Record High Q3 2022 of The Real Estate In Dubai
We gathered the latest property market data in Dubai following the buoyant activity in Q3 2022 that became the record-high quarter in several core metrics.
The real estate market in Dubai continues to gather momentum. In Q3 alone, the growth in sales value peaked at AED70bn, an 18% spike against the previous quarter and a 64% annual increase.
What are the other critical stats to mention, as the last quarter has set several new records for the market?
Key Real Estate Stats In Dubai 2022
Sales Values And Volume. The volume of sold homes in Dubai spiked by 60% since the beginning of this year and reached AED184bn, 77% above the last year's value figures.
Luxury Apartments And Villas. In H2 2022 alone, there were 43,000 property transactions with a total worth of AED114bn, according to DLD. Moreover, the market saw the sale of the most expensive luxury mansion in Palm Jumeirah (AED301.1m).
Several other core metrics include (a comparison against 2021):
- Average rents spiked by 22% all over Dubai year-on-year (YoY)
- The number of offers in all housing types has increased, except for ready-made villas (-7%)
- Mortgage transactions fell by 5%
- Mortgage values actually increased y 12% and hit AED31.5bn.
Core Q3 2022 Data In Dubai Property Market
The third quarter showed powerful performance across several market sectors, including new builds in Dubai. For instance, the number of transactions worth more than AED20m spiked by 56% against the last record of 2015.
As a result, property developers in Dubai address the current need for new housing in Dubai, with 22 new projects (more than 5,000 new residential units) completed in Q3 2022 alone. Some of the most active developers are Damac Properties, Azizi Developments, and Emaar.
