February has high indicators of the real estate market

The February indicators of the Dubai real estate market were the highest in recent years. The total amount of transactions for the year increased by 125% and their number by more than 70%. Also, luxury housing in the emirate for February continued to be in high demand from buyers.

Content:

• Housing market indicators in February
• Ready-made and off-plan real estate
• February records
• Price range
• The emirate’s most sought-after areas in February
• Mortgage in Dubai in February
• From January to February
• February 2022 vs February 2021

Housing market indicators in February

The total number of transactions in the emirate's housing market in February 2022 amounted to 6,357 and their combined value was AED 16.380.000.000 ($4.450.000.000, ¥28.400.000.000).

The most popular type of real estate in Dubai this month were apartments – their share was 42%. Building plots were purchased a little less often – in 37% of cases. 19% of customers bought villas and 3% of clients bought commercial properties. At the same time, sales volumes and the amount of deals in February 2022 were the highest in monthly terms in the last 7 years.

The Dubai Land Department (DLD) says that there's still customer interest and for luxury housing. In February alone, there were 25 transactions for over AED 36.700.000 ($10.000.000, ¥63.600.000), each for a total of AED 2.500.000.000 ($680.600.000, ¥4.330.000.000). There were also 6 housing deals for 73.500.000 AED ($20.000.000, ¥127.500.000), and the total value of these properties amounted to 1.600.000.000 AED ($435.000.000, ¥2.770.000.000).

Ready-made and off-plan real estate

In February, 59.6% of all deals were for secondary or ready-made real estate and 40.4% for off-plan properties. The number of the first was 3,786 and the total cost was AED 11.880.000.000 ($3.200.000.000, ¥20.600.000.000). At the same time, the number of transactions for purchasing off-plan properties reached 2,571 which was AED 4.400.000.000 ($1.200.000.000, ¥20.600.000.000).

February records

The most expensive apartment purchased this month was an apartment in the Dorchester Collection Dubai complex in Business Bay – the new homeowner paid AED 69.000.000 ($18.780.000, ¥119.700.000) for it. In the category of luxury villas, a mansion in the Emirates Living community for AED 61.000.000 ($16.600.000, ¥105.800.000) broke the record. A plot on the artificially created Island 2 of almost 1,500 m2 for AED 88.200.000 ($24.000.000, ¥153.000.000) became the first in the list of expensive building land. The most profitable investment was four plots of land in Saih Shuaib 1 of 914 m2 for AED 26,500 ($7,200, ¥45,900) each.

Price range

8% of customers purchased expensive properties for over AED 5.000.000 ($1.360.000, ¥8.600.000). The demand for real estate of AED 3.000.000 ($846,000, ¥.16.000.000) to AED 5.000.000 ($1.360.000, ¥8.660.000) was higher – 11% of the total number of deals. Properties from AED 2.000.000 ($544,500, ¥3.440.000) to AED 3.000.000 were more popular – they accounted for 13% of purchase-and-sale contracts. In the price categories between AED 1.000.000 ($272,000, ¥1.720.000) and AED 2.000.000 and below AED 1.000.000, the indicators were almost identical: in the first case as they were 33% and 35% in the second.

The emirate’s most sought-after areas in February

The following areas were in the most in-demand in Dubai in February:

1. Dubai Marina;
2. Downtown Dubai;
3. Palm Jumeirah;
4. Dubai Hills Estate;
5. Business Bay.

Mortgage in Dubai in February

In February, 1,592 mortgage housing transactions were closed in Dubai. Their total amount was AED 6.600.000.000 ($1.800.000.000, ¥11.450.000.000).

From January to February

Compared to the previous month, the volume of sales of off-plan real estate in February dropped by 5% and their total cost by 17%. The secondary housing market showed a 22% increase in purchasing power with a 4.63% increase in deals. In general, the number of signed purchase and sale agreements increased by 9.75% compared to January. But, the total cost of sold housing decreased by 2.29%.

February 2022 vs February 2021

The results of February this year are 71% higher than the number of deals and 125% higher than the total value of deals compared to last year. The volume of sales of off-plan housing for 12 months grew by 111% and their amount by 166%. In the secondary market sector, the indicators were also high but modest: 52% more of this housing was sold and its total cost was 113% higher.