An overview of the property sector in Dubai in 2022: number of property transactions, total market value, trends in rents and sale prices\u2026<\/p>\n\n\n\n
Are you looking to protect your savings from inflation and keen to invest in property to build up a property portfolio and secure some additional income?<\/p>\n\n\n\n
Here\u2019s everything you need to know about the property market in Dubai in 2022.<\/p>\n\n\n\n
The first two months of 2022 marked the best start ever recorded in Dubai\u2019s property sector in terms of transaction volume.<\/p>\n\n\n\n
In fact, the total number of property sales recorded stood at 12,119 for January and February 2022, representing an increase of 17.7% compared with January and February 2017.<\/p>\n\n\n\n
February 2022 alone broke the record, with more than 6,300 property sales \u2013 a figure 43.5 % higher than in any other February.<\/p>\n\n\n\n
Compared with January 2022, this represents a 9.9% increase in transaction volume.<\/p>\n\n\n\n
In the wake of the pandemic, the resurgence in confidence among investors and buyers is evident when one looks at the sales and resales of houses, villas, properties and flats.<\/p>\n\n\n\n
Indeed, in addition to the strong start seen in the first two months, 2022 ended with more than 97,000 property transactions recorded in Dubai.<\/p>\n\n\n\n
For 2022 as a whole, Bloomberg reports that the city recorded property sales totalling 528 billion dirhams, or 132 billion euros.<\/p>\n\n\n\n
The value of the property market in 2022 was therefore 66 billion higher than the previous year\u2019s figures, representing growth of 76.6%. The trend remained the same until the fourth quarter of the year, which was also marked by an 18% increase in average prices compared with the fourth quarter of 2021.<\/p>\n\n\n\n
Whilst this represents a 76.5% increase on the previous year\u2019s property sales, it should be noted that this is an all-time record, as the city had never before recorded transactions totalling more than 500 billion dirhams. The Prince of Dubai has described this as an \u00abexceptional achievement\u00bb.<\/p>\n\n\n\n
In Dubai, neighbourhoods with new-build property developments proved remarkably attractive. For example, in February, the Mohammed bin Rashid City (MBR) district recorded the highest number of off-plan flat sales: 568 off-plan transactions, more than double the 266 off-plan sales recorded in the Business District.<\/p>\n\n\n\n
Business Bay\u2019s performance has been boosted by the construction of three major property developments in the neighbourhood: The One Hotel Business Bay, Sky Bay Business Bay and the Dolphin Tower.<\/p>\n\n\n\n
Dubai Creek Harbour and Jumeirah Village round off the list of the top four neighbourhoods in terms of property transactions, with 169 and 161 unit sales respectively.<\/p>\n\n\n\n
Two major hotels (The One and Avalon Tower) and a four-star hotel, known as The First Collection, have been completed in Jumeirah Village. The completion of these projects during 2022 has undoubtedly helped to boost the appeal of the property sector in the Emirate of Dubai.<\/p>\n\n\n\n
The three districts with the highest number of property transactions during the year were Business Bay, Dubai Marina and Jumeirah Village, with 10,300, 7,400 and over 6,000 sales recorded respectively. As for off-plan sales, Business Bay and Damac Lagoons share the top spot in the rankings.<\/p>\n\n\n\n
In the high-end luxury sector, particularly villas and flats, Dubai also set new records in 2022. The two flats sold at the highest purchase prices in 2022 cost 34 million and 20 million euros respectively, whilst the villa sold at the highest purchase price cost over 72 million euros.<\/p>\n\n\n\n