“Al-Majtar” properties are witnessing a recovery, recording an increase of 307% in value during January
23.7 thousand real estate deals worth 63.4 billion dirhams since the launch of "Expo 2020 Dubai"
The Dubai real estate market recorded its best annual start in January 2022. Archive
Lynette Satchetto, Director of Research and Data Department at Property Finder, expected that the real estate market will continue to perform "on-off" due to investor demand, competitive prices, and Dubai's attractiveness with its distinguished projects.
The real estate market in Dubai has witnessed the completion of 23,739 deals since the launch of the Expo 2020 Dubai, worth 63.43 billion dirhams, including 13,120 deals in the “secondary / ready market” worth 41.19 billion dirhams, and 10,619 deals in the “on-plan” real estate market. With a value of 22.24 billion dirhams.
A report by the "Property Finder" website, which specializes in the real estate sector, showed that the real estate market in Dubai recorded its best annual start in January 2022, thanks to the positive impact of "Expo 2020 Dubai", as it witnessed in January the completion of 5797 deals worth 16.69 billion dirhams.
And the "secondary/ready market" last January attracted 53% of the total deals, compared to 47% in the "off-plan" real estate market.
The real estate market sales on the scheme included 2706 properties with a total value of 5.32 billion dirhams, while the ready-made real estate market witnessed the completion of 3,091 sales transactions worth 11.37 billion dirhams.
When comparing on a monthly basis between January 2022 and December 2021, the value of “on-plan” real estate market sales decreased by more than 6%, while the sales volume recorded an increase of 5.58%.
The “secondary market” recorded an increase in the volume of sales by 1.74%, and in value by 13.68%, while the value of the total completed deals increased by 6.40%, with an increase in their volume by 3.5% compared to December 2021.
And compared to January 2021, January 2022 witnessed an increase of 74.56% in the volume of deals, and by 145.31% in value.
In turn, the “secondary market” recorded an increase in the volume of deals by 30.7%, and in value by 106.77%.
As for the “off-plan” real estate market, it witnessed a remarkable recovery, as the value of the total completed deals increased by 307.88%, with an increase in their volume by 183.05%.
Lynette Sacheto, Director of Research and Data at Property Finder, said: “There are many questions about the prospects for the end of 2022, at a time when many factors such as data and trends point to a continuous increase in sales volume and prices in key and preferred regions during the year. ».
She added, "With a decrease in the supply of new real estate within major areas and specific categories of real estate, such as villas and townhouses, we will witness a continuous rise in prices in these areas in light of strong and continuous demand," suggesting the continued good performance of the real estate market "on plan" due to Attractiveness of investors, competitive prices, and the attractiveness of Dubai with its distinguished projects.
And she continued, "Many real estate development companies evaluated their view of the market during the (Covid-19) crisis, to discover the new and appropriate type of projects for investors and dealers alike."
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