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In the third quarter of 2022, the Dubai real estate market keeps ramping up, which boosts the demand for luxurious, high-end properties. The combined real estate sales over the above period reached AED 70 billion (USD 19 billion), which is a historical high for this sector. The growth was 18% compared to the second quarter of the current year and a whopping 64.5% compared to the third quarter of 2021. Since the beginning of 2022, real estate sales have surged by 60%, up to 68,500 transactions worth a total of AED 184 billion (USD 50 billion). This is 77% more than over the same period last year.
According to a monthly report by the platform DXBinteract.com, the average rent in this emirate increased by 22% year-on-year. All categories of properties performed better, except move-in-ready villas, whose sales declined by 7% compared to last year. The number of mortgage transactions reduced to 5,650 (5% fewer than in 2021). Nevertheless, their value in monetary terms increased by 12.4% compared to the third quarter of the previous year, reaching AED 31.5 billion (USD 8.6 billion).
Firas Al-Msaddi, CEO at Oratec (a software development firm), noted that in the third quarter of the current year, the sales grew impressively indeed, setting a historical record for Dubai properties. The number of transactions worth over AED 100 million (USD 27.2 million) increased by 49% and those over AED 200 million (USD 54.5 million), by 56% compared to the previous record set in 2015.
Such impressive performance in the third quarter of 2022 can be attributed in part to the completion of 22 new projects that included over 5,380 residences. The contributions of Dubai’s three largest developers were approximately the same: Damac Properties delivered 1,560 residential units, Azizi Developments, 1,192 units, and Emaar Properties, 954 units.
