Rent or buy? Top Dubai areas for apartments, villas revealed

Rent or buy? Top Dubai areas for apartments, villas revealed

Year 2022 proved to be a record-breaking year for the emirate's real estate sector as it surpassed 2014 peak levels

Published: Tue 10 Jan 2023, 1:36 PM Last updated: Tue 10 Jan 2023, 1:54 PM

Dubai has seen 97,400 real estate transactions worth a whopping Dh265.7 billion in 2022, with many residents and investors opting to buy property in the heart of the city.

With more than 10,300 real estate transactions valuing Dh17.6 billion at an average price of Dh1.2 million, Business Bay led the chart for the highest sales in 2022 and the prime area is expected to continue its supremacy in 2023 as well, according to Zoom Property Insights.

Other communities that are expected to perform well in the new year are Dubai Marina, JVC, and Downtown Dubai, the report added.

Ata Shobeiry, CEO of Zoom Property, lauded the property market’s remarkable performance in 2022, saying it proved to be a record-breaking year for Dubai real estate in many ways.

"Not only was the market able to surpass the 2014 peak levels, but it also achieved new milestones as the years progressed. The same performance is expected from 2023 as well since foreign investors and high-net-worth individuals continue to get attracted by the Dubai