Dubai logs highest real estate transactions in 12 years in July
Dubai recorded in July 7,092 realty sales transactions worth AED21 billion ($5.72 billion), which is the best start for the second half of the year in the past 12 years, according to Property Finder, Mena’s leading PropTech firm.
Comparing year-on-year performance, the total sales transactions volume jumped 63.56% over July 2021 at 41.16% compared to July’s volume peak in 2013. Additionally, the value increased significantly by 88.41% compared to 2021 and 58.27% in comparison to 2013.
In July, 59% of all sales transactions were for the secondary/ready property, while 41% were for off-plan properties. Considering the transactional volume, the secondary/ready market transacted 4,184, presenting a significant volume increase of 61.17% compared to July 2021 and around 91.47% in terms of value. The Off-plan market also transacted 2,908, recording an increase of 67.13% compared to July 2021 and around 81.43% in terms of value.
On the other hand, July’s rental market recorded 42,698 contracts, which is an increase of 4.33% compared to June, whereby total renewed contracts recorded an increase of 24.65%. Annual contracts dominated the rental market by 86%, with a total of 36,695.
Furthermore, the demand for residential leases continues to remain strong, representing 72.97% of total rental leases in July, recording an increase of 5.67% compared to June 2022.
Commenting on the market, Scott Bond, Property Finder’s UAE Country Manager, stated: “We have seen positive momentum in the market over the recent months, showcasing the resilience of Dubai’s sector. The market reflected solid performance for July supporting all expectations and breaking the market volume peak in 2013, resulting in the highest year-on-year market value transactions.”
According to Property Finder’s proprietary data, the top areas searched for sale in July were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers.
The top overall searched areas for villa/townhouse sales in July were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya by Damac), Mohamed bin Rashid City and Dubai Land.