The real estate market in Dubai hit records one more time. November 2022 has the highest sales transactions since 2011, with a worth of AED 30.5 Billion. This reflects on the market in many ways.
To help you find out what this means in detail, check this inclusive and quick report, including all the information you need to have an overview on the current status of the field.
In November 2022:
- The sales transactions reached 10,941 sales transactions with a worth of AED 30.5 billion.
- The Off-plan Market witnessed the highest value of transactions in a decade by recording AED 12.7 billion for the first time.
- Annual rental contracts witnessed around a 7.5% increase YoY (Year on Year rate), whereas non-annual contracts recorded a slight increase of 1.1% MoM (Month on Month rate)
According to Property Finder, MENAT’s leading PropTech company, the real estate market continues to flourish. In November, sales transactions recorded a remarkable performance, crossing 10,000 transactions, which was the highest recorded since 2011.
In addition, November 2022 didn’t only attain 10,941 total sales transactions but also witnessed a 58.5% year-on-year increase compared to the same month last year, with 6,905 transactions. On the value level, there was a significant increase of 70.8% in transactions, with an amount of AED 30.5 billion compared to AED 17.9 billion in November 2021.
Furthermore, in terms of volume, the transactions of existing properties’ reached 5,825, leading to a significant increase of 54.8% year-on-year; this is a great proof of the outstanding performance of the sales transactions during November 2022. Similarly, in terms of value, the transactions for existing properties witnessed an increase of 60.8% year-on-year, reaching AED 17.8 billion compared to AED 11.1 billion in November 2021.
In terms of value, off-plan properties witnessed a record-breaking performance. Its transactions reached more than AED 12.7 billion for the first time in a decade, which means an increase of 87.1% compared to AED 6.8 billion in November 2021. Consequently, if you’re planning to own a home or invest in Dubai, the off-plan choice is a worth considering option.
November 2022 also recorded the highest off-plan volume and value of transactions in a decade, achieving a remarkable performance. The volume of off-plan properties achieved a huge increase of 63% year-on-year, attaining 5,116 transactions compared to the same period last year, with a total of 3,143 transactions.
Commercial contracts acquired around 30% of the total registered rental contracts, witnessing a notable year-on-year increase of 11.2% in November. Alternatively, the tenancy market witnessed a slight slowdown momentum in November 2022, recording 53,086 total registered contracts compared to 53,756 in October 2022.
Moreover, annual contracts represent around 89% of the total registered rental contracts, witnessing an increase of 7.5% compared to the same period last year. On the other hand, non-annual contracts witnessed a slight month-on-month increase of 1.1% compared to October 2022.
Furthermore, residential contracts acquired 69% in November, which reflects a decrease of 14.9% year-on-year, in addition to a decline of 2.7% month-on-month.
Commenting on the growing market, Scott Bond, country manager – UAE at Property Finder, stated: “We have seen positive momentum in the market over these past quarters, showcasing the resilience of Dubai real estate’s sector. We see positive sentiments for investment opportunities following various governmental reforms and initiatives, making Dubai’s properties one of the most preferred investment assets for the long term.“
According to Property Finder’s proprietary data, the top demanded areas searched for sale and rent in November are listed below. This will help you know more about the best areas to lease or buy in Dubai in case you’re thinking of upgrading your residency or investing in the real estate field.
- Dubai Marina
- Downtown Dubai
- Palm Jumeirah
- Dubai Hills Estate
- Business Bay
- Jumeirah Village Circle,
- Mohammed Bin Rashid City
- Jumeirah Beach Residence
- Jumeirah Lake Towers
- DAMAC Hills (Akoya by DAMAC).