Dubai Real Estate Q3 2022
With the rise in popularity of Dubai as a global business hub and tourist destination, the real estate market in the city has maintained a strong performance during the last few years. The third quarter of 2022 was no exception, with prices and demand continuing to rise.
The realty market continued a robust performance throughout Q3, with a 13% increase in sales transaction (25,421) compared to Q2, and a 50% increase compared to the same time period last year. There was a minor drop of 10% in sales transactions in September, which could be attributed to the summer school break and the accompanying holiday travel time, with transactions resulting in sales deals agreed between June and August.
With AED69.4 billion in sales transactions, the third quarter’s sales values were robust. This represents a 50% increase from the same time last year and a 17% increase from the prior quarter. Sales transactions worth AED184.24 billion had been finalized as of September 2022.
In Q3, the focus shifted back to the apartment market for a variety of factors. The cost of villas and townhouses has been increasing tremendously, making apartments once again desirable.
Back to the renowned hotspots like Business Bay, Downtown Dubai, and Dubai Marina was another change. A rise in popularity was also observed in JVC as a result of the area’s abundance of modern services and entertainment options as well as its reasonable cost.
As the market continues to strengthen, we anticipate that prices will continue to grow in the final quarter of 2022 into 2023. In 2022, prices increased in every market segment, with significant growth in the quarterly and annual sales figures. The minimal month-to-month decrease is most likely the result of a slowdown during the summer vacation season.
In comparison to 2021, the rental market has also been notably robust this year. Total transactions increased this year by 71% when we compare January-September of 2021 to January-September of 2022. The number of Ejari registrations during Q3 2022 (152,087) witnessed a modest decrease of 0.5% when compared quarter-quarter.
