Residential real estate sales prices increased by 24% in 2022
Bayut: Dubai real estate .. performance exceeds expectations
Dubai Marina continued to be the preferred choice for investors wishing to buy luxury apartments in the UAE today
Haider Ali Khan: "2022 witnessed a trend towards more digitization and transparency in the Dubai real estate market."
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A report by Bayut real estate website on the performance of the real estate market in Dubai for the year 2022 showed that the sale prices of apartments and villas in the most famous areas of Dubai increased by between 2 and 24% during 2022. The report confirmed that last year witnessed a performance that exceeded expectations for the real estate market, which appeared through Record numbers of real estate transactions and favorable investment opportunities.
The report, of which Emirates Today obtained a copy, stated that the emirate witnessed a rise in prices in the most demanded areas, which is of great benefit to owners and real estate sellers alike, referring to the continuous recovery in sales and rental prices, to a great demand for luxury real estate and those Medium priced.
rental traffic
According to the report, rents for low-priced apartments increased by 24%, while rents for luxury apartments increased by a significant rate, ranging between 24 and 54%.
As for villas with low rental values, they increased by between 2 and 23%, while rents for luxury villas increased by up to 54%.
Those looking for low-cost housing units focused their attention on Jumeirah Village Circle and Bur Dubai. As for low-rent villas, Damac Hills 2 and Mirdif were at the top of the searches.
In turn, the "Dubai Marina" and "Business Bay" areas attracted those looking for luxury apartments, and the "Al Barsha" and "Jumeirah" areas remained preferred options for those looking for villas.
Buy luxury apartments
The report stated that the "Dubai Marina" area continued to lead as the preferred choice for investors wishing to buy luxury apartments in Dubai.
He explained that the price per square foot in the region increased by 11.62%, with an average of 1532 dirhams during 2022.
The report pointed out that investors' search for luxury apartments also went to the areas: "Downtown Dubai", "Business Bay", "Palm Jumeirah" and "Jumeirah Beach Residence", at a time when the average selling price of a square foot increased by about 15%.
low prices
According to the search trends recorded on the Bayut website, Jumeirah Village Circle remained the most popular option for low-priced apartments in Dubai, with the sale price of apartments there increasing by 7.25% over the average purchase price per square foot, reaching 896 dirhams in 2022. .
Those wishing to buy low-priced apartments in Dubai also showed special interest in certain areas such as: "Jumeirah Lakes Towers", "Dubai Silicon Oasis", "Dubai Sports City" and "International City".
The report pointed to an increase that ranged between 2 and 11% in the average selling price per square foot, at a time when the highest increase in the prices of these properties was recorded in Jumeirah Lakes Towers.
Rent to own
The "Dubai Hills Estate" area attracted the attention of large investors looking to rent villas for the purpose of owning, at a time when the average price per square foot of villas increased by 17.3% in 2022, to settle at 1541 dirhams.
Investors also showed interest in high-priced villas in the “Palm Jumeirah” area, “Damac Hills” and “Arabian Ranches 2”, as prices increased in these areas by up to 24%.
above expectations
Haider Ali Khan, CEO of Bayut and Dubizzle and head of the EMPG Group in the Middle East and North Africa, said: “The past year witnessed a performance that exceeded expectations for the real estate market, and this was demonstrated by the record numbers of real estate transactions and favorable investment opportunities.” .
He added, "We saw the market in 2022 heading towards more digitization and transparency, at a time when we are working with the Dubai Land Department, to ensure the continuity of improving the quality of the content included on our platforms, and providing transaction data on the (bayut) website," stressing that these initiatives will work. To enhance the attractiveness of the real estate market in Dubai, among investors from international markets.
He continued: «The percentage of demand for real estate in Dubai continued to rise, and the number of site visitors searching for real estate increased, and the percentage of inquiries on the (bayut) website increased significantly over the past year, which reflects the existence of a higher-than-usual demand trend in the market».
He said: «Dubai has done a great job in managing growth initiatives in the past few years, and we are all reaping the fruits of the hard work made by the concerned authorities, and I see that Dubai continues to consolidate its position as a preferred destination, and make the expectations from 2023 very interesting».
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