The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Dubai / WAM
The real estate market in Dubai recorded 9,720 total sales worth AED24.3 billion in August, the highest performing month in terms of sales transactions volume and value in 12 years, according
to Property Finder, the leading Menat’s proptech company.
Comparing period-over-period growth, August witnessed a monthly growth rate in volume of around 37.1 percent and 69.6 percent compared to last year. In terms of value, August registered a month-on-month (MoM) growth of 16.1 percent and around 63.6 percent year-on-year (YoY).
In terms of the growing volume of transactions, total sales for ready properties jumped 27.4 percent over July 2022 at 67.5 percent compared to August 2021. Additionally, the value of transactions witnessed around a 6.7 percent MoM increase at 57.4 percent year-on-year.
The off-plan market transacted 4,392 properties worth AED8.5 billion, the highest monthly transaction in 12 years. Considering the transactional volume, the off-plan market presented a significant increase of 51.1 percent MoM at 72.1 percent YoY. In terms of value, the market surged by 38.5 percent MoM at 76.5 percent YoY.
On the other hand, in terms of volume, the mortgage industry experienced an unprecedented growth of 15.7 percent MoM, exceeding previous records year on year by 21.2 percent.
The August rental market recorded an increase of 10.6 percent MoM, whereby rental contracts dipped to 9.3 percent YoY due to the decrease of the renewal rate by 18.9 percent YoY.
Furthermore, annual contracts witnessed around a 12.4 percent growth rate MoM, at 4.4 percent YoY, while non-annual contracts dropped by 52.2 percent YoY. Residential contracts are growing larger than expected, acquiring 70.9 percent in August 7.5 percent MoM unlike contracts for commercial purposes, which witnessed an increase of 21.3 percent month-on-month with a slight decrease of 0.6 percent YoY.