Dubai records AED21 billion in real estate transactions in July

Dubai / Gulf Time

Dubai’s real estate market recorded a total of 7,092 sales transactions worth AED 21 billion in July, according to Mo’asher, the emirate’s official Sales Price and Rental Performance index launched by Dubai Land Department (DLD).
The data marks the highest performance in the last decade and demonstrates a significant increase in the overall performance of the sales transaction volume by 63.56 percent and 88.41 in terms of value year on year.
As many as 59 percent of sales transactions volume were for the secondary / ready market, while as 41 percent were for the off-plan market.
Dubai records 42,698 rental leases in July, out of which 56.04 percent were new leases while 43.96 percent were renewals.
In July, Mo’asher recorded a 1.338 monthly index for sales and an index price of AED1,303,493. The apartments monthly Index recorded 1.414 and an index price of AED1,218,379. Additionally, the villas / townhouses monthly Index recorded 1.349 and an index price of AED 2,162,530.
Furthermore, Mo’asher recorded a 0.978 monthly index for rental and an index price of AED52,248. The apartments monthly Index recorded 0.981 and an index price of AED48,688 whereas the villas/townhouses’ monthly Index recorded 0.880 and an index price of AED 135,456.
Mo’asher data for July showcase a positive sentiment on the real estate sector with a steady growth in the total sales transactions. July 2022 sales transactions overtook July transaction’s peak in 2013 which recorded 5,024, this presents a 41.16 percent increase over the market peak on a monthly basis for July. The secondary market continues to capture the real estate market with the largest transactions by 59 percent in terms of volume and 70.60 percent in terms of value.
Comparing the overall year on year performance with the same period last year, the secondary market witnessed the highest transaction volume in July during the last decade which increased by 61.17 percent in terms of volume and 91.47 percent in terms of value.
The off-plan sales transactions attained the highest transaction volume in July and recorded a significant increase by 67.13 percent in terms of volume, and 81.43 percent in terms of value, compared to July 2021.
On the other hand, the total rental contracts in July attained 42,698 registered leases of which 56.04 percent were new contracts while 43.96 percent were renewed. Annual contracts acquired 85.94 percent of the total contracts while 14.06 percent were non-annual. Additionally, the registered leases for residential purposes acquired 72.98 percent of the total contracts, while 25.66 percent were registered for commercial purposes.
July’s rental contracts remained strong and witnessed a 4.33 percent increase, supported by the renewed contracts which increased by 24.65 percent compared to June 2022. The annual contracts continue to dominate the rental market and witnessed a 7.14 percent increase compared to June 2022 and the rental leases for residential increased by 5.67 percent compared to June 2022.
The top areas according to Ejari Registrations for the most rental transactions in July were Jabal Ali First (1,557 contracts), Al Warsan First (1,534), Business Bay (1,209), Al Barsha South Fourth (1,173), Al Qusais First (1,145), Marsa Dubai (1,133), Nadd Hessa (1,111), Al Thanyah Fifth (961), Al Barsha First (912), and Mirdif (867).
According to Property Finder’s proprietary data, the top areas searched for sales 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.