July 2022 - Dubai Real Estate Market Report


​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

Mortgage Transactions and Value

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.

Price Changes

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.

Off-Plan - Property price/sqft change in July over the years:

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

Ready - Property price/sqft change in July over the years:

Average property price/sqft for July - off-plan, all property types

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

Transactions Breakdown

Apartment sales were once again responsible for a vast majority of the transactions. 

  • Over 4,840 apartments were sold, up 60% vs. July 2021, amounting to over AED 9B. ​​
  • Over 1,500 villa transactions took place, which is a 73% increase vs. July 2021, amounting to AED 7B.
  • More than 400 plots were sold, which is a 22% leap compared to July 2021, amounting to over AED 6B.
  • 340 commercial property transactions took place, which is more than double the amount of July 2021, amounting to over AED 575M.

Top Performing Areas

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.


  • Off-Plan: The St. Regis Residences (Downtown) - 174 transactions - Total value: AED 698M
  • Ready: International City PH1 - 114 transactions - Total value: AED 39M


  • Off-Plan: Damac Lagoons - 449 transactions - Total value: ~AED 1.1B
  • Ready: Akoya Oxygen - 139 transactions - Total value: AED 175M


  • Off-Plan: Jumeirah Lake Towers - 8 transactions - Total value: AED 5M
  • Ready: Business Bay - 102 transactions - Total value: AED 141M



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

Rental Registrations

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

July - 2022       25,840
June - 202233,260
July - 2021 26,078






Property Sales Volume by Price Range

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)

For the Love of Luxury

Top five projects with the most expensive sold apartments:

  1. One at Palm Jumeirah - AED 56M
  2. Dorchester Collection - Business Bay - AED 45M
  3. Ava At Palm Jumeirah - AED  44M
  4. Six Senses Residences - Palm Jumeirah - AED 39M
  5. Palme Couture Residences - Palm Jumeirah - AED 35M

Top five areas with the most expensive sold villas:

  1. The Mansions - Jumeirah Bay - AED 55M
  2. MBR City - District one, Phase 1 - AED 53M
  3. Zabeel Saray -  Palm Jumeirah - AED 43M
  4. Elysian Mansions - Al Hebieah 4th - AED 42M
  5. Golf Place Ll - Dubai Hills - AED 25M

Key Takeaways

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.

  • Price change might be impacted by different shares of affordable​ ​/​ ​luxury sales during the comparison time frame.
  • 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 449 transactions at Damac Lagoons.
  • We witnessed a rise in 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.

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 what we notice to be villas with a high level of accuracy.
  • Plot transactions are excluded when it comes to comparing off-plan vs. ready property sales.
  • We are not responsible for any investment decision made based on the information in this report.
  • Figures have been rounded to the neared tenth for clarity.

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