The overall market continued on the successes of 2021, reaching 16,700 residential mortgage transactions in 2022 and reporting a record high volume for Dubai. New property handovers in 2022 reached 35,560 properties, growing by nearly 16% YoY, according to a recent report from Mortgage Finder, a UAE mortgage provider.
The new study revealed that despite a challenging global environment and rising interest rates, a stable momentum was maintained across transactions, scaling new heights for the real estate sector’s evolution in 2023 and beyond.
Read more: Dubai real estate poised to grow in 2023 amid luxury demand
Mortgage Finder also observed that amid a fast-evolving housing market in the UAE, Dubai in particular continues to grow exponentially and appeal to new residents. This is due to its unparalleled lifestyle, business-friendly environment, global connectivity, and most recently, Golden Visa and residency laws.
Additionally, the demand for properties far exceeded supply, with the number of apartment and villa purchase transactions also reaching an all-time high of 84,731 units representing more than a 63% growth YoY.
Commenting on the findings, Mohamad Kaswani, Managing Director of Mortgage Finder said, “We continue to see growth in the number of mortgage inquiries which is a clear indicator that the market momentum remains strong. Thanks to its continued transformation, the nation continues to attract people from all over the world to relocate while also maintaining a strong appeal for ex-pats living in the UAE to consider home ownership.”
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