Dubai’s Real Estate Market’s strong performance of off-plan deals increased by 86% compared to 2021, this fueled market growth.
The Real Estate Market in Dubai had a record-breaking year in 2022, according to Property Finder’s Zeitgeist 2022 Report, with recorded sales hitting 88,028 transactions as of November, up from 60,258 transactions in 2021.
This is a considerable increase of 46% over the previous year and a 38% increase over the market peak in 2013.
Dubai’s Real Estate Market has topped AED 24 Billion in value, a 61% increase from 2021. The success of off-plan agreements, which increased by 86% compared to 2021, has fueled this rise.
By volume, off-plan transactions accounted for 44% of all transactions in 2022, up from 40% in 2021, in a market that experienced a change in these two performance areas.
Compared to 2021, when transactions were estimated to be worth roughly AED 44.6 Billion, the value of transactions increased to AED 83 Billion or 35% of all transactions.
The most number of apartment sales occurred during the first phase. The total value of transactions for villas and townhouses, however, exceeded the previous record set in 2021 to become the largest ever documented.
In 2022, consumer behaviour changed. Rising demand, recent events and initiatives like the FIFA World Cup, the golden visa, and more significant efforts to transition to a digitally based economy all contributed to the market’s record-breaking success.
The following communities were the most sought-after ones in Dubai’s Real Estate Market according to searches made on Property Finder in 2022:
- Dubai Marina
- Downtown Dubai
- Business Bay
- Palm Jumeirah
- Mina Rashid
- Wasl Gate
- Dubai Healthcare City 2
Villas & Townhouses
- Dubai Hills Estate
- Palm Jumeirah
- Arabian Ranches
- Arabian Ranches 2
- DAMAC Hills (Akoya by DAMAC)
- Mohamed bin Rashid City
- The Springs
- Dubai Investment Park
- Golf City
To check out the predicted best and worst luxury Real Estate markets in 2023, click here.
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