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Statistics for July clearly confirm the steady growth in the Dubai real estate sector. The number of transactions has overtaken the peak figures of July 2013, which is considered the peak. Secondary housing dominates, the purchase of which accounts for 59% of the total number of transactions. In value terms, this is 70.6% of the total amount.
Content:
- The main figures of real estate market
- Real estate rental in Dubai remains in demand
- Market analytics
- Areas leading in the sale and rental of real estate in Dubai
The main figures of real estate market
- The number of transactions in July was 7,092. This is the highest figure in the last decade.
- The total value of real estate purchase and sale transactions amounted to 21 billion dirhams.
- Year-on-year, the volume of transactions increased by 63.5%, while the cost increased by 88.4%.
- 41% of transactions covered real estate under construction.
Real estate rental in Dubai remains in demand
In July, 42698 lease agreements were concluded. Of these, 56% became primary, and 44% were previously imprisoned and renewed. Annual agreements in this volume amounted to 85.9%. 14.06% — non-annual agreements. The number of annual agreements increased by 7.14% compared to June 2022. 25.66% of contracts were concluded for the rental of commercial real estate. The housing stock accounts for 72.97% of agreements.
The rent for housing has increased by 23.7% since the beginning of the year alone. This makes investments in Dubai's housing stock potentially profitable. In a number of areas, such as Palm Jumeirah, Dubai Marina and Downtown Dubai, rents have increased by more than 35%. These are the highest figures since 2014. The biggest prices for renting a villa on Palm Jumeirah Island.
Market analytics
The overall annual figures record the highest volume of transactions with secondary real estate since 2012. It increased by 61.17%, in value terms, the figures reached 91.47%. The growth of transactions with real estate under construction increased by 67.13% in physical terms and by 81.43% in value terms compared to July 2021.
The average price per square meter in new buildings for rent increased by 12% and reached $5,196. In July last year, this figure was $4,665. Since the beginning of the pandemic in the elite areas of the emirate, the cost of housing has increased by almost 70%. Among the types of housing, villas are leading in terms of price growth. The demand is due to the spacious layouts and developed infrastructure of the communities. No less important is the limited number of premium objects.
Areas leading in the sale and rental of real estate in Dubai
Buyers in July 2022 preferred real estate in Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Lake Towers. The main objects of sale were apartments. The largest number of villas and townhouses were sold in Dubai Hills Estate, Palm Jumeirah, Arabian Ranches.
The largest number of lease agreements were concluded in the communities of Jebel Ali Feras, Al-Warsan First, Business Bay.
