It is another record year for Dubai as off-plan sales continue to soar. In 2022, the Dubai real estate market saw record-breaking sales, volume, and value, according to a report from DXBinteract.com. It shows that it grew 76% from the same timeframe in 2021, reaching a total value of AED265bn.
Specific focus on off-plan property sales is particularly impressive, with these sales growing a full 100% over the previous year, reaching 52,000 transactions with a value of AED 124bn. This leads to an overall value increase in the market of 144% when compared to the prior year.
Impressive Growth Sustained
The real estate market in Dubai grew at an exceptional rate even as conditions were not ideal due to shifts in consumer behavior and volatile overall conditions in the economy. Core behind the growth are newer Dubai laws and regulations that are designed to protect investor rights, which has helped to spur new confidence in the real estate market. More so, expatriate demand continues to mount as golden visas provide up to 10 years of access. Both international and domestic buyers are pushing sale volume to new heights.
Other Core Data
Other core data about the off-plan Dubai real estate market includes:
- Prices grew by an average of 23% for off-plan villas, 17% for apartments, 14% for ready apartments, and 9% for ready villas.
- The sale of apartments grew more than 71% over the previous year.
- Off-plan villa sales grew 113% over the previous year.
- The market completed 35,500 units, with developers offering 50,000 new housing units. This, too, is a record high for the region.
- The Dubai real estate market has 115,000 units under construction thus far, with 34,000 units expected to be delivered in 2023.
For off-plan real estate, 2023 was a bestselling year in Dubai thanks to continued demand from domestic and international buyers.