Mo’asher, the UAE’s authorized sales price index issued by the Dubai Land Department in partnership with Property Finder, said Dubai recorded more than 25000 property transactions in the first three months of 2022. This is the highest number of property deals registered in a quarter since 2010. The total number of property transactions registered was 25,972.
The period of January to March registered 20,539 sales transactions which were worth Dh55.51 billion ($15.11bn).
DLD, on Tuesday, 26 April, said, “The data reveals Dubai’s real estate markets’ considerable growth and continuous upwards trend while it continues to provide crucial insights and translucency into the Dubai real estate market.”
In March, there were 8,399 sales transactions of Dubai property worth Dh22.58bn, which is up to 83% and 109% on a yearly basis, respectively.
The topmost regions that were searched for sale during the first three months for apartments were Downtown Dubai, Dubai Marina, Business Bay, Palm Jumeirah, and Jumeirah Village Circle, Property Finder data suggested.
Whereas the top areas looked for townhouses or villas were Palm Jumeirah, Dubai Hills Estate, Damac Hills (Akoya By Damac), Arabian Ranches and The Springs.
The property market in the United Arab Emirates (UAE), the second-largest Arab economy, has made a powerful recovery from the pandemic-driven slowdown because of the nation’s economy enhanced on the back of fiscal and monetary measures.
Pent-up demand and enhanced investor sentiment have further helped to increase property sales, especially in Abu Dhabi and Dubai, amidst the pickup in economic activity.
Industry experts say recent initiatives, like visas for expatriate retirees as well as the expansion of the 10-year scheme of golden visas, are expected to support the local market.
Around 44,783 rental contracts were registered in Dubai last month, with 60.3% new contracts and 39.72% renewal contracts.
The regions with the most rental transactions last month were Jabal Ali First (6,259 contracts), Business Bay (5,056), Al Warsan First (6,224), Naif (5,011) and Al Karama (5,007).