Dubai Property Sales Beat 2022 Annual Total in Just 10 Months

Dubai Property Sales Beat 2022 Annual Total in Just 10 Months

Dubai surpassed the total number of residential deals in 2022 by the end of October, with 93,590 transactions versus 92,178 last year, as fewer new off-plan projects launched by developers weighed on monthly sales, dropping 23.6% on an annual basis, Invest-Gate reports.

“Demand remains robust despite the decline in new projects,” noted Taimur Khan, head of research at CBRE, adding that off-plan uptake has reached unprecedented levels.

Dubai continues setting global expectations for surging home prices after breaking a decade-old record and seeing rental rates spike significantly following a seven-year recession that attracted diverse investors.

Off-plan demand has notably risen since 2022, with premium and prime location residences 90% sold and more than two-thirds of city properties reserved, per CBRE data.

Off-plan allows more affordable entry compared to existing homes, as most developers aim for two to three years for completion.

In a recent deal, nearly 800 homes in a new Dubai project sold within hours, generating $844 mn for backers including Aldar Properties. Phase one construction begins in mid-2024.

While median prices rose 19.1% in October, increases slowed slightly from the month prior. Rental gains also eased to 19.7% from 20.6%.


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