7,092 Total Sales Transactions Were Recorded In The Emirate Last Month. 42,698 Rental Leases Were Registered, Of Which 56.04 Percent Were New Leases And 43.96 Percent Were Renewals.
By generating a record Dh21 billion in investment through 7,092 sales agreements in July. The strongest start to the second half of the year in the previous 12 years. Dubai real estate has once again demonstrated its tenacity.
According to Property Finder, the volume of all sales transactions increased by 41.16 % compared to July 2013 and by 63.56 % over July 2021. Furthermore, the value increased sharply by 58.27% in comparison to 2013, and 88.41 percent in comparison to 2021.
“Over the last several months, the market has exhibited good momentum, demonstrating the sector’s resiliency in Dubai. According to Scott Bond, the UAE national manager for Property Finder, “the market demonstrated good performance for July. Supporting all expectations and smashing the market volume peak in 2013, resulting in the largest year-over-year market value transactions.”
During H1 of 2022, the UAE’s property market received investments totaling more than Dh150 billion, including Dh114.5 billion in Dubai. The UAE’s total gross domestic product (GDP), is produced by real estate operations to the tune of 5.5% yearly.
Prime Areas in Demand
Apartment sales in July were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers. Whereas the top locations for villa and townhouse sales were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya by Damac), Mohamed bin Rashid City, and Dubai Land. Saad Maniar, senior partner at Crowe, claimed that the ongoing investment in infrastructure in accordance with the rulers’ agenda has once again demonstrated the resiliency of the Dubai real estate market.
“This market confidence is a sign of Dubai’s future. I am confident in Dubai’s real estate’s long-term viability, Maniar said on Thursday to the Khaleej Times.
59% of all sales deals in July involved secondhand and ready real estate. While 41% involved off-the-plan homes. The secondary and ready market transacted 4,184 times. Representing a considerable volume increase of 61.17 percent compared to July 2021 and a rise in value of over 91.47 percent. 2,908 transactions were place in off-plan sector, a rise of 81.43 percent in value and 67.13 percent over July 2021.
Steady Growth in Rents
Rental market continued its upward trend in July 42,698 contracts were signed, representing a gain of 4.33% month over month. Additionally, according to Property Finder, the number of total renewed contracts increased by 24.65%. Moreover, the rental market was dominated by annual contracts, which accounted for 36,695 in total.
Additionally, the demand for residential leases is still quite high. Accounting for 72.97% of all rental leases in July, showing a gain of 5.67% month over month. The robust performance of the Dubai real estate market over the previous six months was a blatant sign. That it would surpass 2013 record numbers, and the inevitable has now occurred, according to Ata Shobeiry from Zoom Property.
“Dubai real estate is not going to be affected by the global crisis, as seen by the record start to the second half of 2022. In fact, it is positioned to surpass other international housing markets, and in the upcoming months. We may anticipate even higher statistics, with several major regions performing quite well, according to Shobeiry.