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According to the latest analysis by CBRE, Dubai's residential real estate market will face some obstacles in 2022 due to tougher offers on payment plans and a likely increase in mortgage rates. At the same time, this will not affect the sales volumes of villas and apartments in any way.
As of December 2021, apartments in Dubai cost about 1072 dirhams ($292) per square meter, and the average prices for villas were 1228 dollars per square meter. Only in October 2021, average rental rates increased year-on-year for the first time since June 2015. By December, rents increased by 8.3%, while average prices for apartments and villas increased by 6.3% and 21.7%.
Nevertheless, the construction of new housing does not stop. In 2021, a total of 37,403 housing units were commissioned, especially in areas like Jumeirah Village Circle, Business Bay and Damac Hills. In 2022, a total of 68,138 new projects will be added to the housing stock.
As for sales, 57,043 real estate transactions were registered in Dubai in 2021, which is 73.6% more than in the previous year and 51.6% more than in 2019. The volume of transactions during the year was the highest since 2009.
