In terms of sales volume and value, the apartment and villa sectors of Dubai’s real estate market both saw an increase.
There were reportedly 6,050 apartment sales in Dubai in August of this year, worth a total of Dh11.7 billion. These figures show a rise of roughly 37% in terms of volume and 33% in terms of value month over month, according to Zoom Property Insights.
Apartments were discovered to cost an average of Dh1,508 per square foot during this time. Apartment deals in August cost somewhere between Dh73,974 and Dh400,178k.
In August, the villa segment saw 1,380 sales transactions, continuing its upward trend. These transactions, with an average price of Dh845 per square foot, were worth a total of Dh3.8 billion. Sales volume climbed by roughly 30% between July 2022 and July 2023, while sales value increased by 3.5%.
By the end of August 2022, the overall sales value will have reached Dh160 billion, exceeding the previous record set in July with 9,720 transactions totaling Dh24.3 billion, as reported by The Zoom Property Insights. The CEO of Zoom Property, Ata Shobeiry, predicts that the Dubai real estate market will end 2022 on a high note.
Speaking on the performance of Dubai real estate in 2022, he asserted that the city has surpassed other rival metropolises because of its ongoing capacity to surmount challenges on a global scale and produce amazing achievements.
“The emirate has pulled off an extraordinary accomplishment of surpassing Dh20 billion in sales for three straight months. As a result, the market is well-positioned to finish the year on an even higher note, according to Shobeiry.
Growth in ready and off-plan property markets
Both the ready and off-plan markets saw growth in August 2022. Ready property sales surged by 27.5% from July 2022, according to Zoom Property Insights. However, there was a 67.5 percent increase year over year.
On a month-over-month and year-over-year basis, the ready real estate market saw a gain in sales value of 6.7% and 57.5%, respectively.
The off-plan sector saw about 4,400 sales deals worth Dh8.5 billion in August 2022, making it the biggest month for monthly transactions since 2010. In terms of transaction volume, the market saw a gain of 51% from July 2022 and an increase of 72% from year to year.
The monthly and annual gains, when sales value was taken into consideration, were 38.5 and 76.5 percent, respectively.
“Dubai real estate has undoubtedly turned into a gold mine for investors, with every segment of the market performing extraordinarily well. It is the best market for real estate investment because prices are predicted to rise further, according to Shobeiry.
