A Snapshot of Dubai Real Estate for Better Investments

Property transactions continue to increase as we transition to the final quarter of 2022. This trend is being seen across the country, with more and more people taking advantage of the current market conditions to buy or sell a property. Whether you're looking to upgrade to a bigger home, downsize to something more manageable, or simply maximize the current real estate market conditions, now is a great time to consider moving.

In General

In September of 2022, the Dubai real estate market is still going strong! Despite concerns about the global economy, prices in Dubai have remained steady and even increased in some areas. The market continues to be popular with buyers and renters alike, and there is no sign of slowing down anytime soon. 

Numerically speaking, Dubai experienced a large increase in property sales in September 2022 compared to the year prior. A total of 8,600 transactions took place, with a sales volume increase of nearly 50 percent. The total sales value reached over AED 24B, and the property sales value is also 50 percent higher than in September 2021!

Mortgage Transactions and Values

However, there are some factors to consider when dealing with specifics. For instance, there has been a decrease in both the number of mortgage transactions and mortgage value recently. This suggests that more people are buying homes with cash rather than taking out a mortgage.

Price Shifts

This is according to the latest edition of Arabian Business, which analyses Q4 data for the UAE property market.

Property prices in the UAE have fully recovered from the COVID-19-related downturn and are now up to AED 1,009 per square foot, which should not be a cause for concern since it was caused by rising inflation rates in connection to world economic conditions.

Property Comparisons 

These are the average property prices for September on all Dubai real estate options Y-2-Y:

• Off-plan apartment: AED 1.4M, a 12 percent increase.
• Off-plan villa: AED 1.9M, an 18 percent increase.
• Ready apartment: AED 850K, the only decrease at -14 percent.
• Ready villa: AED 2.8M, a 12 percent increase.

The above information shows the strength of apartment sales as the reason for Dubai real estate growth:

• Almost 6,400 apartments were sold, an increase of over 76 percent vs. September 2021, amounting to more than AED 12B. ​​
• Almost 1,700 villa transactions occurred, close to the transactions netted in September of 2021, at a 2 percent increase, equaling nearly AED 6B.
• Three hundred forty-four plots were sold, which is a 5 percent jump compared to September 2021 and totaling AED 6B in sales.
• Almost 250 commercial property transactions took place, up by over 40 percent from September 2021 and totaling AED 400M.

In other words, more people are opting to buy properties still in the planning/construction phase rather than those already completed. This could be for various considerations, such as getting in on a good deal early or being able to customize the property to their liking.

Conclusion

Maximize this boom in Dubai real estate by consulting with Dacha Real Estate today. We provide expatriates and future homeowners with international services to secure the best homes and properties in the heart of the UAE. Find your dream home now by visiting our website!