Dubai realty stands out with a double-digit price surge

Dubai realty stands out with a double-digit price surge

Sales performance in 2022 for the residential segment did indeed reach a new all-time high with 86,849 sales displacing the long-standing record of 80,831 sales set in 2009.

Resisting the pressures of rising interest rates and inflation with two straight years of turbo-charged growth, Dubai remains a standout global property marketplace, having recorded a double-digit price surge for 2022, according to Property Monitor.

Overall property price growth reached 11.05 per cent in 2022, averaging 0.92 per cent per month— down from 1.33 per cent per month in 2021 when annual price growth was just shy of 16 per cent, but still, a very strong yearly performance, the real estate data platform said in its report.

Last year has been “an incredibly strong year” for the Dubai real estate market as property price recorded a 1.17 per cent increase in December. Property values now stand at Dh 1,089 per sq. ft. according to the Property Monitor Dynamic Price Index (DPI), now back to a level not seen since December 2013 during the last market upswing and in January 2018 on the long pre-Covid down cycle.

The total volume of sales transactions declined 10.4 per cent in December registering a total of 9,131 sales. However, transactions