The highest number of deals in the emirate in the past decade, with an increase of 63.5%... and an increase in the value of 88.4%

7,092 real estate sales worth 21 billion dirhams were registered in Dubai during July

• Data last July showed the positive performance of the real estate sector in the emirate through the continuous growth of sales.

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• Real estate transactions in Dubai last month exceeded the peak of sales in July 2013. Archive

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The real estate market in Dubai witnessed the registration of about 7,092 real estate sales last July, with a value of 21 billion dirhams, which is the highest performance of the market for the month of July during the past decade.

The data of the official index of sale and rent prices, which was launched by the Dubai Land Department, in cooperation with Property Finder, showed a significant increase in the overall performance of the volume of sales transactions by 63.56%, while the value of sales witnessed an increase of 88.41% on an annual basis.

Monthly Index

The data of the official index, which is taken from January 2012 as a base year, and from the first quarter 2012 as a quarter basis, indicated that the general monthly index of sales for the month of July recorded about 1.338 points at a price of one million

And 303 thousand and 493 dirhams, while the monthly index of apartments scored about 1.414 points at a price

One million and 218 thousand and 379 dirhams.

According to the data released yesterday, the monthly index of villas / townhouses scored about 1,349 points, at a price of two million and 162 thousand and 530 dirhams.

The general monthly index of residential rental performance scored 0.978 points last July, at a price of 52 thousand and 248 dirhams, while the monthly index of apartments scored about 0.981 points at a price of 48 thousand and 688 dirhams, so the monthly index for villas / townhouses scored about 0.880 points at a price of 135 thousand and 456 dirhams.

positive performance

The index’s data for the month of July showed the positive performance of the real estate sector, through the continuous growth of total sales transactions, as last July’s transactions exceeded the peak of July sales of 2013, which recorded about 5024 sales, which represents an increase of 41.16% over the peak of the market on a basis Monthly for July.

The secondary market continued to acquire the largest number of transactions by 59% in terms of the number of transactions, and about 70.6% in terms of value.

secondary market

Comparing the general performance on an annual basis with the same period last year, the secondary market witnessed the highest volume of transactions for the month of July during the past decade, as it witnessed an increase of 61.17% in terms of the number of transactions, and about 91.47% in terms of value.

Off-plan sales achieved the highest volume of transactions for the month of July, registering an increase of 67.13% in terms of the number of transactions, and about 81.43% in terms of value compared to July 2021.

Lease contracts

On the other hand, the total lease contracts last July amounted to 42,698 lease contracts, 56.04 percent of them are new contracts, while 43.9% are renewed contracts.

Annual contracts accounted for 85.94% of the total contracts, compared to 14.06% of non-annual contracts.

Also, lease contracts registered for residential purposes accounted for about 72.98% of the total contracts, while 25.66% were registered for commercial purposes.

The lease contracts for the month of July maintained the positive growth of the market and witnessed an increase of 4.33%, supported by the renewed contracts that witnessed a growth of 24.65%, compared to June 2022.

Annual contracts still dominate the rental market, as they witnessed an increase of 7.14%, compared to June 2022, and residential lease contracts increased by 5.67% compared to the same period.

• 59% of the sales were concentrated in the secondary market, and 41% of them were off-plan.

• Last month, 42.6 thousand lease contracts were registered, 56.04% of which were new contracts.

The first regions in terms of contracts

The first areas in terms of the number of lease contracts registered during last July, according to Ejari, are as follows: Jebel Ali First District (1557 contracts), Al Warsan First (1534 contracts), Business Bay (1209 contracts), and Al Barsha South Fourth (1,173 contracts). Al Qusais First (1,145 contracts), Dubai Marina (1,133 contracts), Nad Hessa (1,111 contracts), Al Thanyah Fifth (961 contracts), Al Barsha First (912 contracts), and Mirdif (867 contracts).

The most important areas on demand

Demand data from Property Finder's database showed that searches for apartments in Dubai last July were concentrated in: Dubai Marina, followed by Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle and Jumeirah Lake Towers.

Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills, Mohammed Bin Rashid City and Dubai Land topped the list in terms of searching for villas for sale.

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