Q1 - 2022 | Dubai Real Estate Market Report

 

Q1’s extraordinary performance marks a new all-time high for the quarter compared to previous years.

The Dubai property market had a total sales value of nearly AED 56B, a massive 125% surge, with over 20K transactions, at an increase of nearly 80% compared to last year’s Q1 sales. A big jump in sales volume for off-plan villas and apartments is the cause for this increase.

A total of 48 new projects were launched, with over 10,500 units being completed.

We have seen a 27% YTD decrease in mortgage transactions, indicating that the high number of sales is coming from cash buyers and investors.

In fact, Google Trends shows that 2022 witnessed the highest interest point ever worldwide for Dubai villas.

Google Trends - Dubai Villas Interest

Dubai Property Price Change

The prices for Dubai properties continue to increase, showing a strong will in the region. Growing concerns regarding world conflict have not swayed investing activity. 

  • Off-plan apartment: Average Property Price AED 1.2M (⬆16.90% vs. Q1 2021)
  • Off-plan villa: Average Property Price AED 1.6M (⬆13% vs. Q1 2021)
  • Plot: Average Property Price AED 3.6M (⬆1.90% vs. Q1 2021)
  • Ready apartment: Average Property Price AED 1.1M (⬆30.90% vs. Q1 2021)
  • Ready villa: Average Property Price AED 2.2M (⬆9.20% vs. Q1 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. 

  • Nearly 13,400 apartments were sold, up 77% vs. Q1 2021, amounting to AED 23.8B. ​​
  • Over 3,900 villa transactions took place, up 58% vs. Q1 2021, amounting to AED 10.5B.
  • Nearly 2,600 plots were sold, which is up nearly 160% compared to Q1 2021, amounting to over AED 20B.
  • Nearly 750 commercial property transactions took place, up nearly 50% compared to Q1 2021, amounting to over AED 1B.

Property Supply:

Completed Projects

  • Lawnz Residence - 1,064 units
  • Elite Downtown Residence - 449 units
  • Zazen One - 86 units
  • Albizia at Akoya Oxygen - 604 units
  • Pacifica @ Akoya Oxygen - 640 units
  • Acuna @ Akoya Oxygen - 33 units
  • Binghatti Gate - 132 units
  • Villa Amalfi - 69 units
  • Madinat Jumeirah Living - Phase 2 - 364 units
  • The Palm Tower - 432 units
  • Hera Tower - 529 units
  • Azizi Star Hotel Apartments - 488 units
  • Vardon @ Akoya Oxygen - 692 units
  • Coursetia @ Akoya Oxygen - 169 units
  • Aster @ Akoya Oxygen - 378 units
  • Mohammed Bin Rashid Al Maktoum City - 166 units
  • Wilton Terraces - 283 units
  • Sobha Hartland Villas - Phase II - 24 units
  • Sobha Creek Vistas - 780 units
  • Collective 2.0 - 495 units
  • Collective - 477 units
  • Shorooq Land 1 - 244 units
  • Amaranta 2 - 352 units
  • Binghatti Point - 126 units
  • PIER 8 - 341 units
  • Jebel Ali Village Townhouses- Phase 1 - 286 units

Launched Projects

  • Ahad Residences at Business Bay - 350 units
  • Catch Residences at Jumeirah Village Circle (JVC) - 140 units
  • Gardenia Townhomes Ii at Jebel Ali - 92 units
  • LIV MARINA at Dubai Marina - 251 units
  • Myrtle at Al Wasl - 130 units
  • ROYAL PARK SOUTH 1 at Jumeirah Village Circle (JVC) - 35 units
  • Royal Park South at Jumeirah Village Circle (JVC) - 10 units
  • Canal Front Residences at Al Wasl - 162 units
  • Canal Front Residences at Al Wasl - 374 units
  • Binghatti Creek at Al Jaddaf - 336 units
  • Binghatti Canal at Business Bay - 298 units
  • DAMAC LAGOONS - PORTOFINO at Damac Hills Dubai - 877 units
  • DAMAC HILLS - GOLF GATE at Damac Hills Dubai - 351 units
  • DAMAC HILLS (2) - AMARGO 2 at Damac Hills 2 - 145 units
  • PEARLZ at Al Furjan - 302 units
  • City Center Residences at Downtown Dubai - 388 units
  • Jadeel -Madinat Jumeirah Living at Umm Suqueim - 276 units
  • La Violeta 2 at Villanova - 226 units
  • La Violeta 1 at Villanova - 245 units
  • The Pulse Beachfront 3 at Dubai South - 288 units
  • The Pulse Beachfront 2 at Dubai South - 196 units
  • Greenview 3 at Emaar South - 241 units
  • Creek Beach - Lotus at Dubai Creek Harbour 
  • Arabian Ranches lll - Bliss 2 at Arabian Ranches - 269 units
  • Arabian Ranches Lll - Elie Saab Ll at Arabian Ranches - 131 units
  • Tilal Al Furjan- Phase Two at Al Furjan - 247 units
  • Tilal Al Furjan- Phase One at Al Furjan - 236 units
  • TORINO BY ORO24 at Arjan - 620 units
  • Prime Townhouses at Jebel Ali - 8 units
  • Six Senses Residences The Palm at Palm Jumeirah - 163 units
  • Peninsula Three at Business Bay - 853 units
  • Peninsula Five at Business Bay - 383 units
  • DAMAC CITY at Al Wasl - 491 units
  • Boutique Xll at Al Jaddaf  - 113 units


Property Sales Volume by Price Range

Properties sold for between AED 1-2 million composed 35% of the total sales volume with over 7,000 transactions.

Transactions made below AED 1M accounted for 32% of all sales, with over 6,500 transactions made.

 

Q1 Property Sales Volume by Price Range (off-plan/ready-made combined, all property types)

Off-Plan vs. Ready Property

Ready-made properties are selling slightly more than off-plan. This is partly because most commercial properties are being purchased ready-made. 

 

(Not including plots)

 

Off-Plan Sales Volume

Total: 8,631 Transactions

  • Villas: 1,557
  • Apartments: 6,991
  • Commercial property: 83

Ready Sales Volume

Total: 9,424 Transactions

  • Villas: 2,358
  • Apartments: 6,400
  • Commercial property: 666

Demographics

Buyer Age

Off-plan villas sales are booming in the age group of 36 to 45. The age group of 41 to 45 has shown the highest growing interest when compared to Q1 of previous years.

Off-plan villa sales - Q1 2022

Buyers of all ages are showing interest in off-plan apartments. The strongest interest is shown from ages 31 to 50. 

Off-plan apartment sales - Q1 2022

Gender

A growing number of women are making purchases, with over 30% of transactions coming from women. 

 


 Top five projects with the most expensive sold apartments:

  1. Burj Khalifa, Downtown Dubai - AED 73M
  2. Dorchester Collection, Business Bay -  AED 69M
  3. The Royal Atlantis Resort & Residences, The Palm - AED 63M
  4. W Residences, The Palm - AED 57M
  5. Serenia Residences, The Palm - AED 50M

Top five areas with the most expensive sold villas:

  1. ​​Jumeirah Bay Island - AED 30M
  2. Dubai Hills Estates - AED 29M
  3. Nad Al Shiba - AED 22M
  4. Al Hebia - AED 10M
  5. Dubai Marina - AED 8M

Key Takeaways

We experienced the highest number of transactions on record for Q1, 2022. A leap in sales volume for off-plan villas and apartments is the cause for the 125% sales value increase from Q1 of 2021.

  • A total of 46 new projects were launched, with over 10,500 units being completed.
  • The market is strong for both ready-property and off-plan, with the two categories’ transaction numbers being nearly identical.
  • Business Bay is the hottest area for ready and off-plan transactions for both apartments and commercial properties.
  • Compared to Q1 of 2021, property prices are rising in all categories with the exception of ready villas.

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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