Dubai’s real estate market recorded a total of 25,972 real estate transactions in Q1 2022, marking it the highest number of real estate transactions since 2010 registered in a single quarter and the highest volume since Q1 2014, reports the Emirates' official news agency, WAM.
The Mo’asher, Dubai’s official sales and rental performance index launched by Dubai Land Department (DLD) in cooperation with Property Finder, highlighted Dubai’s real estate market significant growth and continuous upward trend while it continues to provide vital insights and transparency into the Dubai real estate market.
In March 2021, the overall monthly Index for sales recorded 1.249 and an index price of AED 1,215,672, the apartments monthly Index recorded 1.285 and an index price of AED 1,100,294, and the villas/townhouses monthly Index recorded 1.297 and an index price of AED 2,100,519.
Dubai Real Estate had 8,399 sales transactions worth AED 22.58 billion in March 2022; the number of these sales transactions are the highest recorded in the past 7 years. This is an 83 percent increase in total sales transactions compared to March 2021 and a 109 percent increase in sales value.
During the month of March 2022, 60.16 percent of total sales were for secondary/ready properties and 40.4 percent were for off-plan properties 39.84 percent of total sales.
Meanwhile, the overall monthly index for rental in March 2021 recorded 0.950 and an index price of AED 51,322, the apartments monthly Index recorded 0.953 and an index price of AED 47,294, and the villas/townhouses monthly Index recorded 0.865 and an index price of AED 131,313.
The overall quarterly index for rental in Q1 2022 recorded 0.947 and an index price of AED 51,177, the apartments quarterly Index recorded 0.967 and an index price of AED 46,952, and the villas/townhouses quarterly Index recorded 0.851 and an index price of AED 131,639.
Additionally in March 2022, the sector saw over 44,783 rental contracts in the Dubai market with 60.28 percent of contracts were new and 39.72 percent were renewals; 78 percent belonged to annual contracts and 21 percent were driven by non-annual.
In the rental market, Q1 2022 saw a total of 160,530 rental contracts of which 51.89 percent of contracts were new and 48.1 percent were renewals. This is a 4 percent increase in total contract volume compared to Q4 2021. The annual contracts during Q1 were 79.95 percent while non-annual contracts accounted for 20.04 percent.
Top Communities in Q1 2022
Looking at the overall market, the top areas that witnessed the most rental transactions in March 2022 were:
- Jabal Ali First (6,259 contracts)
- Al Warsan First (6,224)
- Business Bay (5,056)
- Naif (5,011)
- Al Karama (5,007)