Dubai real estate market recorded the highest number of transactions since 2010 registered in a single quarter and the highest volume since Q1 2014.
According to the Mo’asher, Dubai’s official sales and rental performance index that was launched by Dubai Land Department (DLD) in cooperation with Property Finder, a total of 25,972 real estate transactions were recorded in Q1 2022.
Q1 2022 recorded a total of 20,539 sales transactions worth AED 55.51 billion ($15.11 billion).
The secondary market in Q1 2022 represents 58.05 percent of total sales while the off-plan market represents 41.95.
The quarter had the highest number of rental contracts ever recorded in a single quarter and it had a total of 160,530 rental contracts of which 51.89 percent of contracts were new and 48.1 percent were renewals.
In Q1, 79.95 percent were annual contracts while 20.04 percent were for short term periods
March was the highest month in the past seven years in terms of sales transactions with 8,399 transactions. The month had the highest month ever on record for sales value worth AED 22.58 billion.
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.