Dubai’s real estate market recorded a total of 7,092 sales transactions in July 2022, the highest in nearly a decade, data showed on Thursday. The peak in 2013 stood at 5,024 transactions.
The sales transaction volume was up 63.56 per cent over the year-ago period, and 88.41 per cent higher in terms of value.
The off-plan sales transactions saw the highest transaction volume in July, up 67.13 per cent in terms of volume, and 81.43 per cent in terms of value, compared to the same period last year.
Rentals, too, grew strongly with 42,698 registered leases of which 56.04 per cent were new contracts while 43.96 per cent were renewed, an overall increase of 4.33 per cent over the year-ago period.
According to Property Finder’s proprietary data, the top areas searched for sales in July were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers were among the overall top areas searched for sales in July, data showed, while Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid City and Dubai Land were popular for villa/townhouse sales.
Most rental transactions during the month were seen in Jebel Ali First, Al Warsan First, Business Bay, Al Barsha South Fourth, Al Qusais First, Marsa Dubai, Nadd Hessa, Al Thanyah Fifth, Al Barsha First, and Mirdif.
In July, Mo’asher -- Dubai’s official Sales Price and Rental Performance index launched by Dubai Land Department (DLD) -- recorded a 1.338 monthly index for sales and an index price of Dh1,303,493. The apartments’ monthly index was at 1.414 and an index price of Dh1,218,379, while the villas/townhouses index clocked 1.349 and an index price of Dh2,162,530.
Mo’asher also recorded a 0.978 monthly index for rentals and an index price of Dh52,248. The apartments’ monthly index was at 0.981 and an index price of Dh48,688 whereas the villas/townhouses’ monthly index touched 0.880 and an index price of Dh135,456.
The base year for Mo’asher is 2012, and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.