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According to real estate portal Property Finder’s Zeitgeist 2022 report, the Dubai real estate market will see more than AED240 billion (US$65.33 billion) in transactions in 2022, a 61 percent increase over the previous year.
The Dubai market is also experiencing a record year in 2022, with registered sales reaching 88,028 transactions through November 2022, up from 60,258 transactions in 2021, a significant increase of 46% and higher than the market peak in 2013 38% out.
This increase was driven by the huge success of off-the-plan transactions, which increased by 86% compared to 2021. Measured by transaction volume, off-the-plan transaction value accounted for 44% of all transactions in 2022, up from 40% in 2021, in a market shift between the two property categories.
Deal value climbed to 35 percent of all deals at AED83 billion, compared to around AED44.6 billion in 2021. Apartments had the highest number of first sale transactions (by value). In contrast, the overall transaction value of villas/townhouses surpassed the all-time record set in 2021.
“Consumer behavior has changed in 2022 due to a volatile market environment. Market performance is record-breaking due to increased demand, recent events and initiatives (eg FIFA World Cup, Golden Visa) and greater attempts at digital transformation” Property Finder’s country / Regional manager Scott Bond said: “The economy is driving. So our search trends on the portal also evidence more interest in the off-the-plan market. “
The most searched apartment communities in 2022 are located in the heart of the city, which continues to include Palm Jumeirah, Downtown Dubai, Jumeirah Village Circle, Jumeirah Beach Residences and Jumeirah Lakes Towers. While Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Arabian Ranches 2, Damac Hills (Akoya by Damac), Akoya, Mohamed Bin Rashid and The Springs are the most popular areas for villas and townhouses. – trade arab news agency
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