Dubai Real Estate Market Report — October, 2022

Dubai Real Estate Market Report – October 2022

Dubai's residential and commercial market ended October 2022 at a fresh high-water mark. In all, 8,676 transactions changed hands for AED 25.26 billion, and on the Apartment, Villa and Commercial basis the market logged 8,425 deals worth AED 21.86 billion — volume ahead +65% and value ahead +90% on October 2021.

Both the all-property deal count and total value rank as series records, capping a year of building momentum. Apartments carried the load, while the citywide median stayed steady at AED 1,374/sqft.

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Headline figures

Year-on-year performance by category

Apartments drove the expansion. The segment posted 6,546 sales, more than doubling year on year at +103% — a gain of 3,316 deals over the previous October and the highest October volume in the nine-year series. Value rose even more steeply, up +131% to AED 13.81 billion. Pricing kept up rather than simply riding the mix: the median hit AED 1,672/sqft, up +32% on the year and +41% above 2014, itself the highest October reading in the series. The median apartment ticket settled at AED 1,387,000, +31% higher.

Villas held their ground on volume and gained sharply on value. Sales inched up +2% to 1,670 — a slender gain of 36 deals, but still the highest October villa volume in the series. Value climbed +47% to AED 7.78 billion, the median reached AED 911/sqft (+13% on the year, +29% above 2014, and a series-high October price), and the median villa ticket rose +35% to AED 2,556,000.

Commercial was the only category to fall. Volume eased -14% to 209 deals, yet value still nudged up +7% to AED 265.54 million on firmer pricing. The commercial median rose +23% to AED 900/sqft — the highest October reading since 2017 — even as it stays -18% below its 2014 level, and the median ticket rose +26% to AED 844,421. Ranked by value the market ordered as Apartment, Villa, Plot and Commercial, while Plots carried the largest median ticket at AED 6,422,400.

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Every category, including plots and buildings

Beyond the three core categories, Plots contributed 251 deals worth AED 3.40 billion at a median of AED 470/sqft, and their AED 6,422,400 median ticket was the largest of any category — a reminder that land, not apartments or villas, commands the heaviest cheque per transaction.

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Primary versus resale

Off-plan led the month. Primary sales made up 63% of volume and 66% of value — 5,270 deals worth AED 14.44 billion — while resale supplied the remaining 3,155 transactions and AED 7.42 billion, at 37% of volume and 34% of value. The narrow gap between resale's volume and value shares points to broadly similar ticket sizes across the two channels rather than a marked tilt.

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Where the activity was

Palm Jumeirah headed the value table at AED 3.88 billion, ahead of Hadaeq Sheikh Mohammed Bin Rashid (AED 2.83 billion), Marsa Dubai (AED 2.26 billion), Business Bay (AED 1.93 billion) and Al Merkadh (AED 911.05 million). By deal count, Business Bay led with 1,136 transactions, followed by Al Barsha South Fourth (696), Marsa Dubai (686), Hadaeq Sheikh Mohammed Bin Rashid (557) and Palm Jumeirah (491). Four areas — Palm Jumeirah, Hadaeq Sheikh Mohammed Bin Rashid, Marsa Dubai and Business Bay — turn up on both the value and volume lists, marking them as the month's deepest markets on either measure.

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Rental market

The leasing market grew across every segment. New apartment contracts leapt +64.63% to 22,869 at a median rent of AED 48,000 (+20%), while renewals rose +174.69% to 21,530 but stayed almost flat on rent at +1.39% (AED 46,842) — the familiar pattern of sitting tenants shielded from the sharper rises facing new movers. New villa leases climbed +95.09% to 2,462 (median AED 131,100, +7.68%) and commercial new lets rose +99.28% to 3,029 (median AED 88,740, +18.32%). Every rent measure moved higher, though renewal medians for both villas (+0.20%) and apartments barely shifted.

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Supply

Supply tilted heavily toward new launches. Developers brought 8,185 units across 22 projects against 1,671 units delivered from 7 projects — a launch-to-delivery ratio of 4.9 and a net 6,514 more units launched than delivered, underlining how far the pipeline ran ahead of completions.

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Launched

• Ag Square – Wadi Al Safa 5 (Ag Properties), 372 units
• Arabian Ranches Lll - Raya – Wadi Al Safa 5 (Emaar), 240 units
• The Residence | Burj Khalifa – Downtown Dubai (Emaar), 35 units
• Celia Residence – Al Hebiah Second (Abou Eid), 111 units
• Luxury Family Residence Ii – Business Bay (Kappa Acca), 205 units
• Nad Al Sheba Gardens Phase 3 – Nad Al Sheba First (Meraas), 235 units
• Binghatti Crest – Al Barsha South Fourth (Binghatti), 172 units
• The S Tower – Al Safouh Second (Sobha), 94 units
• Fern – Al Wasl (Meraas), 214 units
• Damac Lagoons - Mykonos – Al Hebiah Fifth (Damac), 575 units
• The Valley - Farm Gardens – Al Yufrah 1 (Emaar), 146 units
• Sobha Creek Vistas Grande – Al Merkadh (Sobha), 404 units
• The Cove Ii Townhouses – Dubai Creek Harbour (Emaar), 743 units
• Chic Tower – Business Bay (Damac), 467 units
• Liva – Al Yelayiss 2 (Nshama), 487 units
• Lamaa 4 – Um Suqaim Third (Meraas), 413 units
• Damac Lagoons - Marbella – Al Hebiah Fifth (Damac), 609 units
• Peninsula Four – Business Bay (Select Group), 1,040 units
• Cavalli Couture - Tower 2 – Al Wasl (Zenica), 95 units
• Golf Heights – Al Thanyah Third (Emaar), 281 units
• Damac Lagoons - Ibiza – Al Hebiah Fifth (Damac), 823 units
• Damac Lagoons - Monte Carlo – Al Hebiah Fifth (Damac), 424 units

Delivered

• Arabian Ranches Iii - Sun – Wadi Al Safa 5 (Emaar), 432 units
• Golf Grove – Hadaeq Sheikh Mohammed Bin Rashid (Emaar), 166 units
• Stella Maris – Marsa Dubai (Bloom Property), 330 units
• Harrington House – Al Barsha South Fourth (Ellington), 95 units
• La Rive - Building 4 – Jumeirah First (Meraas), 293 units
• Azizi Riviera 4 – Al Merkadh (Azizi), 213 units
• Belvedere – Al Warsan First (Eta Star), 142 units

Most expensive sales

Top apartment sales

1. AED 55,000,000 – Serenia Living - Tower 3, Palm Jumeirah
2. AED 36,000,000 – Serenia Residences Building B, Palm Jumeirah
3. AED 34,846,000 – Serenia Living - Tower 4, Palm Jumeirah
4. AED 28,000,000 – La Rive 2, Jumeirah First
5. AED 25,867,970 – Beachgate By Address, Marsa Dubai

Top villa sales

1. AED 300,000,000 – Palm Jumeirah
2. AED 130,000,000 – Jumeirah Bay Islands
3. AED 85,000,000 – Emirates Living
4. AED 44,900,000 – Me'Aisem First
5. AED 37,000,000 – Hadaeq Sheikh Mohammed Bin Rashid

Notes on methodology

Scope. Headline totals and the category table span every property category captured in the data, Plot and Building included. The primary/resale split, top-area rankings and the year-on-year series relate to Apartment, Villa and Commercial only, so those figures are deliberately smaller than the headline and should not be summed across sections.

Rounding. The headline totals are the authoritative rounded figures. 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 twelve months earlier. All values are in AED; areas in square feet.