Business Bay topped Dubai’s Real Estate Industry sales charts in 2022.
Dubai’s Real Estate Industry saw 10,300 Business Bay transactions valued at AED 17.6 billion at an average price of AED 1.2 million.
The premier area is also anticipated to maintain its dominance in Dubai’s Real Estate Industry in 2023.
Dubai Marina, JVC and Downtown Dubai are other areas that are anticipated to perform well in the coming year.
These areas registered 7,430, 6,085, and 5,100 transactions last year totalling AED 24.3 billion, AED 5.6 billion, and AED 16.8 billion, respectively.
By the end of 2022, there were 97.4k transactions worth AED 265.7 billion.
Dubai’s Real Estate Industry Top Areas for apartments:
In 2022, 67,700 units were sold for an average of 1.2 million.
Compared to 2021, it represented changes of 71.1% in terms of transactions and 20.9% in terms of average price.
With little more than 9,300 transactions, Business Bay dominated the apartment market, according to a further breakdown.
The average cost of an apartment in this area was AED 1.3 million, and the total was AED 14.6 billion.
Dubai Marina and JVC came in second and third, respectively, with the former seeing 7,320 transactions at an average price of AED 2.1 million and the latter having 5,690 flats sold at an average price of AED 642K.
Other notable areas in 2022 included Downtown Dubai, Dubai Creek Harbour, and Palm Jumeirah.
Top Areas for Villas:
A little more than 22,600 sales for villas were recorded in Dubai in 2022, with an average cost of AED 2.1 million.
It showed a year-over-year gain in transaction volume of 42.1% when compared to 2021.
2,210 transactions at an average price of AED 2.9 million, Jebel Ali First continued to be among the top places when it comes to prime locations.
With 1,485 transactions, Dubai South came in second with villas in Dubai’s Real Estate Industry typically costing AED 1.8 million.
With 1,178 and 1,155 sales, respectively, Villanova and Arabian Ranches also saw significant revenue.
Other significant villa communities in 2022 included Emirates Living, Tilal Al Ghaf, Dubai Hills, and Mudon. These communities will continue to rule the villa market in 2023.
Each market segment’s participation has been crucial to the rising success of Dubai’s Real Estate Industry.
2023 will see the real estate market’s ascent to unprecedented heights as a result of numerous upcoming projects.