Dubai property market continues its upward trajectory in the first half of 2022

Ending the first half on a record high, the Dubai property market is well positioned to produce an even better second half with the opening of Expo City

  • 43.2k transactions worth AED 115 billion recorded in H1 2022.
  • June 2022 turned out to be a banner month for the Dubai property market as it produced the highest sales figure ever since 2009.
  • After a 23% increase, property prices in the first half of the year averaged AED 1,140 per square foot.
  • Business Bay, Dubai Marina, Al Hebiah Fifth, Jumeirah Village Circle and Downtown Dubai are among the communities that recorded the highest transactions in the first half of 2022.
  • Al Merkadh, Dubai Creek Harbor and Palm Jumeirah also produced significant results.

Dubai: The first half of 2022 ended on a positive note for the Dubai property market, as it recorded 43,200 transactions worth AED 115 billion. This represents year-over-year growth of nearly 60% in sales volume and 87.8% in sales value, according to Zoom Property Insights.

June 2022 broke a 13-year record, with a growth of over 41% in sales volume compared to 2021. Around 8,850 transactions worth AED 22.10 billion were recorded during of the month, making it the best June since 2009.

Another breakdown shows that 5,880 transactions worth AED 10.9 billion were recorded for apartments, while around 2,000 transactions worth AED 7 billion were made in the segment. villas.

Average house prices also rose significantly in the first half. They now stand at AED 1,140 per square foot, which shows a growth of almost 23% compared to the first half of 2021, according to Zoom Property Insights.

Ata Shobeiry, CEO of Zoom Property, hopes that the market will also continue its bullish momentum in the second half of the year, in the face of the coming challenges posed by the global recession.

“The strong first half indicates that the market is well prepared to face global challenges, especially with Expo City Dubai set to receive visitors, tenants and contractors from October 2022. I believe the market will continue its upward trajectory and end the year on an even higher note,” he said.

The best performing areas in H1 2022

Business Bay recorded the highest number of business transactions in the first half. The mixed-use community recorded 4,310 transactions, indicating annual growth of approximately 117%. Dubai Marina, with 3,735 transactions, was in second place.

It was followed by Al Hebiah Fifth, Jumeirah Village Circle and Downtown Dubai, with these areas registering 3,150, 2,900 and 2,585 real estate transactions respectively.

Al Merkadh with 2,300, Dubai Creek Harbor with 1,865 and Palm Jumeirah with 1,145 transactions remained the other popular areas in terms of property transactions in the first half of 2022.

“With June producing record numbers, it is safe to say that the coming months will continue the momentum. The reformed visa policies with relaxed conditions coming into effect from September 2022 will also play their part and attract more investors. and foreign buyers. This will be reflected in the year-end figures produced by the real estate market,” Shoberiy said.

About the Zoom property (www.zoomproperty.com)

Zoom Property is an emerging property portal in the United Arab Emirates, focusing primarily on the Dubai, Abu Dhabi and Sharjah markets. The portal also offers international properties in Saudi Arabia, UK and other regions on the platform to facilitate buyers and renters. It is also popular among developers, real estate brokers and property sellers.

For media inquiries, please contact:
Ahmad Wali
[email protected]

About Tammy N. McFarlane

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