Dubai property market posts record sales in 2022 valuing at AED265 billion

The Dubai property market experienced a record-breaking performance in 2022 in terms of sales, volume, and value. A report by DXBinteract.com, the region’s leading portal and app for interactive data in real estate, revealed that the emirate achieved 76% growth in sales compared to 2021, with a total value of AED265 billion.

The year experienced remarkable success with off-plan property sales that grew by 100% registering more than 52,000 transactions worth over AED 124 billion. These numbers also represent an increase in value by 144% compared to the off-plan property sales in 2021. In terms of the growth in transactions and value of ready properties, sales increased by 30% to reach 45,200 units amounting to dealings worth AED 140 billion along with an increase in value by 41%. For luxury properties, the market registered an increase in growth by 97% in terms of value and 85% in terms of volume.

Sharing his views on the sector performance, Firas Al Msaddi (CEO, fam Properties) said:

 “Despite volatile conditions and shifts in consumer behavior, 2022 made for a remarkable year for the property market in Dubai. Sales, value, and volume have grown to register impressive growth compared to the previous years. 2022 was a best-selling year due to the rise in demand. The new laws and regulations initiated by the Land Department in Dubai are also constantly developing to protect investor rights, thereby encouraging property deals. Facilities like golden visas allotted for ten years are further fuelling expatriate interests in owning a property in Dubai. The overall plan to make the emirate a digitally-driven economy is accelerating the demand for real estate from both; residents and international buyers.”

Segregated by properties, the report also viewed an increase in per-square-foot prices by 100% for Jumeirah Bay and 50% for Blue Waters. On average, prices increased by 23% for off-plan villas, 17% for off-plan apartments, 14% for ready apartments, and 9% for ready villas.

The sale of apartments occupied a larger share in the value of transactions with about 67,700 units sold valued at AED 130.3 billion. These transactions registered an increase of more than 71% compared to 2021.

The sale of villas registered growth by 42% compared to 2021, with a total of 22,609 units sold at a value of AED 79.9 billion. While sales of off-plan villas increased by 113%, the sales of ready villas decreased by 12%. For plots of land, more than 3,900 were sold, valued at AED 49 billion, recording an increase of 25.5% compared to 2021.

Overall, the Dubai property market completed 35,500 units, and real estate developers offered 50,000 new housing units, recording the highest numbers since 2008. Currently, there are more than 115,000 units that are under construction. Of these, 34,000 units have exceeded 70% completion and are expected to be delivered in 2023.

The report also suggested the most developed areas in Dubai for apartments, naming the Business Bay, Dubai Marina, the JVC, Al-Merkadh, and Downtown Dubai on the list. The most sought-after areas featured for villas were Damac Lagoons, Jebel Ali 1 (Al Furjan), Dubai South, Damac Hills 2, and Villanova.