Dubai real estate continues growth momentum with record transactions in 2022

The emirate recorded 90,881 residential transactions in 2022, exceeding the historic record high of 81,182 in 2009

The Dubai’s real estate sector continued its growth momentum in December to conclude the year on positive note as the residential rents and transactions hit record highs in 2022.

Latest data released by CBRE showed that the real estate transactions in Dubai surged 63 per cent to 8,662 last month mainly due to a significant hike of 92.5 per cent in off-plan sales and 35.4 per cent jump in secondary sales. The emirate recorded 90,881 residential transactions in 2022, exceeding the historic record high of 81,182 in 2009.

“Average property prices rose by 9.5 per cent in the year to December 2022, with average apartment prices rising by nine per cent and average villa prices by 12.8 per cent over the same period,” according to CBRE’s Dubai Residential Market Snapshot.

The report noted that Dubai’s average apartment prices climbed to Dh1,168 per square foot, and average villa prices reached Dh1,385 per square foot in December. These average rates have not yet surpassed the record highs of 2014, with the average apartment and villa prices being 21.5 per cent and 4.2 per cent below this peak.

Jumeirah has registered the highest sales rate per square foot at Dh2,324 in the apartment segment while Palm Jumeirah registered the highest sales rate per square foot at Dh3,921 in the villa segment, according to the report.