The Dubai real estate market witnessed a record performance in 2022, after the value of Dubai real estate market transactions exceeded about 240 billion dirhams, recording an increase of 61% compared to 2021. The recorded sales achieved about 88,028 transactions until November 2022.
According to the Zigest 2022 report issued by Property Finder, the real estate portal in the Middle East and North Africa region, the real estate market in Dubai thus exceeds the sales recorded for the previous year, amounting to 60,258 transactions, which represents a significant increase of 46%, in addition to exceeding the peak Market registered in 2013 increased by 38%.
The growth in the real estate market in Dubai was driven by the remarkable success of off-plan sales, which increased by 86% compared to 2021. The value of off-plan sales accounted for 44% of the total transactions in 2022, an increase of 40% from 2021 in terms of the number of transactions in A market that has undergone a transformation on both levels.
In contrast to the year 2021, in which the value of transactions amounted to about 44.6 billion dirhams, the value of total transactions increased by 35%, to reach a total of 83 billion dirhams. The value of sales transactions (for the first time) for residential apartments achieved unprecedented rates. On the other hand, the total value of transactions for villas / townhouse units exceeded the value of transactions in 2021, thus achieving the highest value ever recorded.
The list of the highest residential areas in searches during the year 2022 included the Palm Jumeirah, Downtown Dubai, Jumeirah Village Circle, Jumeirah Beach Residences and Jumeirah Lakes Towers. As for the most searched areas for villas and homes, they were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Arabian Ranches 2, Damac Hills (Akoya by Damac), Akoya, Mohammed Bin Rashid City and The Springs.
