Sign in
Sign up
Dubai's real estate market statistics were unique in January 2022. The number of signed purchase-and-sale contracts increased by three-quarters and their economic volume for the year grew by almost 150%.
Content:
- Housing market indicators in January
- Rented real estate and off-plan projects
- January records
- Price range of transactions
- The most sought-after areas in Dubai in January
- Mortgage homes in Dubai
- From December to January
- January 2022 vs January 2021
Housing market indicators in January
January 2022 marked Dubai’s best start of the year with 5,797 home purchases for AED 16,690,000,000 ($4,550,000,000, ¥28,700,000,000).
At the same time, 43% of the total number of deals were apartments, 33% were building plots, 23% were villas, and 2% were commercial properties. Also in January, there was the highest price increase for the month since August 2021.
Rented real estate and off-plan projects
In January 2022, 53% of all transactions were in the secondary/finished real estate sector and the remaining 47% were in the off-plan real estate sector. The number of deals in the first category with a total volume of AED 11,370,000,000 ($3,090,000,000, ¥19,550,000,000) was 3,091. The number of off-plan properties sold has reached 2,706 and their total value was AED 5,320,000,000 ($1,450,000,000, ¥9,150,000,000).
January records
The most expensive apartment in January is located in the Burj Khalifa Zone 4 [a 30–story tower in the Burj Residences complex] that cost AED 73,000,000 ($19,870,000, ¥125,500,000). The most expensive villa was a house in Emirates Living that reached AED 50,000,000 ($13,600,000, ¥86,600,000). Business Bay of 10,451 m2for AED 270,000,000 ($73,500,000, ¥464,400,000) broke the building cost record. The cheapest purchase was a studio apartment of 49 m2 in Jabal Ali First for AED 66,700 ($18,100, ¥114,680).
Price range of transactions
Real estate for over AED 5,000,000 ($1,360,000, ¥8,600,000) made up 8% of the total number of deals. Properties for AED 3,000,000 ($846,000, ¥5,160,000) to AED 5,000,000 was purchased in 11% of cases. In the range of AED 2,000,000 ($544,500, ¥3,440,000) to AED 3,000,000, 15% of transactions were made in the emirate. Properties for AED 1,000,000 ($272,000, ¥1,720,000) or more were in high demand – their total share was 35%. Projects priced up to AED 1,000,000 accounted for 31% of all deals closed.
The most sought-after areas in Dubai in January
The highest demand among buyers were:
- Business Bay;
- Al Hebiah Fifth;
- Jumeirah Village Circle;
- Sobha Heartland;
- Burj Khalifa.
The Regalia residential complex was the most sought-after for off-plan apartments (175 properties sold), the La Rosa 6 complex was popular (111 off-plan villas were sold), the Amna Tower was in high demand with 55 ready-made apartments, and DAMAC Lagoons/Santorini ranked first with 180 ready-made villas sold.
Mortgage homes in Dubai
The total number of mortgage deals in the emirate was 1,275 for AED 4,850,000,000 ($1,320,000,000, ¥8,340,000,000).
From December to January
The volume of second homes sold in January compared to December increased by over 1.74% and its total value rose by 13.68%. The popularity of off-plan projects drop – they were bought 6% less often but the cost of transactions increased by 5.58%. The total amount of transactions grew by 6.4% and their volume by 3.5%.
January 2022 vs January 2021
In the first 30 days of 2022 compared to 2021 there was an increase in the number of deals by 74.56%. Their amount for the year also increased by 145.31%. The number of real estate purchases in the secondary market rose by 30.70% and the volume of transactions in this sector increased by 106.77%. At the same time, the largest growth was recorded in off-plan property deals: their number jumped by 183.05% and the total value by 307.88%.
