Dubai market Update May 2022

Dubai Market Update: May 2022

The Dubai property market is booming. In April, listings website Property Finder said sales transactions worth DH18.2 billion were recorded in that month alone. The highest figure since 2009!

The prices for villas in Dubai have been on an upwards trend. The total number of transactions conducted within Dubai’s residential property market rose 43% annually to 6342 over April alone according to consultancy CBRE’s report released earlier.

The report by CBRE shows that villa sales have increased 20% over the past year while apartments went up 9%. There was also a 1.9% increase in villa sales prices month on month in April.

In fact, some prime located properties have seen prices rise by almost 60% over the last 12 months. The largest increase in value has actually occurred at the top end of the market. To further demonstrate this can note that property values for villas in Palm Jumeirah had increased 5% in April alone whilst Al Barari and Jumeirah Golf Estates increased by 4.9% and 4.6% respectively.

The UAE property market is steadily recovering on the back of government initiatives. Residency permits for retirees and remote workers, as well as expansion within the 10-year golden visa program, have all played a part in this growth where it’s also benefited from an economic boost due to Expo 2020 Dubai!

The country also benefits from its extensive coronavirus vaccination program that has helped keep cases low. Despite some distant concerns about global economic stability at first glance, there are now more millionaires and billionaires in Dubai than ever before!

The economy and property market is booming so much that almost every month a new record is broken within the Dubai real estate market:

  • The most number of transactions within a month
  • The highest price per square foot achieved in Dubai (Bulgari Resort and Residences)
  • The sale of the most expensive property in Dubai
  • The highest priced villa sold in The Emirates Hills community for 102.8 million Dirhams
  • The most expensive off plan beachfront mansion sold for 115 million Dirhams due to be complete in Jumeirah Bay Island in 2024
  • The most expensive off-plan property to be purchased on a mortgage basis

We now observe a shortage of inventory in the prime luxury segment secondary market which drives up interest in prime off-plan property. As long as the property is of good high quality in a good location, there’s no shortage of buyers.

Janna
Janna
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