According to the recent Zeitgeist 2022 Report from Property Finder, the real estate market in Dubai experienced a record-breaking year in 2022 where registered sales reached 88,028 transactions as of November 2022, up from 60,258 transactions in 2021. This represents a significant increase of 46% and surpasses the market peak in 2013 by 38%.
In terms of value, Dubai’s real estate market has surpassed AED 240 billion, recording a 61% gain compared to 2021. This growth has been fueled by the remarkable success of off-plan deals, which climbed by 86% compared to 2021.
Off-plan transactions value made up 44% of all transactions in 2022, up from 40% in 2021 as measured by volume, in the market, which saw a shift between these two performance categories. In contrast to 2021, when transactions were valued at about AED 44.6 billion, the value of transactions climbed to 35% of all transactions by reaching a total of AED 83 billion. The first sales transactions for apartments saw the largest numbers (in terms of value). In contrast, the overall value of the transactions for villas/townhouses beat the previous mark established in 2021 to be the highest ever recorded.
“Due to the volatile market conditions, 2022 saw shifts in consumer behavior. The market had a record-breaking performance due to rising demand, recent events and initiatives like the FIFA World Cup, the golden visa, and larger attempts to shift to a digitally driven economy. Hence, garnering more interest in the off-plan market as evident in our search trends on our portal as well,” said Scott Bond, Country Manager at Property Finder.
The most frequently searched apartment neighborhoods in 2022 were in the city’s core, which continues to include the Palm Jumeirah, Downtown Dubai, Jumeirah Village Circle, Jumeirah Beach Residences, and Jumeirah Lakes Towers. While Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Arabian Ranches 2, DAMAC Hills (Akoya by DAMAC), Akoya, Mohamed Bin Rashid, and The Springs are the most sought-after villa and townhouse areas.
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