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The real estate market has demonstrated record growth since the beginning of 2022. The overall number of transactions peaked at 19,009 by the end of March. It is the best result in the history of the Dubai property sector.
In Dubai, residential property costs are rising for several reasons: the sector has been booming with the help of the government’s initiatives, visa reforms, Expo 2020 and the flow of foreign investors into the UAE from January to March. Average real estate prices have grown by 11.4% in annual terms in the first quarter of 2022. At the same time, during the same period, the average apartment and villa prices have risen by 10% and 20.2%, respectively. Villa prices rose due to higher demand.
Real estate agencies believe that the market will carry on with its golden path in 2022 after a strong 2021. Due to the past successful year and the promising start of 2022, we can make the conclusion that 2022 will bring good results for the market. Villas will continue to grow. And based on double-digit growth in the first quarter of 2022, it can be anticipated that the apartment segment will show even better results than last year. According to experts, the UAE real property market will continue to attract foreigners with new projects, profitable opportunities, and investor-friendly policies.
Popular apartment buildings in the first quarter of the year
An almost double-digit price increase was recorded in the apartment sector in the first quarter of the year. This market was dominated by Jumeirah Beach Residence, Business Bay, and Dubai Marina, with price growth of 16%, 10%, and 3.4% at an annual rate, respectively.
Downtown Dubai with about 8% growth and Jumeirah Lake Towers with 10.5% growth, are the next top districts. They were famous among buyers during the first quarter. The Palm Jumeirah recorded an increase of 22% and remained the most sought after community in Dubai.
Popular cottage communities in the 1st quarter of the year
Villa prices continued to rise and increased by slightly over 20%. By the end of March, the average villa price in Dubai was AED 1,267 per square foot.
Among the cottage communities, Arabian Ranches and Jumeirah Islands remained top choices for buyers with an annual increase of a little more than 40%. They were followed by The Lakes with a price growth of about 37%. Next on the list were Jumeirah Village and Palm Jumeirah, with a rise of about 35% each.
In addition to these, Meadows, Jumeirah Park, and Emirates Hills were also popular but with a slight lag. They rose by 34.5%, 33.5%, and 32.9% each.
Main conclusions
In the first quarter of 2022, record levels of 19,009 real estate transactions were recorded in Dubai.
Apartments have increased in price by 10%, while villas have increased in price by more than 20%.
Jumeirah Beach Residence, Business Bay, Dubai Marina, Downtown Dubai, Jumeirah Lake Towers, and Palm Jumeirah were the most sought after residential complexes in the first quarter of 2022.
Arabian Ranches, Jumeirah Islands, The Lakes, Jumeirah Village, Palm Jumeirah, Meadows, Jumeirah Park, and Emirates Hills became the most demanded villa communities in January-March 2022.
