Dubai’s real estate market recorded 25,972 transactions in Q1 2022, the highest number reported for a single quarter since 2010, and the highest volume since Q1 2014, according to the Mo’asher, Dubai’s official sales and rental performance index launched by Dubai Land Department (DLD).
In March 2021, the overall monthly index for sales recorded 1.249 and an index price of AED 1,215,672, the apartments monthly Index recorded 1.285 and an index price of AED 1,100,294, and the villas/townhouses monthly Index recorded 1.297 and an index price of AED 2,100,519.
For the quarter, the sales index was recorded at 1.251 and an index price of AED1,186,002, with apartments recorded at 1.26 with an index price of AED1,067,385, and villas/townhouses recorded at AED2,094,633.
“We saw quite a few records broken in Q1 2022 starting with January and February, which were both the highest months on record, respectively for their months, in regards to sales transaction value and volume. March had the highest month ever on record for sales value and the highest month in the past seven years in terms of sales transactions,” Lynnette Sacchetto, a leading consultant who is recognised as an expert and a thought leader in the UAE’s real estate industry, said.
“These upward trends have continued since 2021 and I expect healthy growth for both sales volumes and values this year due to the proactive and bold measures being put in place by the government. In addition, Dubai continues to thrive and has become the economic hub of the region attracting more businesses and foreign direct investment with its encouraging and innovative environment.”
The first quarter of 2022 saw the highest number of real estate transactions since 2010 registered in a single quarter with a total of 25,972 transactions. From these real estate transactions, 20,539 transactions were for sale worth AED55.51 billion. As for the volume of sales transactions in Q1 2022, the off-plan market transacted 8,616 properties worth a total of AED16.12 billion, and the secondary market transacted 11,923 properties worth a total of AED39.39 billion.
“As all the signs are pointing toward 2022 continuing on an upward trajectory, particularly in prime, popular areas and in particular segments such as villa/townhouse and luxury. It will be interesting to see how each segment and area will take shape in 2022, as each has its own unique class of characteristics, demand, supply and trends,” Sacchetto said.
In March, the top areas that saw the most number of rental transactions were Jabal Ali First (6,259 contracts), Al Warsan First (6,224), Business Bay (5,056), Naif (5,011) and Al Karama (5,007).