Description: Trends of real estate market in Dubai that demonstrates the record-high performance of late, in both existing properties and new housing segments, with market performance numbers to prove it
Growth of Real Estate Sales in Dubai
The sales of houses in Dubai the UAE are currently on the rise. The volume of sales in the market of existing housing and new completed homes surged by 30.46% YoY last quarter.
For off-plan properties, the surge reached 80.23% by volume and 94.13% by value. In the third quarter of 2022, the number of transactions with housing under construction and existing / completed homes broke a 12-year record with 25,456 deals closed (a 61.7% increase) for the total amount of AED 69.7 billion (a 65.6% growth).
In September alone, 8,649 transactions were made with a value of AED 24.42 billion. This is the highest since 2013.
Excessive Demand for Rental Homes in Dubai
The emirate’s rental market is also booming, with the growth reaching 7.5% month-on-month in September. There were 4,210 transactions worth a total of AED 14.66 billion in the market of existing and completed new homes, which is a staggering 30.46% hike year-on-year. Their combined value also increased by 32.39% (with only AED 11.07 billion last September).
If you are thinking of investing in off-plan property, there were 4,439 transactions in this market in September with a combined value of approximately AED 9.755 billion.
This is a staggering 80.23% growth (by volume) and a 94.13% growth (by value) compared to last year.
In January through September 2022, the general performance of the Dubai property market was as follows:
- The value of sales transactions exceeded the previous record of AED 119 billion registered in 2013, hitting the historical high of AED 125.2 billion
- Sales of off-plan properties also broke the record, surging to 29,339 deals, which is 5,262 more than last year
- The number of contracts for rent of housing grew by 7.55% month-on-month and by 4.88% year-on-year
- Contracts signed for commercial premises also grew by 4.63% compared to the previous month
As for quarterly performance, the number of rental contracts in the third quarter of 2022 grew by 13.59% compared to the same period last year.
Great Prospects of Dubai Housing Market
Experts believe that the roaring demand for both off-plan and existing homes is perfectly natural because the United Arab Emirates implements beneficial strategies aimed at the country’s comprehensive development, provides generous tax incentives, grants Golden Visas to investors in real estate, and supports entrepreneurship and innovation in all areas.
Many wealthy businessmen from all over the world are choosing Dubai for relocation for permanent residence, while the new generation of workers is beginning to purchase the homes of their dreams instead of renting them. All this will ensure the emirate’s real estate market will stay strong and keep growing.
If you would like to purchase a house or villa in Dubai for living or investment, start choosing today on Emirates.Estate. Its extensive catalog features listings from developers and real estate agencies with prices in euros, dollars, and dirhams.
The Daily Buzz combines the pursuit of interesting and intriguing facts with the innate human desire to rank and list things. From stereotypical cat pictures to crazy facts about the universe, every thing is designed to help you kill time in the most efficient manner, all while giving you something to either laugh at or think about!