Dubai’s real estate market has remained a strong and stable market in 2022, with a total of 97,252 property transactions recorded over the year. Of these transactions, the majority were for apartments and villas, with 67,702 and 22,270 sold, respectively. The commercial sector also saw strong activity, with 3,029 buildings sold. A total of 4,251 plots were also sold in the city.
The sales value of the Dubai real estate market hit a record high in 2022, reaching a total of AED 265 billion ($72 billion). This figure was largely driven by off-plan transactions, which accounted for 51,899 sales valued at AED 121.7 billion ($33 billion). Off-plan sales refer to properties that are sold prior to completion, often at a discounted price.
One of the top performing areas in the city in terms of property transactions was Business Bay, which recorded a total of 9,693 transactions. Dubai Marina was another popular destination, with 5,401 transactions. These two areas, along with others such as Downtown Dubai and Palm Jumeirah, are known for their vibrant lifestyles and close proximity to major business and entertainment hubs.
The fourth quarter of the year was the best performing period overall, while November was the top performing month. This could be due to a variety of factors, such as an increase in tourists during the holiday season or a rush of buyers looking to close deals before the end of the year.
Looking ahead to 2023, the outlook for the Dubai real estate market remains positive. The city’s strong economy and favorable tax policies are expected to continue attracting investors and buyers, helping to keep the market stable and potentially driving further growth.
Overall, the Dubai real estate market remains a popular destination for both buyers and renters. Whether you’re looking to invest in a property or simply find a place to call home, Dubai has a range of options to suit every budget and lifestyle.