2022 Dubai Real Estate Report

Dubai Real Estate Report

Dubai Real Estate 2022 saw Business Bay take over Dubai Marina as the number 1 area for property sales transactions in Dubai in terms of numbers and an average price decrease of AED 1.1 million per unit which is down -3.1% v’s 2021.
However, Dubai Marina still took the most revenue as a whole with AED 13.3 billion in sales with an average increase of AED 1.8 million per unit which is +14.3% v’s 2021 price

JVC (Jumeirah Village Circle) is the cheapest area in the top 5 with an average purchase price of AED 686,700 per unit. An increase of 5.6% v’s 2021

Top 5 Most Popular Areas / Secondary

In Billions

Top 5 most popular areas sold / Off-Plan

In Billions

Business Bay - AED 1.3 million average price, an increase of 16.4% v’s 2021
Damac Lagoons - AED 2.9 million average price, an increase of 306% v’s 2021
JVC - AED 675,000 average price, an increase of 14.2% v’s 2021
Sobha Heartland – No additional data available.
Dubai Marina - AED 2.8 million average price, a decrease of 5.2% v’s 2021

OTHERS:

Not in the top 5 Dubai Hills (1,687 units), performed the worst with 27.83% reduction v’s 2021 with an average of AED 2,814,450 million per unit.

Palm Jumeirah AED 11.1 billion in sales (1,368 units) an 162.4% increase v’s 2021 with average price of AED 5.2 million.

City Walk (127 units) saw an increase of prices to an average of AED 3.2 million per unit, 16.36% year on year higher v’s 2021

Total sales transactions in all areas:

0 Transaction

Year on year increase v’s 2021 = 58.93%

0 Billion

Year on year increase v’s 2021 = 133.13%

Popular Areas

New Contract value average

In AED

Bulgari Residence, Jumeirah Bay:

Median rent Increase of +64.77% Year on year

Bluewaters Island:

Median rent Increase of +61.26% Year on year

Business Bay:

Median rent Increase of +20% Year on year

JBR (Jumeirah Beach Residence):

Median rent Increase of +20% Year on year

Dubai Marina

Median rent Increase of +38.89% Year on year

JVC (Jumeirah Village Circle)

Median rent Increase of +7.14% Year on year

Downtown Dubai.

Median rent Increase of +29.47% Year on year

Jumeirah Lake Towers:

Median rent Increase of +18.64% Year on year

Renewal average

In AED

Bulgari Residence, Jumeirah Bay:

Median rent Increase of +64.77% Year on year

Bluewaters Island:

Median rent Increase of +61.26% Year on year

Business Bay:

Median rent Increase of +20% Year on year

JBR (Jumeirah Beach Residence):

Median rent Increase of +20% Year on year

Dubai Marina

Median rent Increase of +38.89% Year on year

JVC (Jumeirah Village Circle)

Median rent Increase of +7.14% Year on year

Downtown Dubai.

Median rent Increase of +29.47% Year on year

Jumeirah Lake Towers:

Median rent Increase of +18.64% Year on year

Other Areas

New Contract value average

In AED

City Walk (Al Wasl)

Median rent Increase of +25.81% Year on year

Dubai Hills Estate

Median rent Increase of +22.73% Year on year

Palm Jumeirah

Median rent Increase of +28% Year on year

MBR (Muhammed Bin Rashid City)

Median rent Increase of +16.67% Year on year

Renewal average

In AED

City Walk (Al Wasl)

Median rent increase +3.45% Year on year

Dubai Hills Estate

Median rent decrease -4.76% Year on year

Palm Jumeirah

Median rent increase +5.42% Year on year

MBR (Muhammed Bin Rashid City)

Median rent decrease -63.03% Year on year

Dubai rental market sees a drop of interest in new properties from tenants as the rent prices from landlords increase beyond salaries. 2022 has seen more landlords putting their properties for rent with a decrease in interest from tenants due to the increased prices.

Part of this reason also lies in tenants trying to stay in the places they already have, the other part is that people who are able to, are trying to buy instead of renting properties, as the rents have increased dramatically, especially in villas and high end popular areas. Making buying with a mortgage a more viable and cheaper option for those that can pay the initial deposit required.

The majority of the new rental contracts are newcomers to Dubai, or internal tenants down sizing as the rent prices outstrip salary increases, while the amount of contract renewals has seen an increase as compared to 2021.