Dubai property market continues to grow

The Dubai property market continues to grow, with both the apartment and villa segments recording growth in terms of sales volume and value.

August 2022 saw an estimated figure of 6,050 sales transactions of apartments in Dubai with a combined worth of Dhs1.7 billion. These figures show an increase of nearly 37 per cent in terms of volume and 33 per cent in terms of value on a month-on-month basis, according to the Zoom Property Insights.

The average price of apartments was noted to be Dhs1,508 per square foot during this period. The lowest and highest transaction value of apartments in August was Dhs73,974 and Dhs400,178k, respectively.

The villa segment also continued its upwards trend with 1,380 sales transactions in August. The combined value of these transactions amounted to Dhs3.8 billion, with an average price of Dhs845 per square foot. A nearly 30 per cent increase in sales volume was recorded, while the sales value increased by 3.5 per cent, compared to July 2022.

This brings the total sales value to Dhs160 billion sales until the end of August 2022, which proved to be a record-breaking month with 9,720 sales valuing Dhs24.3 billion, according to The Zoom Property Insights.

Ata Shobeiry, CEO of Zoom Property, believes that the year 2022 will conclude on a strong note for the Dubai property market. Speaking about the performance of Dubai real estate in 2022, he said Dubai has surpassed other competitive metropolises as it continues to withstand global challenges and produce remarkable numbers.

“The emirate has achieved a unique feat by crossing the Dhs20 billion mark in sales for three consecutive months. This has put the market in a strong spot to end the year on an even stronger note,” Shobeiry said.

Ready and off-plan markets also witnessed growth in August 2022. According to The Zoom Property Insights, ready property sales rose by 27.5 per cent compared to July 2022. However, the year-on-year growth amount to 67.5 per cent.