Mo’asher data for August showcases a positive sentiment in the real estate sector.
Inayat-ur-Rahman, Business Editor
Dubai’s real estate sector maintains a sustainable growth in terms of sales value and volume in August 2022. According to Mo’asher, Dubai’s official Sales Price and Rental Performance Index launched by Dubai Land Department (DLD) in cooperation with Property Finder, Dubai’s real estate market records a total of 9,720 sales transactions worth Dhs24 billion registered in August 2022. The data marks the highest performance in the last decade and demonstrates a significant increase in the overall performance of the sales transaction volume by 69.57 percent and 63.58 per cent in terms of value year on year, which recorded the highest performance for a month ever recorded in the last 10 years.
In August 2022, Mo’asher recorded a 1.348 monthly index for sales and an index price of Dhs 1,311,362. The apartments monthly Index recorded 1.428 and an index price of Dhs1,229,308.
Furthermore, Mo’asher recorded a 0.983 monthly index for rental and an index price of Dhs 53,902. The apartments monthly Index recorded 0.988 and an index price of Dhs 49,195 whereas, the villas/townhouses’ monthly Index recorded 0.891 and an index price of Dhs 137,034.
Mo’asher data for August showcase a positive sentiment on the real estate sector with a record growth in the total sales transactions. During the month of August 2022, sales transactions overtook last year’s transaction with a significant increase of 69.57 percent compared to August 2021, which recorded the highest performance for a month ever recorded in the last 10 years.
Meanwhile, a survey made by the Dubai-based real estate brokerage, W Capital, revealed the upward trajectory of the Dubai real estate sector throw new sales record number during the first nine months of 2022. The total sales value exceeded Dhs180b, with more than 67,000 transactions, making it the largest sales value ever during that period, according to the latest data issued by DLD.
For the first time, the value of real estate sold for the period from January 1 to September 30 of each year exceeded Dhs180b, compared to Dhs116bn the highest sales number recorded in 2009, followed by Dhs102.6b last year 2021.
Monthly sales since the beginning of September 2022 until now has recorded an increase of 76% year-on-year compared to its counterpart last year.
The month of September of 2022 also witnessed the highest total value of real estate sales deals in the Emirate of Dubai, topping Dhs21bn to date, distributed over about 7,425 deals, which is the highest value ever for the month of September, followed by monthly sales of Dhs16bn last year, then Dhs12.6b. in 2013.
The third quarter of this year witnessed the highest quarterly sales value ever, exceeding Dhs68bn, spread over more than 25,000 deals.
Data showed an increase of 9.2% in Q3 deals and 13% in transaction value. The third quarter also showed a remarkable performance and achieved a 55% increase in volume and a 60% increase in value year-over-year compared to the third quarter in 2021.
Waleed Al Zarooni, W Capital CEO, said that the real estate market in Dubai continues to break records time after time, recording a new highs not seen before in terms of sales values and deal numbers. This is a strong indication of The continuation of the momentum and exceptional performance that started since late last year, and strong evidence of the increasing investment appetite for the real estate sector in the emirate.
“The real estate market has achieved unprecedented performance since the beginning of this year. Showing another record in the history of Dubai during the month of September,” the CEO said.” There was record growth in demand driven by a number of positive factors, in light of expectations of positive indicators during the remaining months of this year, with a record recovery and prosperity and steady growth in real estate sales to exceed Dhs230bn by the end of 2022,” he added.
Al Zarooni pointed out that the Dubai real estate market continues to receive great support from the unlimited facilities and qualitative initiatives launched by the emirate’s government, represented in the policies to support expatriates, new residency laws, and the residence of entrepreneurs and investors, in addition to the infrastructure that made Dubai a global hub in for real estate investors. And cemented its position at the forefront of global destinations as the best place to live, work and invest.
He explained that the increase in the return on real estate investment by a large percentage encouraged the influx of foreign investors to buy, adding that the market witnessed a radical change, especially with the noticeable shift in investments during the past few years, as it attracted foreign investors and capital after it was focused on local investors.
Al Zarooni pointed out that the “ Dubai Expo 2020 “, had the greatest impact in promoting the good investment and residence in Dubai and increased the demand for buying real estate.