The incredible performance of the Dubai property market in 2022 continues, as we experienced the highest number in sales value and volume for the month of July on record. The total sales value reached nearly AED 21B with over 7,000 transactions, at a sales volume increase of over 62%. The property sales value is over 85% higher than in July 2021.
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 July over the years - All types - Off-plan and ready combined - DXB Interact
We are seeing an increase in the number of mortgage transactions, indicating a growing number of “live-in” and first-time home buyers. The value of these mortgages has nearly doubled compared to July of last year.
Despite the increasing interest rate, Dubai's property market has not been affected.
The average (all types) property price per square foot has fully recovered from the Covid 19-related downturn in 2020 and is now up to AED 1,175, and is soon projected to surpass the all-time high of AED 1,200 in 2016.
Average property price/sqft for July - off-plan, all property types
The median price/sqft for off-plan property in the month of July was AED 1,500, with an average price of nearly AED 1.7M
The median price/sqft for the month of July was AED 933 for all ready properties, with an average price of AED 1.36M
The increase in overall price is mainly due to a steep rise in the price of off-plan apartments. The price/sqft is now up by over 30% compared to July 2021.
Despite the increasing price of off-plan apartments, the price/sqft for off-plan villas, ready apartments, and ready villas has begun to drop:
** 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 once again responsible for a vast majority of the transactions.
784 off-plan and ready property transactions occurred in Business Bay, taking this highly sought-after location to the top of our list, with a total sales value of nearly 1.4B.
Damac Lagoons was the highest-selling off-plan villa community by a long shot, with 449 transactions.
Purchase Age Groups
Buyers of nearly all ages are showing a growing interest in off-plan apartments. Most notably, the age group of 41-45 more than doubled the number of purchases compared to July of 2021.
Off-plan apartment transactions - Age demographics - DXB Interact
The number of new rental agreements for July was nearly the same as July of 2021, with a small reduction of 0.9%.
From June to July the number of rental transactions went down by 22%.
Number of New Rental Agreements
Properties sold for below AED 1M made for 63% of the total sales volume with 207 transactions.
July Property Sales Volume by Price Range (off-plan/ready-made combined, all property types)
Top five projects with the most expensive sold apartments:
Top five areas with the most expensive sold villas:
We experienced the highest sales volume and value on record for the month of July. Apartment sales are the driving force behind July’s successful economic turnout.
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:
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