Real estate market in Dubai records highest sales volume in nine years in June
According to Mo’asher, Dubai’s official index of sales prices and rental performance, 8,897 sales transactions worth AED22.75 billion were recorded in June, the highest volume in nine years. Comparing June 2022 to May 2022, volume increased by 34 percent and value increased by 24.8 percent. There were 60.05 percent of secondary property sales and 39.95 percent of off-plan sales.
A total of 3,554 properties worth a total of AED7.057 billion were transacted on the off-plan market, and 5,343 properties worth a total of AED15.692 billion were transacted on the secondary market. A 28.96 percent increase in off-plan transactions occurred in June compared to the same period last month, while a 37.53 percent increase occurred in secondary/ready properties.
With 22,504 transactions worth AED59.154 billion in Q2, this was the highest quarterly volume of sales transactions in the last decade. Comparing quarter-on-quarter data, Q2 generated 9.61 percent more volume and 6.77 percent more value. As compared to Q2 of 2021, Q2 proved to be a significant performance with an increase of 45.86 percent for volume and 61.56 percent for value.
In Q2 2022, secondary/ready properties accounted for 59.68 percent of sales transactions, while off-plan properties accounted for 40.32 percent. There were 6,025 transactions in the off-plan market worth AED18.565 billion, and 13,430 transactions in the secondary market worth AED40.589 billion. Q2 2022 saw a 5.75 percent increase in off-plan transactions and a 12.38 percent increase in secondary/ready property transactions over Q1 2022.
It is notable that 123,856 rental contracts were signed in Q2 2022, with 59.48 percent involving new contracts and 40.52 percent involving renewals. There were 81.41 percent annual contracts in Q2 and 18.41 percent non-annual contracts. In June 2022, the top areas with the most rental transactions were Jebel Ali First (1423 contracts), Al Warsan First (1311), Al Barsha South Fourth (1250), Marsa Dubai (1202), and Business Bay (1148).