According to figures released on Thursday, Dubai’s real estate market had a total of 7,092 sales transactions in July 2022, the most in over a decade. The peak in 2013 stood at 5,024 transactions.
The volume of sales transactions increased by 63.56 percent and the value increased by 88.41 percent over the same time last year.
The largest transaction volume in July was in the off-plan sales deals, which saw increases of 81.43 percent in value and 67.13 percent in volume over the same period the previous year.
Rents increased significantly as well, with 42,698 registered leases, of which 56.04 percent were new leases and 43.96 percent were renewals. This is a 4.33 percent increase over the same time last year.
Popular areas
Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers were among the top areas overall searched for sales in July, according to data from Property Finder, while villa/townhouse sales were popular in Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid City, and Dubai Land.
Jebel Ali First, Al Warsan First, Business Bay, Al Barsha South Fourth, Al Qusais First, Marsa Dubai, Nadd Hessa, Al Thanyah Fifth, Al Barsha First, and Mirdif saw the majority of the month’s rental transactions.
Index readings
The official Sales Price and Rental Performance Index for Dubai, Mo’asher, which was created by the Dubai Land Department (DLD), reported a monthly sales index of 1.338 and an index price of Dh1,303,493 in July. The monthly index for flats was 1.414, with an index price of Dh1,218,379, while the index for villas/townhouses was 1.349, with an index price of Dh2,162,530.
Additionally, Mo’asher noted a monthly index for rentals of 0.978 and an index price of Dh52,248. The monthly index for flats was 0.981 and the index price was Dh48,688, whereas the monthly index for villas/townhouses was 0.880 and the index price was Dh135,456.
2012 serves as the Mo’asher base year, January 2012 serves as the base month for the monthly index, and Q1 2012 serves as the base quarter for the quarterly index.