Real estate sales in Dubai during the first half of 2022 amounted to $31.17 billion, the value of 42,971 sales transactions, according to data on the website of the Dubai Land Department (DLD).
The figures for corresponding period in 2021 is $16.61 billion pertaining to 26,870 sales transactions, thus a growth rate of 88%. The data provided by the DLD for 2022 showed that the sale transactions included 29,852 housing units, 4,573 buildings and 8,546 plots of land.
This is the highest ever volume of semi-annual real estate deals recorded by the Emirate reflecting the prosperity witnessed by the sector since the beginning of the current year.
The ready-for-sale properties accounted for 70% of the value of real estate sales this year as it recorded 25,375 sales worth $21.75 billion, a growth of 72.5% over the corresponding period of the last year. This included 1506 buildings and 8546 plots of land.
The share of off-plan real estate reached 30% of the total sales value in H1 of2022, with 17,596 sales transactions worth $9.39 billion recorded, and sales transactions were 14,529 housing units and 3,067 buildings. The value of off-plan sales recorded a growth of 134% compared to the same period last year, which witnessed sales of $4 billion.
Palm Jumeirah came first among the areas of Dubai in terms of the value of real estate sales during the first half, followed by Burj Khalifa area, and the fifth Al Habiya area, in which the lands accounted for all real estate sales. The Business Bay area came fourth and the Dubai Harbor area was in fifth place.
Market watchers feel that based on the data for the first six months, the emirate is poised to set a new record in terms of sales by end of year.
In light of the high efficiency with which Dubai dealt with the challenges of the global pandemic at various health, economic and societal levels, in conjunction with new incentives and initiatives, they feel that confidence in Dubai and the UAE in general has been strengthened as the best haven not only for investment, but also for work and housing in light of the development of the infrastructure. The physical and service infrastructure and the modern lifestyle, which contribute to an increase in the demand for ready-made properties during the coming period.
The record sales in the real estate sector is the result of the rapid recovery process that Dubai and the entire UAE have been experiencing due to the reforms being taken by the government besides the successful conduct of DubaiExpo 2020.
The investors’ appetite has been ever growing who are interested to park their funds in Dubai and the real estate sector, whose returns are around 7% per annum, which is far better other global cities.