Dubai’s residential transactions hit new high in 2022, says report

Dubai’s residential transactions hit new high in 2022, says report

The total volume of transactions in Dubai reached 8,662 in December 2022, up 63% over the previous year mainly supported by a 92.5% increase in off-plan sales and a 35.4% jump in secondary sales, according to CBRE, a leading real estate services company.

Over the full year, a record total of 90,881 residential transactions has been registered in 2022, exceeding the historic record high of 81,182 from 2009, it stated.

According to CBRE, there was a 9.5% jump in the average property prices in the year to December, with apartment prices rising by 9% and average villa prices by 12.8% over the same period.

As of December 2022, Dubai’s average apartment prices reached AED1,168 per sq ft, and average villa prices reached AED1,385 per sq ft.

However, these average rates have not yet surpassed the record highs of 2014, with the average apartment and villa prices being 21.5% and 4.2% below this peak, stated CBRE in its report.

In the apartment segment of the market, Jumeirah has registered the highest sales rate per sq ft at AED2,324, whereas, in the villa segment of the market, Palm Jumeirah recorded the highest sales rate per sq ft at AED3,921.

In the year to December, average rents increased by