Dubai: “The Gulf”
The official indicator of sales and rental performance in Dubai, launched by the Dubai Land Department in collaboration with Property Finder, stated that the Dubai real estate market saw the highest number of real estate transactions recorded in a single quarter since 2010 and the largest since the first quarter of 2014. With a total of 25,972 real estate transactions in the first quarter of 2022.
The data from the Dubai Land Index continues to provide important analyzes and improve transparency in the Dubai real estate market. This reflects the remarkable growth and the constant upward trend in it.
The general monthly sales index recorded 1,249 points during March 2021, and the value of the index was 1,215,672 dirhams; While the monthly residential apartment index scored 1,285 points, and the index value reached 1,100,294 dirhams; The monthly index of villas and townhouses scored 1,297 points, and the value of the index was 2,100,519 dirhams.
The general monthly rental index scored 0.950 points during the month of March 2021, and the value of the index was 51,322 dirhams; While the monthly index for residential dwellings scored 0.953 points, and the value of the index amounted to 47 294 dirhams, and the monthly villas and townhouses index scored 0.865 points, and the value of the index reached 131 313 dirhams.
The general quarterly sales index recorded 1,251 points during the first quarter of 2022, and the value of the index amounted to 1,186,002 dirhams; While the quarterly apartment index scored 1.26 points, and the value of the index reached 1,067,385 dirhams; The quarterly villas and townhouse index scored 1,234 points, and the index value reached 2,094,633 dirhams.
The general quarterly index of rents scored 0.947 points during the first quarter of 2022, and the value of the index reached 51,177 dirhams; While the quarterly housing index scored 0.967 points, and the value of the index amounted to 46,952 dirhams; The quarterly villas and townhouses index scored 0.851 points, and the value of the index reached 131,639 dirhams.
In March 2022, the Dubai real estate market recorded the largest number of real estate sales recorded in seven years, with 8,399 real estate sales, valued at 22.58 billion dirhams. When the performance of March 2022 is compared with the same period of 2021, the results indicate a growth of 83% in the total number of sales transactions and a growth of 109% in terms of value.
Secondary / ready-made properties recorded 60.16% of the total sales transactions during March 2022, compared to 40.4% in the property market sales on the map, which represents 39.84% of the total sales transactions. The month of March 2022 recorded more than 44,783 leases, of which 60.28% were new contracts, 39.72% renewed contracts, and 78% of the contracts were annual and 21% of them were non-annual.
The first quarter of 2022 witnessed the registration of 25,972 real estate transactions, which is the highest number of real estate transactions recorded in a single quarter since 2010. The first quarter witnessed the registration of 20,539 real estate sales transactions with a total value of 55.51 billion dirhams. In terms of volume of property sales during the first quarter, the real estate market recorded 8,616 sales on the map, with a total value of 16.12 billion dirhams, while the secondary market recorded 11,923 sales with a value of 39.39 billion dirhams recorded.
The first quarter of 2022 witnessed the registration of 160,530 leases, of which 51.89% are new contracts, and 48.1% are renewed contracts, representing a 4% increase in the volume of contracts compared to the last quarter of 2021. Annual contracts in the first quarter represented 79.95%, while non-annual contracts accounted for 20.04%.
According to data from the “Roberty Finder” platform, the biggest demand was for one-bedroom apartments, followed by two-bedroom apartments in very close proportions, while villas and three-bedroom townhouses were the most popular, followed by four-bedroom apartments. villas and townhouses.
“Ejari” records revealed the names of the areas that witnessed the registration of the largest number of leases during the month of March 2022, which included the “Jebel Ali First” area with 6,259 contracts, followed by “Al Warsan First “with 6,224 contracts, and” Business Bay “with 5,056 contracts. , and “Naif” with 5,011 contracts and “Al Karama” with 5,007 contracts.
Property Finder data revealed that “Dubai Marina” was the most popular in searches for apartments for sale in the first quarter of 2022, followed by “Downtown Dubai”, “Palm Jumeirah”, “Business Bay” and “Jumeirah Village Circle “. Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills and The Springs were at the top of the list when it comes to searches for villas and townhouses.
And “Dubai Marina” was the most sought after in apartment rental searches in March 2022, followed by “Downtown Dubai”, “Business Bay”, “Jumeirah Village Circle” and “Jumeirah Lakes Towers”. Dubai Hills Estate, The Springs, Al Barsha and Arabian Ranches were at the top of the list when it comes to searches for villas and townhouses.