Highest since 2013: Dubai monthly real estate transactions hit Dh23 billion in June
Dubai Marina, Business Bay, JVC were among top searched areas for apartment rentals
Dubai: Dubai’s real estate market recorded a total of 8,897 sales transactions worth Dh22.75 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.
Around 60 per cent of all sales transactions recorded were for secondary properties and nearly 40 per cent were for off-plan properties. The period also witnessed a 34 per cent increase in terms of volume and a 24.8 per cent increase in terms of value, compared to May 2022.
The off-plan market transacted 3,554 properties worth a total of Dh7.06 billion and the secondary market transacted 5,343 properties worth Dh15.69 billion. In comparison to the same period last month, the number of off-plan transactions in June increased by 28.96 per cent, and the secondary property transactions increased by 38 per cent.
The second quarter of 2022 marked the highest quarterly volume of sales transactions for the last decade with a total of 22,504 transactions worth Dh59.15 billion. Comparing the quarter-on- quarter data, Q2 obtained 9.6 per cent more in terms of volume and 6.8 per cent more in terms of value.
According to Property Finder 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.
Index numbers
In June, the overall monthly Index for sales recorded 1.323 and an index price of around Dh1.29 million. The apartment monthly index recorded 1.393 and an index price of Dh1.2 million, additionally the villa/townhouse monthly index recorded 1.347 and an index price of about Dh2.2 million
Furthermore, the overall monthly index for rental in June 2022 recorded a 0.971 and an index price of Dh52,498. The apartment monthly index recorded 0.974 and an index price of Dh48,226 and the villa/townhouse monthly index recorded 0.870 and an index price of Dh133,330.
In Q2-2022, the overall quarterly Index for sales recorded 1.328 and an index price of around Dh1.27 million. The apartments quarterly Index recorded 1.352 and an index price of Dh1.15 million and the villas/townhouses quarterly Index recorded 1.264 and an index price of Dh2.11 million.
Furthermore, the overall quarterly index for rental in Q2-2022 recorded 0.968 and an index price of Dh52,133, the apartments quarterly Index recorded 0.979 and an index price of Dh47,764, and the villas/townhouses quarterly Index recorded 0.858 and an index price of Dh133,085.