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The Secondary/Ready Market Accounted For 59% Of The Transaction Volume. While The Off-Plan Market Accounted For 41%.
Dubai’s real estate market recorded 7,092 sales transactions in July 2022, highest in nearly a decade, data showed on Thursday. 5,024 transactions represented the high point in 2013. The sales transaction volume was up 63.56 percent over the year-ago period, and 88.41 percent higher in terms of value.
The off-plan sales transactions saw the highest transaction volume in July, up 67.13 percent in terms of volume, and 81.43 percent in terms of value, compared to the same period last year. Rentals, too, grew strongly with 42,698 registered leases of which 56.04 percent were new contracts. While 43.96 percent were renewed, an overall increase of 4.33 percent over the year-ago period.
Popular Areas
The most popular areas for sales searches in July, according to data only available to Property Finder, included Downtown Dubai, Dubai Marina, Business Bay, and Palm Jumeirah. Also Jumeirah Village Circle, and Jumeirah Lake Towers.
While Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid City and Dubai Land were popular for villa/townhouse sales. Most rental transactions during the month were seen in Jebel Ali First, Al Warsan First, Business Bay, and Al Barsha South Fourth. Also Al Qusais First, Marsa Dubai, Nadd Hessa, Al Thanyah Fifth, Al Barsha First, and Mirdif.
Index Readings
In July, Mo’asher Dubai’s official Sales Price and Rental Performance index launched by Dubai Land Department (DLD) — recorded a 1.338 monthly index for sales and an index price of Dh1,303,493. The apartments’ monthly index was at 1.414 and an index price of Dh1,218,379. While the villas/townhouses index clocked 1.349 and an index price of Dh2,162,530.
Mo’asher also recorded a 0.978 monthly index for rentals and an index price of Dh52248. The apartments’ monthly index was at 0.981 and an index price of Dh48688. Whereas the villas/townhouses’ monthly index touched 0.880 and an index price of Dh135456. The base year for Mo’asher is 2012, and the base month for the monthly index is January 2012. Along with the base quarter for the quarterly index being Q1 2012.
