Real estate transactions in Dubai continued to grow robustly in 2022

Real estate transactions in Dubai continued to grow robustly in 2022

Emirate’s safe-haven status exemplified as investors flock to the UAE

Published: Fri 27 Jan 2023, 4:30 PM

Residential transaction activity in Dubai continued to grow robustly last year, with transaction volumes in the emirate up 51 per cent between January and November 2022 while the value of transactions rose by 55 per cent, data from Dubai Pulse showed.

Anecdotal evidence suggests that the jump can be largely attributed to the spike in demand from foreign buyers, as per JLL’s UAE 2022 Year in Review report released on Friday.

In addition, the delivery of 38,000 residential units last year pushed Dubai’s total supply to 680,000 units whilst, in Abu Dhabi, the delivery of roughly 6,000 units brought the capital’s residential stock to 279,000 units. In 2023, the level of scheduled completions will be a little higher (41,000 units) in Dubai and the capital is slated to see the planned completion of 6,000 units.

In annual terms, average residential sales prices were up 10 per cent and 3 per cent in Dubai and Abu Dhabi, respectively, in Q4 2022. Though rents in Dubai grew by 27 per cent over the same period, they largely remained flat in the capital.

Faraz Ahmed, Associate, Research at JLL MENA, said: “2022