Dubai: Property market sees 37% sales volume growth in August 2022
Damac’s As compared to July this year, the industry also saw 33 per cent growth in terms of value on a month-on-month basis
Dubai’s property market continues to grow, with both the apartment and villa segments recording growth in terms of sales volume and value.
This year, the month of August saw an estimated figure of 6,050 sales transactions of apartments in Dubai with a combined worth of Dh11.7 billion. These figures show an increase of nearly 37 percent in terms of volume and 33 percent in terms of value on a month-on-month basis, according to Zoom Property Insights.
The average price of apartments was noted to be Dh1,508 per square foot during this period. The lowest and highest transaction value of apartments in August was Dh73,974 and Dh400,178k, respectively.
The villa segment also continued its upwards trend with 1,380 sales transactions in August. The combined value of these transactions amounted to Dh3.8 billion, with an average price of Dh845 per square foot. A nearly 30 percent increase in sales volume was recorded, while the sales value increased by 3.5 percent, compared to July 2022.
This brings the total sales value to Dh160 billion sales until the end of August 2022, which proved to be a record-breaking month with 9,720 sales valuing Dh24.3 billion, according to The Zoom Property Insights. Ata Shobeiry, CEO of Zoom Property, believes that the year 2022 will conclude on a strong note for the Dubai property market.
Speaking about the performance of Dubai real estate in 2022, he said Dubai has surpassed other competitive metropolises as it continues to withstand global challenges and produce remarkable numbers.
“The emirate has achieved a unique feat by crossing the Dh20 billion mark in sales for three consecutive months. This has put the market in a strong spot to end the year on an even stronger note,” Shobeiry said.
Growth in ready and off-plan property markets
Ready and off-plan markets also witnessed growth in August 2022. According to The Zoom Property Insights, ready property sales rose by 27.5 percent compared to July 2022. However, the year-on-year growth amount to 67.5 percent.
In terms of sales value, a 6.7 percent and 57.5 percent growth was noted in the ready property market on a month-on-month and year-on-year basis, respectively.
Nearly 4,400 sales transactions valuing Dh8.5 billion were recorded in the off-plan market during August 2022, making it the best month since 2010 with regards to monthly transactions. In terms of transactional volume, the market recorded a 51 percent growth compared to July 2022 and a 72 percent year-on-year increase.
Factoring in sales value, the month-on-month and year-on-year jump was 38.5 percent and 76.5 percent, respectively.
“With every sector of the market performing exceptionally well, it’s safe to say that Dubai real estate has become a gold mine for investors. The prices are expected to increase further, making it ideal for real estate investment,” Shobeiry said.