Dubai’s real estate deals reach record Dhs22.75 billion in June
- 29 Jul 2022
Dubai’s real estate market recorded a total of 8,897 sales transactions worth Dhs22.75 billion, the highest volume of sales transactions for the month of June in the past nine years, according to Mo’asher, Dubai’s official sales price and rental performance index.
The month of June witnessed a 34 per cent increase in terms of volume and a 24.8 per cent increase in terms of value compared to May 2022. 60.05 per cent of all sales transactions recorded were for secondary properties and 39.95 per cent were for off-plan properties.
The off-plan market transacted 3,554 properties worth a total of Dhs7.057 billion and the secondary market transacted 5,343 properties worth Dhs15.692 billion. In comparison to the same period last month, the number of off-plan transactions in June increased by 28.96 per cent, and the secondary/ready property transactions increased by 37.53 per cent.
Q2 marked the highest quarterly volume of sales transactions for the last decade with a total of 22,504 transactions worth Dhs59.154 billion. Comparing the quarter-on- quarter data, Q2 obtained 9.61 per cent more in terms of volume and 6.77 per cent more in terms of value. Q2 demonstrated a significant performance and showed an increase of 45.86 per cent for volume and an increase of 61.56 per cent for value when compared to Q2 in 2021.
In Q2 2022, 59.68 per cent of sales transactions recorded for secondary/ready properties and 40.32 per cent were for off-plan properties. In terms of the volume of transactions, the off-plan market transacted 6,025 properties worth Dhs18.565 billion and the secondary market transacted 13,430 properties worth Dhs40.589 billion. Comparing this to Q1 2022, the number of off-plan transactions in Q2 increased by 5.75 per cent, and the secondary/ready property transactions increased by 12.38 per cent.
The most notable outcome in Q2 2022 marks reaching 123,856 rental contracts where 59.48 per cent were new contracts while 40.52 per cent were renewals. Considering the timeframe for the contracts, in Q2 81.41 per cent were annual while 18.41 per cent were non-annual.
The top areas that observed the highest rental transactions in June 2022 were Jebel Ali First (1423 contracts), Al Warsan First (1311), Al Barsha South Fourth (1250), Marsa Dubai (1202), and Business Bay (1148).
According to Property Finder proprietary data, the top searched areas for apartment rentals in June were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lake Towers. While, the top searched areas for villa/townhouses were Dubai Hills Estate, Jumeirah, Al Barsha, Akoya, and The Springs.
Weeklong deals at Dhs6.8b: A total of 2,285 real estate transactions worth Dhs6.8 billion were conducted during the week ending 29th July 2022, according to figures released by the Dubai Land Department.
A total of 254 plots were sold for Dhs1.35 billion, 1,516 apartments and villas were sold for Dhs3.35 billion.
The top three transactions were a land in Hadaeq Sheikh Mohammed Bin Rashid sold for Dhs100.53 million, followed by a land that was sold for Dhs90 million in Hadaeq Sheikh Mohammed Bin Rashid.
Al Hebiah Fifth recorded the most transactions for this week by 134 sales transactions worth Dhs307.67 million, followed by Jabal Ali First with 28 sales transactions worth Dhs97.82 million, and Al Yufrah 2 with 21 sales transactions worth Dhs28 million in third place.
The top three transfers for apartments and villas were an apartment sold for Dhs501 million in Marsa Dubai, an apartment sold for Dhs346 million in Burj Khalifa, and thirdly an apartment sold for Dhs227 million in Business Bay.
The sum of the amount of mortgaged properties for the week was Dhs1.62 billion, with the highest being a land in Business Bay, mortgaged for Dhs308 million. 79 properties were granted between first-degree relatives worth Dhs511 million.
Dubai real estate market on Monday recorded 446 sales transactions worth Dhs1.07 billion, in addition to 85 mortgage deals of Dhs168.99 million, and 29 gift deals amounting to Dhs34.46 million, data released by Dubai’s Land Department (DLD) showed.
The sales included 376 villas and apartments worth Dhs803.87 million, and 70 land plots worth Dhs261.85 million, while mortgages included 67 villas and apartments worth Dhs142.29 million and 18 land plots valued at Dhs26.71 million, bringing the total realty transactions of today to over Dhs1.2 billion.
The real estate and properties transactions valued at Dhs10.9 billion in total during the week ending 22 July 2022. The sum of transactions was 2,509. 263 plots were sold for Dhs1.46 billion, 1,716 apartments and villas were sold for Dhs3.67 billion.
The DLD weekly report said the top three transactions were a land in Burj Khalifa sold for Dhs167.09 million, followed by a land that was sold for Dhs70.6 million in Al Barsha First, and a land sold for Dhs167.09 million in Burj Khalifa in third place.