After a significant year of growth in Dubai real estate, 2022 has started off just as strong as 2021 with a total of 20,539 sales transactions worth AED 55.51 billion as of March 31st. The secondary market had the largest share of sales transactions with a total of 11,923 sales transactions worth AED 39.39 billion, while the off-plan market had a total of 8,616 sales transactions worth AED 16.12 billion. In March, 82.7 percent of the overall transactions were apartments while 17.3 percent were for villa/townhouses. The secondary market represents 60.16 percent of total sales while the off-plan market represents 39.84 percent of total sales.
Q1 2022 individual months witnessed an outstanding performance and break all the monthly records, January was the all-time best January on record with 5,792 real estate sales transactions worth AED 16.66 billion. February followed suit with 6,348 sales transactions worth AED 16.26 billion making it the highest February ever recorded for both sales volume and value, and March took the market by storm with the highest month ever on record for sales value worth AED 22.58 billion and the highest month in the past 7 years in terms of sales with 8,399 transactions.
Comparing market performance M-o-M and Q-o-Q, March 2022 an 83 percent increase in the number of sales transactions compared to March 2021 and a 109 percent increase in values. and Q1 2022 shows a 14.76 percent increase in sales transactions volume and an 18.93 percent increase in value compared to Q4 2021.
In Q1 2022, we continued to see off-plan properties increase quarter-on-quarter by 9.31 percent. During the pandemic, many developers had to assess the market to understand the new market demand preferences and type of projects they need to build to attract investors and consumers alike. This is one of the key factors that has made the off-plan market in demand again coupled with low supply in prime residences, popular areas and prices have increased in the secondary market.