Dubai: Real estate sales jump 78% to Dh265.5 billion in 2022

Dubai: Real estate sales jump 78% to Dh265.5 billion in 2022

Property market sales reached Dh82.11 billion during the fourth quarter as compared to Dh69.42 billion in the previous quarter, reflecting an increase of 18.3 per cent

An aerial view of the Marina Beach in the Gulf emirate of Dubai. The property market sales reached Dh82.11 billion during the fourth quarter as compared to Dh69.42 billion in the previous quarter, reflecting an increase of 18.3 per cent. — AFP

Published: Thu 19 Jan 2023, 8:15 PM

Dubai property market witnessed strong sales activity last year on the back of higher demand for off-plan properties.

In 2022, the number of sales transactions jumped 61.5 per cent to 97,448 while the total a value reached Dh265.51 billion, an increase of 78.1 per cent over the previous year, according to a note released by Emirates NBD Research.

Referring to the Dubai Land Department statistics, the research note said property market sales reached Dh82.11 billion during the fourth quarter as compared to Dh69.42 billion in the previous quarter, reflecting an increase of 18.3 per cent.

Total number of transactions also grew from 25,468 in third quarter of 2022 to 29,212 in fourth quarter of 2022, indicating an increase of 14.7 per cent.

“The strong finish to the year for Dubai’s real estate