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A review of the growth dynamics of the Dubai real estate market, conducted by a number of analysts during September 2022, showed that in the first 9 months of this year, more than 67,000 real estate transactions were recorded in the emirate.
Together, they brought in about $49 billion. According to the Dubai Land Department (DLD), the results of the current period were the largest in the history of observations.
The previous record was held in 2009, when about $31.5 billion was received. The local market tried to match this bar in 2021, when $27.9 billion was received. However, it was 2022 that managed to consolidate the growth that began last spring, showing an increase in sales by 76% in annual terms in the period under review.
If August of this year was able to break the 12-year record in the volume of real estate transactions, September broke the record in their total value. During the month, about $5.7 billion were received, and among the similar months of previous years, the closest competitor is only September 2021, when about $4.3 billion were received, and September 2013 with its $3.4 billion.
The end of the month also accounts for the end of the third quarter. According to current data, the third quarter of 2022 also recorded a historical record among similar periods, exceeding the mark of 25,000 concluded transactions totaling $18.5 billion. Thus, the annual growth in transactions and transactions in the quarter ended amounted to 9.2% and 13%.
Despite the incredible increase in real estate prices, which makes it much less affordable for the general consumer, in general Dubai is still quite a «cheap» city for purchases and investments. It is predicted to slowdown in growth, but there is still a wide window of opportunity for wealthy buyers and buyers with much more modest savings.
