In the first two months of 2022, 12,119 real estate transactions were concluded on the local market. This is 17.7% higher than in 2017, which was followed by the previous similar record.
February showed excellent results — there were 6,346 transactions out of the specified number. This is the highest result for February among all the years of observations and it is 43.5% higher than the last such record. This result is also 9.9% higher than in January 2022.
Off-plan real estate market
In February of this year, 2,576 transactions on off-plan real estate were recorded (real estate under construction), which is 4.9% less than in January 2022, but shows an annual growth of 112.9%.
Besides, last month, more than 3,000 off-plan housing projects went on sale. Townhouses occupy 58.5% in this category. Apartments account for 36.8%, and not villas — 4.7%.
Secondary market and mortgage lending
Compared to January, February increased by 4.5% in the number of transactions in the secondary housing market. During the month, 2,180 real estate resale transactions were recorded — 34.4% of the total market for the month.
During this period, 1,580 real estate transactions involving mortgage funds were recorded in Dubai, which is 11.7% more than in January of this year.
Prices, cost and rental income
In February, prices rose by 1.12%, while the average estimated value of real estate was at around USD 2,933 per square meter. Only 18.8% separate the current figure from the historical peak of September 2014.
Rental income increased by 6% over the month. By category, the yield from rent to townhouses, apartments and villas increased to 5.6%, 7% and 5.1%.
It is expected that real estate prices and rental rates in the residential sector of the market will grow during 2022, according to S&P Global Ratings.
