Dubai: June property sales transactions amount to Dhs22.7bn

Dubai: June property sales register nine-year high, sales transactions amount to Dhs22.7bn

According to Mo’asher data, Q2 2022 marked the highest quarterly volume of sales transactions for the last decade, with a total of 22,504 transactions worth Dhs59.154bn

Gulf Business

31 July, 2022

Dubai: June property sales register nine-year high, sales transactions amount to Dhs22.7bn

According to the latest figures from Mo’asher, Dubai’s official sales price and rental performance index, the emirate’s real estate market recorded a total of 8,897 sales transactions worth Dhs22.75bn, the highest volume of sales transactions for the month of June in the past nine years.

The month of June witnessed a 34 per cent increase in terms of volume and a 24.8 per cent increase in terms of value compared to May. Around 60.05 per cent of all sales transactions recorded were for secondary properties and 39.95 per cent were for off-plan properties.

The off-plan market transacted 3,554 properties worth a total of Dhs7.057bn and the secondary market transacted 5,343 properties worth Dhs15.692bn.

In comparison to the same period last month, the number of off-plan transactions in June increased by 28.96 per cent, and the secondary/ready property transactions increased by 37.53 per cent.The second quarter of 2022 marked the highest quarterly volume of sales transactions for the last decade with a total of 22,504 transactions worth Dhs59.154bn.Comparing the quarter-on-quarter data, Q2 obtained 9.61 per cent more in terms of volume and 6.77 per cent more in terms of value.The quarter also demonstrated a significant performance and showed an increase of 45.86 per cent for volume and an increase of 61.56 per cent for value when compared to Q2 in 2021.In Q2 2022, 59.68 per cent of sales transactions were recorded for secondary/ready properties and 40.32 per cent were for off-plan properties.

In terms of the volume of transactions, the off-plan market transacted 6,025 properties worth Dhs18.565bn and the secondary market transacted 13,430 properties worth Dhs40.589bn.

The number of off-plan transactions in Q2 increased by 5.75 percent ver Q1 2022, and the secondary/ready property transactions increased by 12.38 per cent.

The second quarter saw 123,856 rental contracts registered of which 59.48 per cent were new contracts while 40.52 percent were renewals. In Q2 81.41 percent were annual while 18.41 percent were non-annual.

The top areas that observed the highest rental transactions in June 2022 were Jebel Ali First (1,423 contracts), Al Warsan First (1,311), Al Barsha South Fourth (1,250), Marsa Dubai (1,202), and Business Bay (1,148).

According to Property Finder proprietary data, the top searched areas for apartment rentals in June were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lake Towers. While, the top searched areas for villa/townhouses were Dubai Hills Estate, Jumeirah, Al Barsha, Akoya, and The Springs.

Real Estate Dubai Land Department Mo’asher Proeprty Finder