Dubai property market records 9720 total sales worth AED 24.3bn – The Peninsula

Dubai property market records 9720 total sales worth AED 24.3bn – The Peninsula

Doha: According to Property Finder, the leading MENAT’s proptech company, the real estate market recorded 9,720 total sales worth AED 24.3bn, the highest performing month in terms of sales transactions volume and value in 12 years.

Comparing period-over-period growth, August witnessed a monthly growth rate in volume of around 37.1% and 69.6% compared to last year. In terms of value, August registered a month-on-month (MoM) growth of 16.1% and around 63.6% year-on-year (YoY).

In terms of the growing volume of transactions, total sales for ready properties jumped 27.4% over July 2022 at 67.5% compared to August 2021.

Additionally, the value of transactions witnessed around a 6.7% MoM increase at 57.4% year-on-year.

The off-plan market transacted 4,392 properties worth AED 8.5 billion, the highest monthly transaction in 12 years. Considering the transactional volume, the off-plan market presented a significant increase of 51.1% MoM at 72.1% YoY. In terms of value, the market surged by 38.5% MoM at 76.5% YoY.

On the other hand, in terms of volume, the mortgage industry experienced an unprecedented growth of 15.7% MoM, exceeding previous records year on year by 21.2%.

The August rental market recorded an increase of 10.6% MoM, whereby rental contracts dipped to 9.3% YoY due to the decrease of