Dubai’s prime real estate sales grow 23% to $5.85bln in Q2

Dubai’s prime real estate sales grow 23% to $5.85bln in Q2

Dubai’s prime real estate sector continued to sustain its growth, with the sales volume surging by 23% as a total of 6,893 property transactions worth AED21.5 billion ($5.85 billion) took place in Q2, says an analysis by Luxhabitat Sotheby’s.

According to property transactions in Dubai for Q2 2022, the overall market volume surged by close to 10% when compared to Q1 2022, with a total of 13,857 apartments, 1,836 villas and 4,166 town houses sold at a total value of AED47 billion.

Prime residential market

The Dubai prime residential market areas used for the analysis included Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Business Bay, Emirates Living, Jumeirah, Jumeirah Beach Residence, Mohammed bin Rashid City, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lake Towers, Jumeira Bay and Palm Jumeirah.

Areas that showed a significant increase in volume between Q1 and Q2 include Dubai Marina, where sales volume almost doubled from AED888 million to AED1.75 billion; in Downtown Dubai, where sales also almost doubled from AED2.6 billion to AED4.8 billion, and Jumeirah Islands, where volume doubled from AED201 million to AED402 million.

"Showing signs of positive and sustained growth, Dubai’s real estate sector continues to attract high net worth investors from across the globe. While many