The Emirates Real Estate Market Outperformed 2014 Peak Levels In 2022, Setting A New Record.
Near 2022, Dubai had 97,400 real estate transactions totaling a staggering Dh265.7 billion. Along with many residents and investors choosing to purchase real estate in the city’s core.
Business Bay topped the list of the largest sales in 2022. With over 10,300 real estate transactions valued at Dh17.6 billion at an average cost of Dh1.2 million. Moreover, the premier region is anticipated to maintain its dominance in 2023 as well, as per Zoom Property Insights.
According to the survey, Dubai Marina, JVC, and Downtown Dubai are additional localities. That are anticipated to perform well in the coming year.
Ata Shobeiry, CEO of Zoom Property, who noted that the year set numerous records for Dubai real estate. Praised the impressive performance of the real estate market in 2022.
“The market not only managed to surpass 2014 record levels, but it also hit new records as the years went on. Since international investors and high-net-worth, people continue to be drawn to the Dubai real estate market and enter it. The same performance is anticipated for 2023 as well, he said.
Best Locations for Apartments
As per Zoom Property Insights, 67,700 flats were sold in 2022 for an average price of 1.2 million. In comparison to 2021, it represented changes of 71.1 % in terms of the volume of transactions and 20.9 % in terms of the average price.
With little more than 9,300 transactions, Business Bay topped the apartment market, according to a further breakdown. The average cost of an apartment in this area was Dh1.3 million, and sum of all transactions was Dh14.6 billion.
Dubai Marina and JVC came in second and third, respectively, with the former seeing 7,320 sales. At an average cost of Dh2.1 million and the latter having 5,690 flats sold at an average price of Dh642,000.
Other notable regions in 2022 included Dubai Creek Harbour, Downtown Dubai, & Palm Jumeirah. Which are predicted to perform similarly in 2023.
Best Locations for Villas
According to Zoom Property Insights, there were just over 22,600 sales for villas in Dubai in 2022, with an average cost of Dh2.1 million. It represented a 42.1 percent increase in the number of transactions from 2021 to that year.
With 2,210 sales at an average cost of Dh2.9 million, Jabal Ali First continued to be one of the top regions. With 1,485 transactions, Dubai South came in second. In this neighborhood, villas typically cost Dh1.8 million. With 1,178 and 1,155 sales, respectively, Villanova and Arabian Ranches also saw significant revenue.
Other significant villa communities in 2022 included Emirates Living, Tilal Al Ghaf, Dubai Hills, and Mudon. These neighborhoods will continue to rule the villa market in 2023, as per Zoom Property Insights.
“Each market segment’s participation has been crucial to the rising success of Dubai real estate. According to Shobeiry, 2023 will see the real estate market’s ascent to unprecedented heights of success. Because of numerous new ventures jumping on board.