• Loading stock data...
 Dubai Real Estate sector witnesses record transactions

globalbizmag.com

Dubai Real Estate sector witnesses record transactions

The Dubai Land Department has announced that real estate transactions in the Emirate amounted to more than $350 million on Tuesday (14 June 2022).

As many as 360 pledges of allegiance worth $280 million were registered and they included 41 pledges of allegiance to lands, worth $53.85 million dirhams, and 319 allegiances to apartments and villas, worth $226.27 million.

The most important land sales worth $5.44 million came in the gardens of Sheikh Mohammed bin Rashid.

Al-Habiya topped the fifth regions in terms of the number of allegiances, with 11 pledges worth $7.08 million, followed by the first Jebel Ali area with 10 pledges worth $9.53 million.

A pledge of $16.33 million in the Palm Jumeirah area came as the most important sale of apartments and villas, followed by another pledge of $15.52 million in the same area. Dubai Marina topped the regions in terms of the number of sales of apartments and villas, with 39 sales of $22.32 million.

Mortgages recorded a value of $48.33 million, including 10 land mortgages worth $6.24 million, and 71 mortgages of villas and apartments worth $42.04 million, the most important of which is in the Naif area with a value of $7.08 million, and a mortgage in the Dubai Marina area with a value of $5.44 million.

Some 44 donations worth $28.76 million were registered, the most important of which was in the Business Bay area with a value of $9.53 million, and another in the Burj Khalifa area worth $7.35 million.

Residential Market Transactions

Meanwhile, CBRE, the US-based consultancy firm, said that the total volume of residential market transactions reached 5,542 in May, up 33% from 2021.

Over this period, off-plan sales increased by 55.4% and secondary market sales by 18%. Total transaction volumes in the year to date to May 2022 reached 30,903, this is the highest total recorded since 2009, over this period.

Average prices increased by 10.9% in the year to May 2022. Over this period, average apartment prices increased by 9.6% and average villa prices by 19.8%.

As of May 2022, average apartment prices in Dubai stood at $300.02 per square foot and average villa prices stood at $355.83 per square foot. Compared to the highs witnessed in late 2014, these rates per square foot are 25.9% and 9.5% below the peak, for apartments and villas respectively.

In the apartments segment of the market, Downtown Dubai recorded the highest average sales rate per square foot at $556.75. Whereas in the villas segment of the market, Palm Jumeirah recorded the highest average sales rate per square foot at $873.10.

Average rents in the 12 months to May 2022 have increased by 19.1%, with average apartment and villa rents increasing by 18.3% and 24.3% respectively. As at May 2022, average apartment and villa rents stood at $22,728.76 and $67,974.46 per annum respectively.

In the rental market, the highest average annual apartment and villa rents respectively were found in Palm Jumeirah, where asking rents on average were $58,196.35, and in Al Barari, where asking rents on average were $237,992.71, the CBRE report added.

Avatar

Global business magazine

Related post