Emirates News Agency – Dubai property market records highest sales volume in nine years in June

DUBAI, 29th July, 2022 (WAM) — The Dubai property market recorded a total of 8,897 sales transactions worth AED22.75 billion, the highest sales transaction volume for the month of June over the past nine years, according to Mo’asher, Dubai’s official sale price and rental performance index.

June saw a 34% increase in volume and a 24.8% increase in value compared to May 2022. 60.05% of all sales transactions recorded were for secondary properties and 39 95% were for off-plan properties.

The off-plan market handled 3,554 properties with a total value of AED 7.057 billion and the secondary market handled 5,343 properties worth AED 15.692 billion. Compared to the same period last month, the number of off-plan transactions in June increased by 28.96% and secondary / ready real estate transactions increased by 37.53%.

The second quarter marked the highest quarterly sales transaction volume in the past decade with a total of 22,504 transactions worth AED59.154 billion. Comparing data quarter over quarter, Q2 was 9.61% higher in volume and 6.77% higher in value. The second quarter demonstrated a significant performance and showed an increase of 45.86% for volume and an increase of 61.56% for value compared to the second quarter of 2021.

In the second quarter of 2022, 59.68% of sales transactions recorded for secondary/ready properties and 40.32% were for off-plan properties. In terms of trading volume, the off-plan market handled 6,025 properties worth AED 18.565 billion and the secondary market handled 13,430 properties worth AED 40.589 billion. Comparing this to Q1 2022, the number of off-plan transactions in Q2 increased by 5.75%, and secondary/ready real estate transactions increased by 12.38%.

The most notable result in the second quarter of 2022 marks the achievement of 123,856 leases, of which 59.48% were new contracts while 40.52% were renewals. Considering the duration of the contracts, in the second quarter, 81.41% were annual while 18.41% were non-annual.

The main areas that recorded the highest rental transactions in June 2022 were Jebel Ali First (1,423 contracts), Al Warsan First (1,311), Al Barsha South Fourth (1,250), Marsa Dubai (1,202) and Business Bay (1,148). ).

According to proprietary data from Property Finder, the most popular areas for apartment rentals in June were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle and Jumeirah Lake Towers. While the most sought after areas for villas/townhouses were Dubai Hills Estate, Jumeirah, Al Barsha, Akoya and The Springs.

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