Palm Jumeirah
Palm Jumeirah Image Credit: Gulf News Archives

Dubai: Real estate transactions in Dubai stood at Dh10.9 billion for the week ended July 22, 2022, data showed. As many as 2,509 transactions were carried out during this period.

According to data from the Dubai Land Department, 263 plots were sold for Dh1.46 billion, while 1,716 apartments and villas were sold for Dh3.67 billion during the week.

The weekly report showed that the top three transactions were a land in the Burj Khalifa area that sold for Dh167.09 million, followed by a land that was sold for Dh70.6 million in Al Barsha First, and another land for Dh167.09 million in the Burj Khalifa area in third place.

Al Hebiah Fifth recorded the most transactions for this week with 130 sales transactions worth Dh328.15 million, followed by Jebel Ali First with 32 sales transactions worth Dh92.67 million, and Al Yufrah 2 with 24 sales transactions worth Dh28 million in third place.

The top three transfers for apartments and villas were an apartment that sold for Dh632 million in Palm Jumeirah, an apartment that sold for Dh352 million in Burj Khalifa, and an apartment for Dh314 million in Marsa Dubai.

The sum of the amount of mortgaged properties for the week was Dh5.09 billion, with the highest being a land in Al Satwa, mortgaged for Dh96 million.

As many as 119 properties were granted between first-degree relatives, valued at Dh720 million.

In June, the total volume of transactions in Dubai’s residential market reached 7,941, up 33.3 per cent from a year earlier. Over this period, off-plan sales increased by 46.7 per cent and secondary market sales by 24.4 per cent. Total transaction volumes in the year to date to June 2022 reached 38,901, the highest total recorded since 2009, over this period.

Average prices increased by 10.1 per cent in the year to June 2022. Over this period, average apartment prices increased by 8.7 per cent and average villa prices by 19.3 per cent.

As of June 2022, average apartment prices in Dubai stood at Dh1,103 per square foot and average villa prices stood at Dh1,324 per square foot. Compared to the highs witnessed in late 2014, these rates per square foot are 25.8 per cent and 8.3 per cent below the peak, for apartments and villas respectively.

The top areas

In the apartments segment of the market, Jumeirah recorded the highest average sales rate per square foot at Dh2,079, while in the villas segment of the market, Palm Jumeirah recorded the highest average sales rate per square foot at Dh3,365.

Average rents in the 12 months to June 2022 have increased by 21.7 per cent, with average apartment and villa rents increasing by 21.2 per cent and 24.7 per cent, respectively. As at June 2022, average apartment and villa rents stood at Dh85,294 and Dh255,437 per annum respectively.

In the rental market, the highest average annual apartment and villa rents respectively were found in Palm Jumeirah, where asking rents on average were Dh218,413, and in Al Barari, where asking rents on average were Dh889,225.

Abu Dhabi is going strong

As per the latest report released by the Department of Municipalities and Transport (DMT), Abu Dhabi’s real estate market sustained growth driven by investor optimism, recording 7,474 property transactions amounting to over Dh22.51 billion in the first six months of the year.

The department’s half-yearly report indicates that all kinds of land, buildings, and real estate were purchased, sold, and mortgaged.

DMT’s real estate trading index shows 3,568 real estate purchase and sale transactions worth Dh8.9 billion and 3,906 mortgage transactions worth Dh13.61 billion.

Yas Island topped the list with transactions worth Dh1.8 billion with Al Saadiyat Island coming in at second place with transactions worth Dh1.2 billion. With Dh1 billion, Al Shamkha came in third, Al Reem Island came in fourth with Dh872 million, and the Khalifa City came in fifth with Dh310 million.

Sharjah clocks Dh1.9 billion sales

In June, a total of 747 real estate sales transactions in 106 areas were concluded in Sharjah with the total value amounting to Dh1.9 billion, and the total area exceeding 6 million square feet, according to a report by Sharjah Real Estate Registration Department (SRERD).

The figures include 358 mortgage transactions worth Dh764 million.