The number of transactions has reached a record level in the Dubai real estate market

The number of transactions has reached a record level in the Dubai real estate market

Properties in Dubai, a city with ultra-modern infrastructure, a wide range of tourist attractions, and many business opportunities, continue to attract investors and end-users from all over the world. Despite global macroeconomic conditions, the local market is booming and continues to break its own records, according to market statistics published by representatives of Dubai Land Development.

Content:

Market statistics for 2022

Dubai Land Development has provided the following information:

  1. The total value real estate sold in June was AED 22.7 billion. This is the highest level in the last 13 years.
  2. The sales volume has reached almost 71% of the total sales in 2021.
  3. In June, transaction rates have increased by 32.88% in volume and by 24.21% in value since May this year.
  4. The total value of properties sold from April to June was AED 59.29 billion. It is 6.81% higher than in the first quarter of this year.
  5. In June, transaction rates increased by 41.23% in volume and by 54.9% in value compared to June of last year.
  6. 60.45% of transactions were in the secondary market, 39.55% transactions were in the segment of off-plan units.
  7. Between April and June, the number of concluded rental agreements grew by 25% compared to the first quarter of the current year.
  8. In June, 8,838 real estate transactions were registered in Dubai.

Which districts of Dubai are the most sought-after among property buyers and tenants in June 2022?

In June, the top-3 sellers were Dubai Marina, Jumeirah Golf Estate, and Downtown Dubai. In Dubai Marina, the average housing price is AED 1.945 million, while in Jumeirah Golf Estate and Downtown Dubai, the average cost is AED 6.46 million and AED 1.4 million, respectively.

The British, Indians, and Canadians were the leaders among home buyers in June. The top-3 buyers are the British, the Indian, and the French.

In terms of rental properties in June of this year, the top-3 included Dubai Marina, Downtown Dubai, and Dubai Hills Estate. Speaking of nationalities, the British, the Russian, and the Indian were the leaders among the tenants.

In June, the average rent was AED 132,771 in Dubai Marina, AED 130,455 in Downtown Dubai, and AED 144,955 in Dubai Hills Estate.

The total value of Dubai real estate sold in one day exceeds AED 1 billion

The housing market has been booming in the last few weeks and continues to recover after the COVID-19 pandemic. Almost every day, the total value of transactions exceeds AED 1 billion.

According to information published by Dubai Land Development, on Wednesday, July 13, the total value of property units sold in a day exceeded AED 1 billion. There were 304 selling and buying transactions worth AED 735.85 million, 77 mortgage transactions worth AED 263.54 million, and 12 gift residential transactions worth AED 24.3 million.

282 villas and apartments were sold for AED 651.17 million and 22 land plots were sold for AED 84.68 million. Mortgage loans were used to purchase 65 villas and apartments totalling AED 136.77 million and to buy 12 land plots worth AED 126.77 million.

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