October Property Market Report

 
  • October Property Market Report


     

    October - 2022 | Dubai Real Estate Market Report 


    We have witnessed the highest-performing month of October in the history of the Dubai property market, with a massive 62% jump compared to October 2021.

    Dubai witnessed nearly 8,700 transactions, at a sales volume increase of over 62%. The total sales value reached over AED 25B, and the property sales value is nearly double that of October 2021

    There is a heightened interest in both off-plan and ready apartments with these properties making up for nearly 6,500 transactions alone, which is more than double that of October 2021.

     

                  

    Property sales value in October over the years - All types - Off-plan and ready combined - DXB Interact

     

    Another notable figure is the property price change over the years:

    Price/sqft in Dubai over the years - All property types - Both off-plan and ready


     

    The property price per square foot went up by over 44% compared to October 2021.

    Off-plan property prices have gone up by a whopping 53% compared to October 2021.

    Both the value and number of mortgages are increasing heavily, indicating the unprecedented number of transactions coming from both investors and those buying live-in homes.

    .        

    Volume and value of mortgages taken in October 2022




     

    Off Plan Vs. Ready Property

                                                                    Sales Volume                                                               Sales Value

    Off-plan properties are out-pacing ready property sales by 10%. The total sales value for off-plan properties was AED 12.6B

    With these unprecedented numbers, it is clear that Dubai’s economy is extremely healthy, and investors are showing undeniable trust in our housing market.

    The future is clearly very bright for Dubai’s property market.

    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:

    • Prepared by Fateh Al-Msaddi&Steven Worlow.
    • 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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