Dubai Real Estate Report - Q1 2022
The Dubai real estate sector has seen significant recovery from the effects of Covid-19, with the first quarter of 2022 already seeing a number of property records being broken. This has included the largest single sales transaction in Dubai’s history, with AED 280 million palm villa being sold. This transaction is indicative of the trends in the super prime segment, with the luxury property sector seeing increasing demand over the past few months.
In looking at our analytics data, there was a 400% year-on-year increase in digital traffic for apartments and villas for sale in Dubai in the Prime and Super Prime sector. This surge is largely down to an influx of HNWI coming to Dubai to buy a residence or for investment purposes. Within the last few years, Dubai has clearly established itself as a prime destination for purchasing real estate, which has resulted in transaction prices continuing to grow year after year.
During the pandemic, we saw a big increase in demand for villa communities, with families wanting more outdoor space, yet although covid restrictions have been heavily lifted, demand for villa communities are still at a high, which has caused some issues in inventory. Due to lack of supply and high demand, villa prices have increased considerably, which has encouraged some buyers to purchase off-plan villas, or larger apartments.
In regards to apartments, buyers have been increasingly interested in higher-end projects that feature resort-style amenities, such as those in Palm Jumeirah area, and in Downtown Dubai, which has translated into a high number of transactions in these areas. This increasing interest in apartments for sale in Dubai can help to explain why average transaction prices are going up, whilst average property sizes are going down.
The Dubai property market is currently in a very strong and stable position, as of Q1. Current geopolitical tensions in other parts of the world have increasingly led to more foreign investors looking to Dubai as a safe haven for purchasing real estate, particularly in the Prime and Super Prime sectors. If Q1 is anything to go by, Dubai is set to have a strong year ahead, with expectations of continued growth, both in the short and long term.
As you can see, now is a prime opportunity to buy property in Dubai. Take a look at some of our most exclusive properties below.
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