During Q1 Of 2022, The Emirate Did 25,972 Transactions. It Was The Largest Number Of Transactions In A Single Quarter Since 2010 And The Biggest Volume Since The Very Q1 Of 2014.
According to the most recent official data issued on Tuesday, Dubai real estate has maintained its attraction. As investors and locals, continue to pour capital into the emirate to purchase a home or apartment.
In the first quarter of 2022, the emirate reported 25,972 transactions, the most in a single quarter since 2010 and the biggest volume since the first quarter of 2014. According to Mo’asher, the Dubai Land Department (DLD) in collaboration with Property Finder developed Dubai’s official sales & rental performance indicator. Recorded 20,539 sales deals totaling Dh55.51 billion in the January-March quarter. During the quarter, the off-plan market sold 8,616 properties cost a total of Dh16.12 billion. Whereas the secondary market sold 11,923 units worth Dh39.39 billion.
Largest Sales Deals In March
In March, there were 8,399 sales deals worth Dh22.58 billion in Dubai real estate, the most in the last seven years. Comparison to March 2021, there was an 83 percent rise in total sales deals and a 109 % increase in business value. In March, secondary or ready homes accounted for 60.16 percent of all sales.
Experts say, “It’s a big sign of success for the Dubai property sector. Because it had the most sales in a single quarter in more than a decade. Despite the conclusion of Expo 2020, the second quarter is likely to continue on the rising trend. I expect flats will make up for lost ground. Whereas the villa category will maintain its strong performance in the coming quarters.”
The Rental Market Is Expanding
The emirate reported 160,530 rental contracts, with 51.89 percent being new and 48.1 % being renewals. Representing a % increase in overall contract volume over the 4th quarter of 2021. Annual agreements accounted for 79.95 percent of all contracts in the January-March quarter. While non-annual agreements accounted for 20.04 %.
In March, the Dubai Real Estate witnessed approximately 44,783 rental contracts. With 60.28 percent of new contracts and 39.72 percent of renewals; 78 percent were annual contracts and 21% were non-annual agreements.
According to Property Finder data, the most common apartment rental contracts were with one apartment. Followed by two-bedroom apartments, and the most popular villas or townhouse rental agreements were for 3-bedroom and four bedrooms.
Areas That Are Popular
According to the most recent data in terms of Ejari registration, Jabal Ali First (6,259 deals), Business Bay (5,056), Al Warsan First (6,224), Naif (5,011), and Al Karama (5,007) remained the most sought-after regions for tenants throughout the quarter.
The most popular areas searched for apartments in the first quarter were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Village Circle. While the most popular areas went looking for villas or townhouses have been Dubai Hills Estate, Damac Hills (Akoya By Damac), Palm Jumeirah, Arabian Ranches, and The Springs.
Furthermore, Downtown Dubai, Dubai Marina, Jumeirah Village Circle, Business Bay, and Jumeirah Lake Towers were the top searched areas for apartment rentals in March. While Dubai Hills Estate, Jumeirah, The Springs, Al Barsha, and Arabian Ranches were the top searched areas for a villa or townhouse rentals.
Rents Are On the Rise, As Per Quarterly Index Prices
The entire quarterly sales index increased by 1.251 points in Q1 2022, with an index value of Dh1, 186,002. The flats quarterly index increased by 1.26 points to Dh1067385 in index price. While the townhouses or villas quarterly index increased by 1.234 points to Dh2,094,633 in index price.
The entire quarterly index for renting, on the other hand, increased by 0.947 points in Q1 2022, with an index value of Dh51,177. The apartments quarter index increased by 0.967 points to Dh46,952 in index price. While the townhouses or villas quarterly index increased by 0.851 points to Dh131,639.