According to DXBinteract.com, sales of the off-plan market grew by 100%, with over 52,000 deals worth more than AED 124B (USD 33.7B). Such astonishing indicators are attributed to a variety of flexible payment plans and lucrative yields from off-plan sales. It is worth noting that lately privacy and space are of great importance to homebuyers, which is why many individuals have decided to sell and switch to bigger properties. Additionally, a high number of tenants turned purchasers in order to benefit from low interest rates amidst increased rental prices in the emirate.
Sales of ready properties rose by 30% to reach 45,200 properties valued at AED 140B (USD 38B). Ready homes in Dubai carry price tags that are 14-30% lower than recent launches as a result of the inflation cost on construction materials and increased quality of features and amenities.
Luxury properties witnessed an increase of 97% in value and 85% in volume thanks to a considerable influx of wealthy individuals and undersupply of upscale units at the same time. There are approximately just 300 villas and 80 apartments, both off-plan and ready, which exceed the price of AED 40M (USD 10.9M) currently in Dubai. Most of them are situated in MBR City, Emirates Hills and Palm Jumeirah.
According to the DLD, the local real estate market witnessed an increase of female investors of up to 50.8% from 2021. That being said, there were 33,419 property investments recorded by women in 2022, valued at over AED 58.8B (USD 16B). A growing number of female investors illustrates the vision of the UAE leaders to encourage women to take part in different spheres of life and economic sectors.
The most popular Dubai areas for apartments were Business Bay, Dubai Marina, Jumeirah Village Circle, Al Merkadh and Downtown Dubai. At the same time, villas were in the highest demand in DAMAC Lagoons, Al Furjan, Dubai South, DAMAC Hills 2, and Villanova. As revealed by DXBinteract.com, Jumeirah Bay and Bluewaters Island registered 100% and 50% growth in the price per sq. ft respectively, which showcases the great investment potential of these 2 neighbourhoods.
