Dubai records highest real estate transactions in 12 years in July

Dubai recorded 7,092 property sales transactions worth AED21 billion ($5.72 billion) in July, which is the best start for the second half in the past 12 years, according to Property Finder , Mena’s leading PropTech company.

Comparing year-over-year performance, total sales transaction volume jumped from 63.56% compared to July 2021 to 41.16% compared to the volume peak of July 2013. Additionally, the value increased significantly by 88.41% compared to 2021 and 58.27% compared to 2013.

In July, 59% of all sales transactions were for secondary/ready-to-use properties, while 41% were for off-plan properties. Considering the transactional volume, the secondary/loan market processed 4,184, showing a significant increase in volume of 61.17% compared to July 2021 and around 91.47% in terms of value. The VEFA market also traded 2,908, recording an increase of 67.13% compared to July 2021 and around 81.43% in value.

Rental market

On the other hand, the rental market in July recorded 42,698 contracts, an increase of 4.33% compared to June, where the total of renewed contracts recorded an increase of 24.65%. Annual contracts dominated the rental market by 86%, with a total of 36,695.

In addition, demand for residential leases remains strong, representing 72.97% of total rental leases in July, recording an increase of 5.67% compared to June 2022.

Commenting on the market, Scott Bond, UAE Country Manager at Property Finder, said: “We have seen positive momentum in the market over the past few months, demonstrating the resilience of the Dubai sector. The market reflected a strong performance for July, supporting all expectations and surpassing the market volume peak in 2013, resulting in the highest market value trades year over year.

Top areas

According to proprietary data from Property Finder, the top areas sought for sale in July were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle and Jumeirah Lake Towers.

The most sought after areas for villa/townhouse sales in July were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya by Damac), Mohamed bin Rashid City and Dubai Land.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

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