The Dubai property market continues to grow, with both the apartment and villa segments recording growth in terms of sales volume and value.
August 2022 saw an estimated figure of 6,050 sales transactions of apartments in Dubai with a combined worth of AED 11.7 billion. These figures show an increase of nearly 37 per cent in terms of volume and 33 per cent in terms of value on a month-on-month basis, according to the Zoom Property Insights.
The average price of apartments was noted to be AED 1,508 per square foot during this period. The lowest and highest transaction value of apartments in August was AED 73,974 and AED 400,178k, respectively.
The villa segment also continued its upwards trend with 1,380 sales transactions in August. The combined value of these transactions amounted to AED 3.8 billion, with an average price of AED 845 per square foot. A nearly 30 per cent increase in sales volume was recorded, while the sales value increased by 3.5 per cent, compared to July 2022.
This brings the total sales value to AED 160 billion sales until the end of August 2022, which proved to be a record-breaking month with 9,720 sales valuing AED 24.3 billion, according to The Zoom Property Insights.
Ata Shobeiry, CEO of Zoom Property, believes that the year 2022 will conclude on a strong note for the Dubai property market.
Speaking about the performance of Dubai real estate in 2022, he said Dubai has surpassed other competitive metropolises as it continues to withstand global challenges and produce remarkable numbers.
“The emirate has achieved a unique feat by crossing the AED 20 billion mark in sales for three consecutive months. This has put the market in a strong spot to end the year on an even stronger note,” Shobeiry said.
Growth in ready and off-plan property markets
Ready and off-plan markets also witnessed growth in August 2022. According to The Zoom Property Insights, ready property sales rose by 27.5 per cent compared to July 2022. However, the year-on-year growth amount to 67.5 per cent.
In terms of sales value, a 6.7 per cent and 57.5 per cent growth was noted in the ready property market on a month-on-month and year-on-year basis, respectively.
Nearly 4,400 sales transactions valuing AED 8.5 billion were recorded in the off-plan market during August 2022, making it the best month since 2010 with regards to monthly transactions. In terms of transactional volume, the market recorded a 51 per cent growth compared to July 2022 and a 72 per cent year-on-year increase.
Factoring in sales value, the month-on-month and year-on-year jump was 38.5 per cent and 76.5 per cent, respectively.
“With every sector of the market performing exceptionally well, it’s safe to say that Dubai real estate has become a gold mine for investors. The prices are expected to increase further, making it ideal for real estate investment”, Shobeiry said.