Dubai Real Estate Market Report — December, 2021
December, 2021 Analysis
Dubai Real Estate Market Report – December 2021
December 2021 closed Dubai's first full post-lockdown year on a genuine high, the print reading like a market back at full stride. Spanning every property type, the emirate registered 5,611 sales transactions worth AED 15.72 billion — both the strongest December volume and the strongest December value in the eight-year series that runs back to 2014.
Restricted to the apartment, villa and commercial segments, activity still came to 5,390 deals worth AED 12.59 billion, up 55% and 133% respectively on December 2020. With pandemic curbs unwound and international buyers back, the recovery was wide — yet apartments did the heavy lifting.
Headline figures
| Segment | Transactions | Value | Median price |
|---|---|---|---|
| All sales | 5,611 | AED 15.72 billion | AED 1,106/sqft |
| Primary (off-plan & developer) | 3,844 | AED 11.11 billion | AED 1,228/sqft |
| Resale (secondary) | 1,767 | AED 4.61 billion | AED 852/sqft |
Year-on-year performance by category
| Category | Volume | YoY | Value | YoY | Median price/sqft | YoY |
|---|---|---|---|---|---|---|
| Apartment | 3,913 | +54% | AED 7.98 billion | +172% | AED 1,374/sqft | +31% |
| Villa | 1,288 | +59% | AED 4.41 billion | +89% | AED 820/sqft | +18% |
| Commercial | 189 | +69% | AED 199.16 million | +53% | AED 752/sqft | +14% |
Apartments powered the expansion. The segment turned over 3,913 homes, a 54% leap on a year earlier and 1,366 more sales than December 2020 — the highest December volume in the eight-year series. Value almost tripled, up 172% to AED 7.98 billion, supported by a median of AED 1,374 per square foot (up 31% year on year and 11% above the 2014 base), itself the highest December price per square foot on record. The median apartment ticket climbed 47% to AED 1,167,234, and marquee deals underscored strength at the top, led by a AED 50,000,000 sale at Jumeirah Living Marsa Al Arab.
Villas matched that momentum on volume. Sales hit 1,288, up 59% and 480 above the prior December — also a series-high December count. Value advanced 89% to AED 4.41 billion and the median firmed 18% to AED 820 per square foot, the highest December reading since 2014, though still 2% short of that 2014 benchmark. Tellingly, the median villa ticket hardly shifted, easing 2% to AED 2,109,000 even as per-square-foot values rose. The ceiling stayed high, with a AED 92,000,000 villa on Jumeirah Bay Islands the month's top sale.
Commercial was the smallest pool but the quickest grower in proportional terms. Its 189 transactions rose 69% year on year — 77 more than December 2020 and the busiest December since 2017 — while value gained 53% to AED 199.16 million. The median held at AED 752 per square foot, up 14% and likewise the strongest December since 2017, with the typical ticket at AED 687,500.
Every category, including plots and buildings
| Category | Transactions | Value | Median price/sqft | Median price |
|---|---|---|---|---|
| Apartment | 3,913 | AED 7.98 billion | AED 1,374/sqft | AED 1,167,234 |
| Villa | 1,288 | AED 4.41 billion | AED 820/sqft | AED 2,109,000 |
| Plot | 219 | AED 3.03 billion | AED 528/sqft | AED 3,750,000 |
| Commercial | 189 | AED 199.16 million | AED 752/sqft | AED 687,500 |
| Building | 2 | AED 90.50 million | AED 315/sqft | AED 45,250,000 |
Beyond the three core segments, land stayed a heavyweight: 219 plot sales generated AED 3.03 billion — a sizeable slice of headline value from comparatively few deals, at a median ticket of AED 3,750,000. Two building sales added a further AED 90.50 million. Both fall outside the apartment, villa and commercial totals quoted above.
Primary versus resale
The market tilted firmly toward new stock. Primary (off-plan and developer) sales made up 68% of volume and 70% of value — 3,688 deals worth AED 8.80 billion — while resale took the remaining 32% of volume and 30% of value, or 1,702 deals worth AED 3.79 billion. Resale therefore carried a slightly smaller share of value than of volume, hinting its deals ran a touch cheaper.
Where the activity was
| # | Area by value | Value | Area by volume | Transactions |
|---|---|---|---|---|
| 1 | Marsa Dubai | AED 1.60 billion | Marsa Dubai | 571 |
| 2 | Palm Jumeirah | AED 1.22 billion | Business Bay | 504 |
| 3 | Downtown Dubai | AED 1.14 billion | Al Barsha South Fourth | 344 |
| 4 | Wadi Al Safa 5 | AED 808.48 million | Downtown Dubai | 329 |
| 5 | Business Bay | AED 787.23 million | Wadi Al Safa 5 | 313 |
Marsa Dubai (Dubai Marina) led both league tables, heading value at AED 1.60 billion and activity with 571 transactions. Palm Jumeirah (AED 1.22 billion) and Downtown Dubai (AED 1.14 billion) trailed on value, with Wadi Al Safa 5 (AED 808.48 million) and Business Bay (AED 787.23 million) completing the top five. By count, Business Bay's 504 deals came second, ahead of Al Barsha South Fourth (344), Downtown Dubai (329) and Wadi Al Safa 5 (313).
Rental market
Leasing pointed to tenants staying put. New apartment contracts were essentially flat at 11,333 (+0.84%) on a median of AED 40,000, while apartment renewals jumped 28.51% to 7,470. Commercial demand stood out, with new leases up 38.28% to 1,564 and new commercial rent per square foot rising 28.33% to AED 77 per square foot. New villa leases bucked the trend, slipping 19.13% to 972, even as the median villa rent firmed 5% to AED 115,500.
| Category | Type | Contracts | YoY | Median rent | YoY | Median rent/sqft | YoY |
|---|---|---|---|---|---|---|---|
| Apartment | New | 11,333 | +0.84% | AED 40,000 | +2.56% | AED 50/sqft | +6.38% |
| Apartment | Renewal | 7,470 | +28.51% | AED 45,000 | -4.26% | AED 48/sqft | -4% |
| Villa | New | 972 | -19.13% | AED 115,500 | +5% | AED 40/sqft | +11.11% |
| Villa | Renewal | 1,285 | +35.69% | AED 126,500 | -2.69% | AED 35/sqft | +2.94% |
| Commercial | New | 1,564 | +38.28% | AED 71,831 | +8.83% | AED 77/sqft | +28.33% |
| Commercial | Renewal | 1,917 | +23.60% | AED 80,000 | +3.99% | AED 59/sqft | +11.32% |
Supply
Handovers outran new launches. Developers delivered 5,126 units across 11 projects against 3,565 units launched across 12 — a launch-to-delivery ratio of 0.7 and a net 1,561 more homes delivered than launched, feeding the pipeline into completed stock.
Launched
- Damac Lagoons - Nice 1 – Al Hebiah Fifth (Damac), 551 units
- Damac Lagoons - Costa Brava (2) – Al Hebiah Fifth (Damac), 497 units
- Elysee Lll By Pantheon – Al Barsha South Fourth (Pantheon), 327 units
- Cf 4 – Al Wasl (Meydan), 160 units
- Bulgari Ocean Mansions – Jumeirah Bay Islands (Meraas), 7 units
- Damac Lagoons - Costa Brava (1) – Al Hebiah Fifth (Damac), 555 units
- Le Ciel ? Building 3 – Jumeirah First (Meraas), 210 units
- Tranquil Wellness Tower – Al Barsha South Fifth (Urban Wellness), 283 units
- Luma21 – Al Barsha South Fourth (Townx), 256 units
- Damac Lagoons - Nice 2 – Al Hebiah Fifth (Damac), 452 units
- Binghatti Rose – Al Barsha South Fourth (Binghatti), 171 units
- Sevilla Village – Al Hebiah Fourth (Dubai Sports City), 96 units
Delivered
- Oxford Boulevard – Al Barsha South Fourth (Deyaar), 131 units
- Opera Grand – Downtown Dubai (Emaar), 339 units
- Creek Rise Tower 2 – Dubai Creek Harbour (Emaar), 568 units
- Club Villas At Dubai Hills – Hadaeq Sheikh Mohammed Bin Rashid (Emaar), 150 units
- Al Ramth 9 – Al Hebiah Fifth (Dubai Properties), 2,251 units
- J One - 2 – Business Bay (Rkm), 371 units
- Park Vista – Al Barsha South Fourth (Iconic Vista), 73 units
- Beach Vista Tower 2 – Marsa Dubai (Emaar), 476 units
- Belgravia Iii B – Al Barsha South Fourth (Ellington), 264 units
- The Anwa By Omniyat – Madinat Dubai Almelaheyah (Omniyat), 245 units
- Ar Ii Camelia – Wadi Al Safa 7 (Emaar), 258 units
Most expensive sales
Top apartment sales
- AED 50,000,000 – Jumeirah Living Marsa Al Arab, Um Suqaim Third
- AED 17,728,888 – Beach Mansion Tower 1, Marsa Dubai
- AED 17,521,888 – Grand Bleu Tower Interiors By Elie Saab Tower 2, Marsa Dubai
- AED 16,700,000 – Bulgari Residences 2, Jumeirah Bay Islands
- AED 16,000,000 – Bulgari Residences 1, Jumeirah Bay Islands
Top villa sales
- AED 92,000,000 – Jumeirah Bay Islands
- AED 60,000,000 – Palm Jumeirah
- AED 32,500,000 – Hadaeq Sheikh Mohammed Bin Rashid
- AED 32,000,000 – Al Merkadh
- AED 24,500,000 – Wadi Al Safa 3
Notes on methodology
Scope. The headline totals and the category table include every property category in the data, Plot and Building among them. The primary/resale split, top-area rankings and the year-on-year series relate to Apartment, Villa and Commercial alone, so those numbers are intentionally smaller than the headline and should not be summed across sections.
Rounding. The headline totals are the authoritative rounded values. Category-level breakdowns are rounded on their own and may not add up precisely to the headline.
Definitions. Price figures are medians rather than averages. Year-on-year sets the period against the matching period a year before. All values are in AED; areas in square feet.
Questions about December, 2021
What does this mean for your property?
A broker who works your community can read these numbers against what you own, or what you are about to buy.