Dubai’s real estate market is booming and the market is at a high point with no signs of slowing down. In July 2022, Dubai’s real estate market registered 7,092 sales transactions, with a significant increase of 63.56% compared to July 2021, which was the highest performance for July ever recorded in the last 10 years.
Property News This Week
Dubai’s real estate and properties transactions were valued at AED7.4 billion in total during the week ending 2nd September 2022, with sum transactions of 2,593, according to statistics from the Dubai Land Department. The statistics showed that 320 plots were sold for AED1.75 billion, and 1,720 apartments and villas were sold for AED3.55 billion.
Growth in any industry can be a bit of a double-edged sword. While some see it as a positive, there are others who take a more extreme view and plagued by visions of growth spiralling out of control. That is the situation the Dubai real estate market finds itself in at present, especially when we look at rentals.
The flurry of residential property deals continued unabated in the Dubai real estate market, with the value of total deals hitting over AED 1.8 billion on Thursday, September 1. The deals registered on Thursday included 414 sales transactions worth AED 1.19 billion, 101 mortgage deals of AED 216.02 million and 19 gift deals amounting to AED 477.33 million, according to data released by Dubai’s Land Department (DLD).
Nowadays, investors are already accustomed to the fantastic pace of development in Dubai. It is worth bearing in mind that almost 60 years ago, there were only 40,000 inhabitants in the city. By 2022, this figure has grown 80 times to a record 3.3 million people. The largest construction companies in Dubai have increased the building area by 170 times.
Dubai Marina, Downtown Dubai and Business Bay are the most popular areas for residence in Dubai in 2022 for their vibrancy and unique lifestyle offerings. According to Property Finder’s latest data, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers are the other top searched areas in the emirate.