The Dubai real estate market recorded AED 22.7 billion sales in June – highest sales figures in the last 13 years – and reaching almost 71 percent of the total 2021 sales volume, Dubai Land Development (DLD) data revealed.
The June transaction figures are 32.88 percent higher in volumes and 24.21 percent in value terms on a sequential basis, compared to May 2022.
For the April-June quarter, Dubai’s property market transactions amounted to AED 59.29 billion, up by 6.81 percent compared to Q1 2022.
Last month’s property transaction figures were 41.23 percent higher in sales volume and 54.9 percent up in value terms to June 2021
According to data released by real estate consultancy Allsopp & Allsopp, the top three areas for June sales were Dubai Marina, Jumeirah Golf Estates and Downtown Dubai.
In Downtown Marina, the average sales price for June was AED 1.945 million, while it was AED 6.46 million in Jumeirah Golf Estates and AED 1.4 million in Downtown Dubai.
The top three seller nationalities in June, according to Allsopp & Allsopp, were British, Indian and Canadian, while the top three buyer nationalities in June were British, Indian and French.
Prior to this, June 2009 recorded the highest in terms of both real estate sales volume and value in Dubai.
As per the data, 60.45 percent of the transactions were in the secondary market and 39.55 percent in the off-plan market in June this year.
Lynnette Sacchetto, director of data and digital transformation at Allsopp & Allsopp said the Dubai real estate market has not disappointed this year with consistent growth month-on-month and quarter-on-quarter, despite global and local macroeconomic conditions.
“It is July and we have already reached 70.8 percent of total sales volume of 2021, which is significant to note. And I do not foresee these trends slowing down or shifting anytime soon,” Sacchetto said.
Allsopp & Allsopp also reported a 25 percent increase in rental contracts in the April-June period this year from Q1 of 2022.
The top three areas for rentals were Dubai Marina, Downtown Dubai and Dubai Hills Estate and the top three nationalities for tenants were British, Russian and Indian in June this year.
In Dubai Marina, Allsopp & Allsopp average rental in June was AED 132,771, while that in Downtown Dubai was AED 130,455 and Dubai Hills Estate AED 144,955.
DLD data for June showed Dubai recorded 8,838 total number of real estate transactions.
Source: https://www.arabianbusiness.com/money/wealth/money-wealth-real-estate/dubai-real-estate-market-records-6-9-billion-in-june-highest-sales-figures-in-last-13-years