Given that developers have accelerated the pace of projects to ensure timely completion and handover of projects, MBR City is expected to lead the delivery of residential units in Dubai this year.
According to Zoom Property Insights, the mixed-use development topped the chart by delivering the most residential units in Dubai during the first quarter, and it is expected to maintain that position for the rest of the year.
In the first quarter, approximately 6,700 units were delivered in the Dubai real estate market, with an additional 31,000 units scheduled to be delivered throughout the year.
According to the data, the Dubai real estate market is continuing to perform well, with over 5,440 transactions recorded in May 2022, representing a 33 percent increase year on year. The apartment and villa sectors both grew by 9.5 percent and 19.8 percent, respectively, while the average price increased by nearly 11 percent.
Ata Shobeiry, CEO of Zoom Property, predicts that the real estate market will continue to grow despite the threat of a global recession.
“The property market is in a strong position to withstand the impending global recession and continue the upward trend that began last year.” While the global recession is a serious challenge, it will have a limited impact on the market because it is supported by new developments, an influx of foreign investment, and government strategic planning,” he said.
Q1’s most important areas
A significant portion of the total 6,700 units were delivered to MBR City in the first quarter of 2022. According to data, approximately 22% of the total units in this mixed-use development were delivered.
Dubailand and International City were ranked second and third on the list of places with the highest supply provided in Q1 with 16 and 15%, respectively. Another popular neighborhood was Jumeirah Village Circle, which had nearly 10% of the units delivered.
MBR City is expected to maintain its lead in the housing supply market by providing more than one-third of Dubai’s residential units. Following that will be Downtown Dubai (15%) and Dubailand (15%). (11 percent).
Furthermore, for the remainder of 2022, units will be distributed to Business Bay, Dubai Creek Harbour, Al Jadaf, and Jumeirah Village Circle.
“Demand for villas and apartments in Dubai will continue to be strong as investors see it as the best way to invest in a thriving market.” “Over 4,000 millionaires or high net worth individuals will migrate to the UAE this year, benefiting the real estate market,” Shobeiry said.
A powerful H1
The Dubai real estate market ended the first half of this year on a high note, with approximately 43,000 sales transactions totaling more than Dh114.5 billion, according to W Capital Real Estate Brokerage.
In June 2022, the market saw 8,833 real estate sales for Dh22.69 billion, the most for a single month since June 2009, when sales transactions totaled Dh22.92 billion.
In comparison to the overall performance in June 2021, the previous month saw a 42.6 percent increase in transactions and a 55.4 percent increase in transaction value.