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The Dubai real estate market has only continued to gain momentum, driving demand for elite housing units in the third quarter of the current year. For this period of time, the growth in sales peaked at 70 billion AED. These three months have been the most successful in the history of the local market, with an 18% increase if compared to the second quarter of this year and a 64.5% growth if compared to the third quarter of the previous year. Since the beginning of 2022, the volume of sold properties has risen by 60% and reached 68.5 thousand transactions worth about 184 billion AED. This is 77% more than last year. You can find out more about other indicators and trends the Dubai real estate market has pleased its players with below.
Content:
- What happened in the Dubai housing market in the first half of 2022?
- Statistics for the third quarter of 2022
- Latest information
What happened in the Dubai housing market in the first half of 2022?
In a rapidly urbanising world, the real estate industry is often right at the centre of growth and activity. Dubai is a vivid proof of this. Local real estate values have skyrocketed by 89% in the last year. In fact, according to information provided by Dubai Land Department, more than 43,000 transactions worth over 114.96 billion AED were registered only for the first half of 2022. In the same period, Dubai saw the sale of the world’s most expensive mansion on the Palm Jumeirah for 301.1 million AED.
Statistics for the third quarter of 2022
Here are some interesting trends affecting the Dubai real estate market in the third quarter of this year:
- the rent grew on average by 22% all over the city in comparison with the previous year;
- if compared to the previous year, the number of offers in all categories of housing has increased, except for ready-made villas. Their number has decreased by 7%;
- the number of mortgage transactions dropped by 5%, to 5,650;
- despite the decrease in mortgage transactions, their value rose by 12.4% and reached 31.5 billion AED if compared to the third quarter of the previous year.
The third quarter of this year actually showed a significant sales growth. It has been the best period in the history of the property market in Dubai. The completion of major projects under construction in different areas of the country contributed to these shifting figures, as the number of transactions worth more than 100 million AED rose by 49%. In addition, transactions worth over 20 million AED increased by 56% compared to the previous best result set in 2015.
The positive growth chart for the third quarter of the current year shows the completion of 22 new projects, featuring more than 5,380 residential units. Most of them are shared between Damac Properties (1,560 units), Azizi Developments (1,192 units), and Emaar Properties (954 units).
Latest information
The Dubai real estate market is continuing to grow in the fourth quarter of this year. On October 31 (Monday), there were 625 purchase and sale transactions for the total amount of 1.67 billion AED, in addition to 101 mortgage transactions worth 276.37 million AED and 23 gift transactions for the amount of 1.94 billion AED. This information was published by Dubai Land Department.
Sales included 551 villas and apartments totalling 1.22 billion AED and 74 land plots valued at 452.11 million AED. In terms of mortgage transactions, they consisted of 88 villas and apartments worth 255.91 million AED and 13 land plots for the amount of 20.46 million AED. As a result of these transactions, the total value of the properties that were sold exceeded 3.8 billion AED.
