According to the Zeitgeist 2022 Report from Property Finder, a property platform, the value of real estate market transactions in Dubai topped AED240 billion ($65.33 billion) in 2022, representing a 61% increase over the previous year.
In addition, the Dubai market had a record-breaking year in 2022, with registered sales reaching 88,028 transactions as of November 2022, up from 60,258 transactions in 2021. This represents a notable increase of 46% and surpasses the market peak in 2013 by 38%.
The amazing success of off-plan transactions, which increased by 86% compared to 2021, has been a major contributor to this expansion. By volume, off-plan transactions accounted for 44% of all transactions in 2022, up from 40% in 2021, in a market that experienced a change in these two performance areas.
Compared to 2021, when transactions were valued at roughly AED 44.6 billion, the value of transactions increased to AED 83 billion, accounting for 35% of all transactions. The most number of apartment sales occurred during the first phase (in terms of value). The total value of transactions for villas and townhouses, however, exceeded the previous record set in 2021 to become the largest ever documented.
“Due to the volatile market conditions, 2022 saw shifts in consumer behaviour. The market had a record-breaking performance due to rising demand, recent events and initiatives like the FIFA World Cup, the golden visa, and larger attempts to shift to a digitally driven economy. Hence, garnering more interest in the off-plan market as evident in our search trends on our portal as well,” said Scott Bond, Country Manager at Property Finder.
In 2022, the Palm Jumeirah, Downtown Dubai, Jumeirah Village Circle, Jumeirah Beach Residences, and Jumeirah Lakes Towers were the most searched-for apartment neighbourhoods in the city. The most sought-after villa and townhouse neighbourhoods are Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Arabian Ranches 2, Damac Hills (Akoya by Damac), Akoya, Mohamed Bin Rashid, and The Springs.