The real estate sector in Dubai has
been performing well in recent years, but this year it surpassed its 2014 peak
levels.
In 2022, Dubai witnessed 97,400 real estate
transactions totaling a massive Dh265.7 billion, with many residents
and investors electing to acquire property in the heart of the city.
According to Zoom Property Insights, Business Bay led
the table for the biggest sales in 2022, with over 10,300 real estate
transactions valued at Dh17.6 billion at an average price of Dh1.2 million, and
the premier region is anticipated to maintain its dominance in 2023 as well.
Ata Shobeiry,
CEO of Zoom Property, praised
the property market's outstanding achievement in 2022, calling it a
record-breaking year for Dubai real estate in many areas.
In his statement, “Not only was
the market able to surpass the 2014 peak levels, but it also achieved new
milestones as the years progressed. The same performance is expected
from 2023 as well since foreign investors and high-net-worth individuals
continue to get attracted by the Dubai property market and venture into it.”
Here are the Top
areas for Apartments;
According to Zoom Property Insights, around
67,700 apartments were sold in 2022 with an average price of 1.2 million. It
was a 71.1 percent increase in the number of sales and a 20.9 percent
increase in the average price when compared to 2021.
Further analysis reveals that Business
Bay topped the apartment sector, accounting for slightly more
than 9,300 transactions. The average price of an apartment in Dubai was
Dh1.3 million, with a total transaction value of Dh14.6 billion.
Dubai Marina and
JVC are also on the list with 7,320
transactions at an average price of Dh. 2.1 million as the former record
while the latter had 5,690 apartments
sold at Dh642,000 as the average price.
Other significant areas in 2022 were Downtown
Dubai, Dubai Creek Harbour, and Palm Jumeirah, which are predicted to
do similarly well in 2023.
Top areas for
villas;
On the report of Zoom Property, they
revealed that 2022 saw a little over 22,600 transactions for villas in
Dubai at an average price of Dh2.1 million. Compared to 2021, it marked
a year-on-year growth of 42.1 percent vis-à-vis the number of transactions.
With 2,210 sales
at an average price of Dh2.9 million,
Jabal Ali First remained at the forefront of top regions. Dubai South
came in second with 1,485 transactions. Villas in this neighbourhood were
priced on average at Dh1.8 million. Villanova and Arabian Ranches also had a
large number of trades, with 1,178 and 1,155 transactions, respectively.
Mudon, Dubai
Hills, Tilal Al Ghaf, and Emirates Living
were other notable communities for villas in 2022. These communities are also expected
to continue their dominance in the villa segment in 2023.
“The contribution of each sector of
the market has played a vital role in the booming success of Dubai real estate.
With various new developments joining the bandwagon, 2023 will see the property
market reaching new heights of success,” Shobeiry said.
SOURCE: KHALEEJ TIMES
(RPN: 63969)