According to the recent Zeitgeist 2022 Report from Property Finder, the real estate market in Dubai experienced a record-breaking year in 2022, with registered sales reaching 88,028 transactions as of November, up from 60,258 transactions in 2021.
In terms of value, Dubai’s real estate market has surpassed Dhs24obn, recording a 61 per cent gain compared to 2021. This growth has been fuelled by the remarkable success of off-plan deals, which climbed by 86 per cent compared to 2021.
Off-plan transactions value made up 44 per cent of all transactions in 2022, up from 40 per cent in 2021 as measured by volume, in the market, which saw a shift between these two performance categories.
In contrast to 2021, when transactions were valued at about Dhs44.6bn, the value of transactions climbed to 35 per cent of all transactions by reaching a total of Dhs83bn.
The first sales transactions for apartments saw the largest numbers (in terms of value). In contrast, the overall value of the transactions for villas/townhouses beat the previous mark established in 2021 to be the highest ever recorded.
Scott Bond, country manager at Property Finder, said: “Due to the volatile market conditions, 2022 saw shifts in consumer behaviour. The market had a record-breaking performance due to rising demand, recent events and initiatives like the FIFA World Cup, the golden visa, and larger attempts to shift to a digitally driven economy. Hence, garnering more interest in the off-plan market as evident in our search trends on our portal as well,” said Scott Bond, country manager at Property Finder.
According to the report, the most frequently searched apartment neighbourhoods in 2022 were Palm Jumeirah, Downtown Dubai, Jumeirah Village Circle, Jumeirah Beach Residences, and Jumeirah Lakes Towers. 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 sought-after villa and townhouse areas.