Interact
The property sales value is nearly 100% higher than that of 2021 at this point exceeding AED 93B. While the sales volume increased by 65% to 34,742 transactions. This shows that Dubai continues to be a safe haven and attractive destination to investors around the globe. Moreover, 2022 has witnessed the launch of over 14,500 properties making an increase by 135% vs. 2021.
Number of launched properties Jan-May
( The units count of some projects have not been announced)
Mortgage transactions continue to decrease, indicating that the high number of sales is coming from cash buyers and investors.
Even with the fed increasing the interest rate, the property market has not been affected in Dubai.
The average property price is the highest we have ever seen on record for May.
Average property price for May - off-plan, and ready-made - all property types
The price of off-plan apartments has more than doubled due to the fact the property sales in May 2022 were mainly in Downtown and Business whereas in 2021 were mainly in the affordable areas. Ready villas are the only property type with a price decline.
** 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.
Apartment sales were responsible for a vast majority of the transactions.
Business Bay - Dubai
Nearly 800 off-plan and ready property transactions occurred in Business Bay, keeping the bustling business center at the top of our list.
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
Buyers aged 41-45 showed the biggest increase in purchasing off-plan, with a nearly 70% increase compared to May of 2021. Buyers of the 36-40 age group made the most off-plan apartment purchases with 441 total transactions, an increase of over 44% compared to May of 2021.
Ready property transactions are also increasing for all age groups, but at a slightly slower rate than off-plan property buyers.
Properties sold for AED 2M and less made for 66% of the total sales volume with 4,208 transactions.
May Property Sales Volume by Price Range (off-plan/ready-made combined, all property types)
Off-plan properties are selling slightly more than ready properties. In previous months, ready properties were selling at a higher volume and value.
(All property types, excluding plots)
Luxury property sales hit a new high record, with 211 properties valued over AED 7M being sold, at a total value of over AED 3.3B, compared to AED 2.7B in 2021. (176 properties valued over AED 7M)
Six Senses Residences - Sky Villas
Top five projects with the most expensive sold apartments:
Top five areas with the most expensive sold villas:
We experienced the highest number of transactions on record for May this year. A high number of off-plan and ready apartment transactions caused the massive jump.
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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