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