WAM
29 Jul 2022, 21:40 GMT+10
DUBAI, 29th July, 2022 (WAM) -- Dubai's real estate market recorded a total of 8,897 sales transactions worth AED22.75 billion, the highest volume of sales transactions for the month of June in the past nine years, according to Mo'asher, Dubai's official sales price and rental performance index.
The month of June witnessed a 34 percent increase in terms of volume and a 24.8 percent increase in terms of value compared to May 2022. 60.05 percent of all sales transactions recorded were for secondary properties and 39.95 percent were for off-plan properties.
The off-plan market transacted 3,554 properties worth a total of AED7.057 billion and the secondary market transacted 5,343 properties worth AED15.692 billion. In comparison to the same period last month, the number of off-plan transactions in June increased by 28.96 percent, and the secondary/ready property transactions increased by 37.53 percent.
Q2 marked the highest quarterly volume of sales transactions for the last decade with a total of 22,504 transactions worth AED59.154 billion. Comparing the quarter-on- quarter data, Q2 obtained 9.61 percent more in terms of volume and 6.77 percent more in terms of value. Q2 demonstrated a significant performance and showed an increase of 45.86 percent for volume and an increase of 61.56 percent for value when compared to Q2 in 2021.
In Q2 2022, 59.68 percent of sales transactions recorded for secondary/ready properties and 40.32 percent were for off-plan properties. In terms of the volume of transactions, the off-plan market transacted 6,025 properties worth AED18.565 billion and the secondary market transacted 13,430 properties worth AED40.589 billion. Comparing this to Q1 2022, the number of off-plan transactions in Q2 increased by 5.75 percent, and the secondary/ready property transactions increased by 12.38 percent.
The most notable outcome in Q2 2022 marks reaching 123,856 rental contracts where 59.48 percent were new contracts while 40.52 percent were renewals. Considering the timeframe for the contracts, in Q2 81.41 percent were annual while 18.41 percent were non-annual.
The top areas that observed the highest rental transactions in June 2022 were Jebel Ali First (1423 contracts), Al Warsan First (1311), Al Barsha South Fourth (1250), Marsa Dubai (1202), and Business Bay (1148).
According to Property Finder proprietary data, the top searched areas for apartment rentals in June were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lake Towers. While, the top searched areas for villa/townhouses were Dubai Hills Estate, Jumeirah, Al Barsha, Akoya, and The Springs.
Get a daily dose of Breaking Property News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.
More InformationLONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
Too far? Sunrise weatherman Sam Mac shocks co-host Natalie Barr in a VERY awkward exchange
UK Housebuilders Offer 100m To Settle CMA Probe Into Information Sharing
Teviot Estate Regeneration Secures Planning Green Light For 800m Transformation
Roger Bullivant Appointed For Piling Works On New Boxing Academy And School
City of London Approves Twin Skyscraper Developments
Persimmon Homes Submits Plans For 562 New Homes Near Bristol