Property Deals In Dubai Break Records in 2022
The recent market data reveals a powerful start to the year for the real estate market in Dubai, with more than 12,000 property deals so far.
Key Findings
In February 2022, Dubai saw 6,346 property transactions, a new record and a 43.5% increase over any other February data. On a monthly basis, sales in February also spiked by almost 10%.
Property prices, rents, and sales are growing. Real estate specialists in Dubai expect this trend to continue throughout 2022, driven by the reliability and overall appeal of the UAE economy.
Interestingly, 2,576 property transactions in February were off-plan property deals. The numbers represent a slight decline of 4.9% from the prior month but a staggering 113% increase year-on-year (YoY).
February 2022 saw around 3,000 new off-plan homes in Dubai entering the market. These properties are dominated by townhouses and apartments, accounting for 58% and 37% of the total off-plan homes accordingly.
Property Prices In Dubai 2022
Other market data by CBRE suggest property prices in Dubai have spiked by more than 10% in the year to January 2022. In 2021, average apartment prices jumped by 8.5%, while villas became almost 22% more expensive.
In January 2022, a typical buyer had to pay AED1,085 per square foot (sqft) for apartments and AED1,250 for villas.
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