Dubai real estate market recorded a total of 7,092 transactions in July 2022, which is its best performance in the past decade, said Mo’asher, the emirate’s official Sales Price and Rental Performance index.
Mo’asher said the figure demonstrates a significant increase in the overall performance of the sales transaction volume by 63.56 percent and 88.41 in terms of value year on year.
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.
July 2022 sales transactions overtook July transaction’s peak in 2013 which recorded 5,024 deals.
The secondary market recorded the largest transactions, up by 59 percent in terms of volume and 70.60 percent in terms of value.
Comparing the overall year-on-year performance with the same period last year, the secondary market witnessed the highest transaction volume in July during the last decade which increased by 61.17 percent in terms of volume and 91.47 percent in terms of value.
The off-plan sales transactions attained the highest transaction volume in July 2022 and recorded a significant increase by 67.13 percent in terms of volume, and 81.43 percent in terms of value, compared to July 2021.
The total rental contracts in July 2022 attained 42,698 registered leases, 56.04 percent of which were new contracts while 43.96 percent were renewed.
Annual contracts acquired 85.94 percent of the total contracts while 14.06 percent were non-annual.
The top areas according to Ejari Registrations for the most rental transactions in July 2022 were Jabal Ali First (1,557 contracts), Al Warsan First (1,534), Business Bay (1,209), Al Barsha South Fourth (1,173), Al Qusais First (1,145), Marsa Dubai (1,133), Nadd Hessa (1,111), Al Thanyah Fifth (961), Al Barsha First (912), and Mirdif (867).
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. The top overall searched areas for villa/townhouse sales in July were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid City and Dubai Land.