The apartment and villa categories of Dubai’s real estate market both experienced an increase in terms of sales volume and value.
In August of this year, there were reportedly 6,050 apartment sales in Dubai with a combined value of Dh11.7 billion. According to Zoom Property Insights, these numbers demonstrate an increase of about 37% in terms of volume and 33% in terms of value month over month.
During this time, it was found that apartments cost an average of Dh1,508 per square foot. In August, apartment transactions ranged in price from Dh73,974 to Dh400,178k, respectively.
With 1,380 sales transactions in the villa segment in August, the segment also maintained its rising trend. With an average price of Dh845 per square foot, these trades had a total value of Dh3.8 billion. Comparing July 2022 to July 2023, sales volume increased by about 30% while sales value increased by 3.5%.
By the end of August 2022, the overall sales value will have reached Dh160 billion, exceeding the previous record set in July with 9,720 transactions totaling Dh24.3 billion, as reported by The Zoom Property Insights. The CEO of Zoom Property, Ata Shobeiry, predicts that the Dubai real estate market will end 2022 on a high note.
Speaking about the performance of Dubai real estate in 2022, he claimed that due to its continued ability to overcome obstacles on a worldwide scale and generate astounding results, Dubai has outperformed other rival metropolises.
“The emirate has achieved a unique feat by crossing the Dh20 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.
Growth in ready and off-plan property markets
In August 2022, both the ready and off-plan markets experienced an increase. The Zoom Property Insights reports that ready property sales increased by 27.5% from July 2022. However, the growth year over year was 67.5 percent.
On a month-over-month and year-over-year basis, the ready property market saw a gain in sales value of 6.7% and 57.5%, respectively.
The off-plan sector saw about 4,400 sales deals worth Dh8.5 billion in August 2022, making it the biggest month for monthly transactions since 2010. In terms of transaction volume, the market saw a gain of 51% from July 2022 and an increase of 72% from year to year.
When sales value was taken into account, the monthly and yearly increases were 38.5 and 76.5 percent, respectively.
“With every sector of the market performing exceptionally well, it’s safe to say that Dubai real estate has become a gold mine for investors. The prices are expected to increase further, making it ideal for real estate investment,” Shobeiry said.