6,700 Units Were Delivered In Q1, 31,000 More Are Expected From Q2 through Q4
This year, Dubai’s residential unit deliveries is anticipated to be led by MBR City. As developers have hastened project completion and handover to ensure prompt completion and handover, a positive indicator for the market.
According to Zoom Property insights, the mixed-use complex leads the list by delivering the most residential units within Dubai during Q1. In addition, is anticipated to maintain its position for the remainder of the year. In the first quarter, about 6,700 units were provided in the Dubai real estate market. Moreover, an additional 31,000 units are scheduled to be supplied over the course of the year.
The data indicate that the Dubai real estate market is continuing to provide positive results. With May 2022 showing almost 5,440 transactions, representing a growth of 33% on an annual basis. The average price has increased by almost 11%, and the sectors for apartments and villas have grown by 9.5% and 19.8%, respectively. The CEO of Zoom Property, Ata Shobeiry, predicts that the real estate market will keep growing despite the impending prospect of a worldwide recession.
“The real estate market is well-positioned to maintain the upward trend that began last year and demonstrate resilience against the impending global recession. The global recession is a significant issue, but it will not have a significant influence on the market because of recent developments. An increase in foreign investment, and government strategic planning, according to him.
Leading Areas In Q1
A significant portion of the 6,700 units was delivered to MBR City during the first quarter of 2022. Data show that this mixed-use development delivered about 22% of its total units. On the list of places with the largest supply provided in Q1, Dubailand and International City, with 16 and 15 percent, respectively, were rated second and third. Another well-liked development in terms of units delivered was Jumeirah Village Circle, which had a percentage of above 10%.
By providing more than 1/3 of Dubai’s residential units, MBR City is anticipated to maintain its lead in the housing supply market. Downtown Dubai 15% Dubailand 15%, and will come next 11%.
In addition, the supply of units will also be distributed to Business Bay, Dubai Creek Harbour, Al Jadaf, & Jumeirah Village Circle for the remainder of 2022.
As investors consider Dubai as the best location to make investments in a booming economy, the city’s villa & apartment markets will remain to be in high demand. This year, around 4,000 millionaires or high net worth folks will move to the UAE, which will help the real estate market, according to Shobeiry.
A Potent First Half
As per W Capital Real Estate Brokerage, the Dubai real estate market ended the first half of the current year. On a positive note with approximately 43,000 sales transactions totaling more than Dh114.5 billion.
The market saw 8,833 property sales for Dh22.69 billion in June 2022, which is the most ever for a single month since June 2009. As sales transactions totaled Dh22.92 billion. The number of transactions increased by 42.6 percent last month compared to June 2021 as a whole. In addition, their value increased by 55.4 percent.