Over 88,000 transactions were registered in Dubai, as of November 2022

This year (2022) the performance of Dubai’s real estate market has exceeded all expectations, as it witnessed 88,028 sales transactions, as of November, according to the Zeitgeist 2022 Report from the Property Finder portal. The number of deals grew by 46% YoY and surpassed the market peak in 2013 by a thumping 38%

At the same time, the value of Dubai’s real estate sector amounted to more than AED 240B (USD 65.3B), which is a 61% increase compared to 2021. This increase is attributed to the prosperity of the off-plan market, as deals in this segment rose by 86% YoY. In total, off-plan deals comprised 44% of all transactions throughout 2022.

Reaching AED 83B, they represented 35% of the total value of transactions in 2022 compared to 30% in 2021 (valued at about AED 44.6B). The value of the deals of villas/townhouses also set the highest ever record by surpassing the mark in 2021.

According to Scott Bond, who is the Country Manager at Property Finder, the success of the real estate market is attributed to increasing demand, global events and initiatives like the FIFA World Cup and the Golden Visa overhaul. The real estate portal saw a surge in interest in off-plan real estate judging by the search trends.

As revealed by the Zeitgeist 2022 Report, the most popular apartment areas in 2022 were Palm Jumeirah, Downtown Dubai and Jumeirah Village Circle (JVC). At the same time, the most frequently searched villa neighbourhoods were Dubai Hills Estate, Palm Jumeirah and Arabian Ranches.

To bolster Dubai’s position as a leading worldwide real estate investment destination, the Dubai Land Department (DLD) has announced a strategic plan. The plan goes in line with the adoption of Resolution No. 81 approved by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

As stated by WAM news agency, the most essential goal of the plan is to provide seamless property services in the emirate, alongside implementation of an effective legislative system, and securing enough employees for the growth of the real estate sector.

The strategy, which will take place until 2026 and is also focused on boosting of the contribution of the property sector to the GDP of Dubai. This aspect is going to become one of the main driving forces which will help Dubai to have one of the world’s most developed economies.

There are 5 main pillars in the strategy found below:

• Pioneering a real estate model that improves the readiness and sustainability of the sector.
• Developing a globally appealing environment and implementing technology to create real estate solutions and make Dubai a real estate incubator.
• Data-driven approach.
• Developing a digital ecosystem in the property sector.
• Switching to an employee-first culture and focusing on a human-centered approach.

The plan will have 3 stages of implementation and is set to empower the local real estate sector and expand its influence to reach a global property system.