Q3 2022 Has Shown a Record Number of Transactions and Values

Dubai has seen a record in the number of sales transactions above AED 100М (USD 27.22М). The total number of these types of transactions in the off-plan and secondary real estate market from January 2022 until now is 16. In 2021 the total number of the same type of transactions was just 5.

Moreover, in Q3 2022 about 5,700 units were delivered in Dubai, which means the total number of units delivered since the beginning of 2022 until now has reached 19,000. A further 13,500 units are planned to be delivered in Q4 2022 which will lead to a total number of 32,500 units this year.

In comparison to Q3 2021, there is an evident increase of 49% in the overall secondary market transactions, while in the off-plan market a 60% growth can be seen. The majority of handovers in 2022 took place in Mohammed Bin Rashid City, Dubailand, Jumeirah Village Circle, Business Bay and Downtown Dubai. According to experts, the rise in off-plan transactions can lead to an inherent risk, and in the following quarters the demand could be impacted because of several factors including inflation, rising interest rates and a strong dollar, to which the dirham is attached. The rise in rental prices will make some tenants feel concerned, but it’s not only the prices amongst residential units, the office market has seen how demand outstrips the supply, which can be explained by a limited number of offices in the key locations of the emirate and rises in occupancy level. In a bid to boost confidence in the emirate’s real estate sector, Dubai Chambers and the DLD signed a Memorandum of Understanding (MoU) that should increase transparency and improve the investment environment in the local rental property market.

A number of luxurious and unique projects have recently appeared in various areas of Dubai. Among the most recent developments which have already attracted the attention of investors planning to generate a passive stable income, and for those wishing to move to Dubai, can consider:

ELIE SAAB Á VIE – At The Fields by G&CO Real Estate Development LLC – FZ in partnership with Fortune 5 which will be located in Meydan.
Chic Tower by DAMAC Properties in partnership with de GRISOGONO in Business Bay.
Mama Residences by Kappa Acca Real Estate Development in Business Bay.