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Dubai recorded 7,092 property sales worth AED21 billion ($5.72 billion) in July, the best start to the second half of the past 12 years, according to data from Property Finder, a leading PropTech company in the MENA region.
Compared with the same period last year, the total transaction volume increased by 63.56% from July 2021 to 41.16%, which was a 63.56% increase from the peak transaction volume in July 2013. Furthermore, compared to 2021 and 2013, the value increased significantly by 88.41% and 58.27%.
In July, 59% of sales transactions were for second-hand/ready properties, while 41% were for off-the-plan properties. Taking into account the transaction volume, the secondary/ready market transaction volume was 4,184, which is a significant increase of 61.17% in transaction volume and approximately 91.47% in value compared to July 2021. The off-plan market also saw 2,908 transactions, an increase of 67.13% compared to July 2021, and an increase of approximately 81.43% in value terms.
rental market
On the other hand, the leasing market recorded 42,698 contracts in July, an increase of 4.33% from June, of which the total number of renewed contracts recorded an increase of 24.65%. Annual contracts accounted for 86% of the rental market, with a total of 36,695.
In addition, residential rental demand continued to remain strong, accounting for 72.97% of the total rental volume in July, an increase of 5.67% from June 2022.
Commenting on the market, Property Finder UAE Country Manager Scott Bond said: “We have seen positive momentum in the market in recent months, demonstrating the resilience of the Dubai industry. The market reflects a solid July performance which supported all expectations and beat 2013 The peak year-on-year market volume has created the highest year-on-year market value transaction.”
Popular areas
According to Property Finder’s proprietary data, the most searched areas for sale in July were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle and Jumeirah Lakes Towers.
The areas with the highest overall searches for villa/townhouse sales in July were Dubai Hills, Palm Jumeirah, Arabian Ranches, Damak Hill (Akoya in Damak), Mohammed bin Rashid City and Dubai Land. arab trade news agency
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