Land and property sale transactions jumped to 20,539 to Dh55.51 billion in the first quarter of 2022 – the highest in record, according to Dubai Land Department. Of these transactions in the secondary market dominated with 58.05 percent of the total sales while the off-plan market represents 41.95.
The first quarter of 2022 recorded the highest number of real estate transactions since 2010 registered in a single quarter with a total of 25,972 transactions, according to the Mo’asher, Dubai’s official sales and rental performance index that was launched by Dubai Land Department (DLD).
The first quarter of 2022 also witnessed the highest number of rental contracts ever recorded in a single quarter. The number of rental contracts reached 160,530 in the first quarter, of which 51.89 percent of contracts were new and 48.1 percent were renewals. Around 79.95 percent were annual contracts while 20.04 percent were for short term periods
“Dubai’s real estate market records a total of 25,972 real estate transactions in Q1 2022, marking it the highest number of real estate transactions since 2010 registered in a single quarter and the highest volume since Q1 2014,” a DLD statement said. “The data demonstrates Dubai’s real estate market significant growth and continuous upward trend while it continues to provide vital insights and transparency into the Dubai real estate market.”
In March 2021, the overall monthly Index for sales recorded 1.249 and an index price of Dh1,215,672, the apartments monthly Index recorded 1.285 and an index price of Dh1,100,294, and the villas/townhouses monthly Index recorded 1.297 and an index price of Dh2,100,519.
Meanwhile, the overall monthly index for rental in March 2021 recorded 0.950 and an index price of Dh51,322, the apartments monthly Index recorded 0.953 and an index price of Dh47,294, and the villas/townhouses monthly Index recorded 0.865 and an index price of Dh131,313.
In Q1 2022, the overall quarterly Index for sales recorded 1.251 and an index price of Dh1,186,002, the apartments quarterly Index recorded 1.26 and an index price of Dh1,067,385, and the villas/townhouses quarterly Index recorded 1.234 and an index price of Dh2,094,633.
On the other hand, thee overall quarterly index for rental in Q1 2022 recorded 0.947 and an index price of Dh51,177, the apartments quarterly Index recorded 0.967 and an index price of Dh46,952, and the villas/townhouses quarterly Index recorded 0.851 and an index price of Dh131,639.
Dubai Real Estate had 8,399 sales transactions worth Dh 22.58 billion in March 2022; the number of these sales transactions are the highest recorded in the past 7 years. This is an 83 percent increase in total sales transactions compared to March 2021 and a 109 percent increase in sales value.
During the month of March 2022, 60.16 percent of total sales were for secondary/ready properties and 40.4 percent were for off-plan properties 39.84 percent of total sales. Additionally in March 2022, the sector saw over 44,783 rental contracts in the Dubai market with 60.28 percent of contracts were new and 39.72 percent were renewals; 78 percent belonged to annual contracts and 21 percent were driven by non-annual.
Q1 2022 had 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 Dh55.51 billion. When we look at the volume of sales transactions in the quarter, the off-plan market transacted 8,616 properties worth a total of Dh16.12 billion, and the secondary market transacted 11,923 properties worth a total of Dh39.39 billion.
Rental Market
Dubai recorded a total of 160,530 rental contracts of which 51.89 percent of contracts were new and 48.1 percent were renewals. This is a 4 percent increase in total contract volume compared to Q4 2021. The annual contracts during Q1 were 79.95 percent while non-annual contracts accounted for 20.04 percent.
As per Property Finder data the most popular apartments rental contracts were for one-bedroom apartments followed by two-bedroom apartments trailing right behind and the most popular villa/townhouse rental contracts were for three bedrooms followed by four bedrooms.
If we look at the overall market, the top areas that witnessed the most rental transactions in March 2022 were Jabal Ali First (6259 contracts), Al Warsan First (6224), Business Bay (5056), Naif (5011) and Al Karama (5007).
According to Property Finder proprietary data, the top areas searched for Sale in Q1 2022 for apartments were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle. The top areas searched for villa/townhouses were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya By Damac) and The Springs.
Moreover, the top searched areas for apartment rentals in March were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle and Jumeirah Lake Towers. The top searched areas for villa/townhouses were Dubai Hills Estate, Jumeirah, The Springs, Al Barsha and Arabian Ranches.
ENDS
