Residential Sales Price Index - March 2022

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.‬

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Residential Sales Price Index - March 2022 26 April, 2022 / 4 MB / PDF