Apartment sales in Dubai rose sharply in Q4 2022

Due to a number of unscheduled releases, apartment sales in Dubai rose sharply in Q4 2022, increasing by 164% year-on-year.

According to Morgans Realty, the total volume of real estate sales in the emirate increased by 65% year-on-year and by 15% quarterly in Q4. Despite rising interest rates, the broker noted in an analytical note that mortgage activity increased by 2% quarter-on-quarter.

According to the note, 97,252 real estate transactions worth 265 billion UAE dirhams (72 billion US dollars) were registered in the emirate in 2022, which is 59.5% more than in 2021.

Apartment sales accounted for 69% of all transactions during the quarter, while the price per square meter increased by 6% QoQ, by 18% YoY and by 28% QoQ increased the volume of transactions.

According to Morgan's International Realty, 58.5% of all apartment transactions were not according to plan.