According to gulf today (25 Jun 2022), the Dubai Land Department has recorded the highest value of real estate sales ever with a total of 17 billion dirhams which is equal to 6,000 deals valued at over $12.6 billion. The top five real estate deals of the week ended June 24, 2022, are as follows:
1. Palm Jumeirah – Dhs126.25 million
2. Al Thanayah Fourth – Dhs26 million
3. Umm Suqeim Third – $26 million
4. Al Merkadh Fifth – Dhs130 million
5. Burj Khalifa –Dhs 632 million
Dubai’s real estate market is expected to hit another record high in 2022 as the supply and demand of the market will be balanced when compared to the previous year. The value of housing transactions increased by almost 35 percent in H1 (January-June) this year when compared to H2 of last year. The number of housing transactions also registered a significant increase during the same period, especially in the first quarter, where there was a 65 percent rise in sales transactions. However, this is not enough to accommodate the increasing number of buyers in the top-end real estate markets or offset the high demand for projects under construction. A few days ago, W Capital’s chairman Walid Al Zarooni stated that sales value reached a new record of Dhs17b during May 2022 where it has surpassed July 2017, which stands at $10.8 billion. The top five Dubai real estate sales of the month were valued at $17.3 billion. Al Zarooni stated that from June 2017 to May 2022, the number of transactions was 15,876 and the value reached $33.6 billion, whereas it was registered from May 2017 to April 2022 to be 14,900 transactions and a total value of $28.9 billion. Real estate sales in Dubai witnessed an increase in off-plan deals over the course of last year as investors bought units worth over $11.3 billion throughout the year. This is according to a report published by Bayut.com, a free online real estate directory in the emirate which recorded 17,298 real estate sale transactions during the period from May 2017 to April 2018. The report shows that the value of the off-plan deals increased by 62 percent compared to the same period last year. This is due to a limited supply of off-plan properties in comparison to ready-to-sell projects, according to Bayut.com. Statistics also show that 58 percent of Dubai real estate investors chose to go live with their new homes as opposed to selling them later. It also reveals that investments in off-plan projects have almost doubled when compared to the last year. The report further states that the total value of Dubai real estate deals increased by 37 percent to hit a new record of $34 billion in 2017 from $24 billion in 2016. This is based on data from 7,370 transactions recorded by Bayut.com. The average real estate market price increased to Dhs4 million during the first quarter this year when compared to Dhs3 million in 2016. The average price of a Dubai property however decreased to Dhs2.8 million during the second quarter this year, compared to 4.1 million in the same period last year. According to the latest development, Dubai’s property values have reached new heights again as investors seek financial returns from the market’s upward trend in the past years.
In Conclusion, Dubai real estate has reached another record high as the number of transactions has increased and is continuing to increase all over the country. Dubai real estate, which presents an increasing trend in all sections, is set to continue being one of the best investment opportunities in the real estate market, especially for individuals who seek to invest in residential buildings with quality apartments.
Dubai realty sector on solid track as property deals reach Dhs8 billion
