June saw an increase of 34% in volume and 24.8% in value compared to May 2022
The second quarter marked the highest quarterly volume of commercial transactions in the last decade with a total of 22,504 transactions worth 59.154 billion dirhams. — File photo
The Dubai property market recorded a total of 8,897 sales transactions worth 22.75 billion dirhams, the highest volume of sales transactions for the month of June in the past nine years, according to Mo ‘asher, Dubai’s official rental price and rental performance index.
June saw an increase of 34% in terms of volume and 24.8% in terms of value compared to May 2022. Approximately 60.05% of all sales transactions recorded were for secondary properties and 39, 95% of real estate. plan properties.
The off-plan market handled 3,554 properties worth a total of Dh7.057 billion and the secondary market handled 5,343 properties worth Dh15.692 billion. Compared to the same period last month, the number of off-plan transactions in June increased by 28.96% and secondary / ready real estate transactions increased by 37.53%.
The second quarter marked the highest quarterly volume of commercial transactions in the last decade with a total of 22,504 transactions worth 59.154 billion dirhams. Comparing quarterly data, Q2 was 9.61% higher in volume and 6.77% higher in value. The second quarter also demonstrated a significant performance and showed an increase of 45.86% for volume and an increase of 61.56% for value compared to the second quarter of 2021.
In the second quarter of 2022, 59.68% of sales transactions recorded for secondary / ready properties and 40.32% were for off-plan properties. In terms of trading volume, the off-plan market handled 6,025 properties worth Dh18.565 billion and the secondary market handled 13,430 properties worth Dh40.589 billion. Comparing this to the first quarter of 2022, the number of off-plan transactions in the second quarter increased by 5.75% and secondary/ready real estate transactions increased by 12.38%.
The most notable result in the second quarter of 2022 marks the achievement of 123,856 leases, of which 59.48% were new contracts while 40.52% were renewals. Considering the duration of the contracts, in the second quarter, 81.41% were annual while 18.41% were non-annual.
The main areas that recorded the highest rental transactions in June 2022 were Jebel Ali First (1,423 contracts), Al Warsan First (1,311), Al Barsha South Fourth (1,250), Marsa Dubai (1,202) and Business Bay (1,148).
According to proprietary data from Property Finder, the most popular areas for apartment rentals in June were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle and Jumeirah Lake Towers. While the most sought after areas for villas/townhouses were Dubai Hills Estate, Jumeirah, Al Barsha, Akoya and The Springs.
Dh6.8b deals in one week
Meanwhile, a total of 2,285 real estate transactions worth 6.8 billion dirhams were completed in the week ending July 29, 2022, according to the Dubai Land Department.
In total, 254 plots were sold for 1.35 billion Dh, 1,516 apartments and villas were sold for 3.35 billion Dh.
The top three transactions were land in Hadaeq Sheikh Mohammed Bin Rashid sold for MAD 100.53 million, followed by land that was sold for MAD 90 million to Hadaeq Sheikh Mohammed Bin Rashid.
Al Hebiah Fifth recorded the most deals this week with 134 sell deals worth Dhs 307.67 million, followed by Jabal Ali First with 28 sell deals worth Dhs 97.82 million and Al Yufrah 2 with 21 sales transactions worth Dh28 million in third place.
The top three apartment and villa transfers were an apartment sold for Dh501 million in Marsa Dubai, an apartment sold for Dh346 million in Burj Khalifa and thirdly an apartment sold for Dh227 million in Business Bay.
The sum of the amount of mortgaged properties for the week was 1.62 billion dirhams, the highest being land in Business Bay, mortgaged for 308 million dirhams. About 79 properties were granted between first-degree relatives worth 511 million dirhams. —Wa m