Dubai's real estate market records in June highest volume of sales in nine years

DUBAI, 29th July, 2022 (WAM) -- Dubai's real estate market recorded a total of 8,897 sales transactions worth AED22.75 billion, the highest volume of sales transactions for the month of June in the past nine years, according to Mo'asher, Dubai's official sales price and rental performance index.

The month of June witnessed a 34 percent increase in terms of volume and a 24.8 percent increase in terms of value compared to May 2022. 60.05 percent of all sales transactions recorded were for secondary properties and 39.95 percent were for off-plan properties.

The off-plan market transacted 3,554 properties worth a total of AED7.057 billion and the secondary market transacted 5,343 properties worth AED15.692 billion. In comparison to the same period last month, the number of off-plan transactions in June increased by 28.96 percent, and the secondary/ready property transactions increased by 37.53 percent.

Q2 marked the highest quarterly volume of sales transactions for the last decade with a total of 22,504 transactions worth AED59.154 billion. Comparing the quarter-on- quarter data, Q2 obtained 9.61 percent more in terms of volume and 6.77 percent more in terms of value. Q2 demonstrated a significant performance and showed an increase of 45.86 percent for volume and an increase of 61.56 percent for value when compared to Q2 in 2021.

In Q2 2022, 59.68 percent of sales transactions recorded for secondary/ready properties and 40.32 percent were for off-plan properties. In terms of the volume of transactions, the off-plan market transacted 6,025 properties worth AED18.565 billion and the secondary market transacted 13,430 properties worth AED40.589 billion. Comparing this to Q1 2022, the number of off-plan transactions in Q2 increased by 5.75 percent, and the secondary/ready property transactions increased by 12.38 percent.

The most notable outcome in Q2 2022 marks reaching 123,856 rental contracts where 59.48 percent were new contracts while 40.52 percent were renewals. Considering the timeframe for the contracts, in Q2 81.41 percent were annual while 18.41 percent were non-annual.

The top areas that observed the highest rental transactions in June 2022 were Jebel Ali First (1423 contracts), Al Warsan First (1311), Al Barsha South Fourth (1250), Marsa Dubai (1202), and Business Bay (1148).

According to Property Finder proprietary data, the top searched areas for apartment rentals in June were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lake Towers. While, the top searched areas for villa/townhouses were Dubai Hills Estate, Jumeirah, Al Barsha, Akoya, and The Springs.