Dubai’s residential transactions reach record high
A total of 81,919 sales by November overtook the previous best-ever figure recorded in 2009
According to global property expert CBRE, Dubai’s residential market reached record activity levels in November, with its total transaction volumes hitting 10,505 – up 60% over last year – mainly backed by a sharp rise in the off-plan and secondary market transactions.
In the year to date to November 2022, a total of 81,919 residential transactions have been recorded, overtaking even the record highs registered in 2009 over the same period, stated CBRE in its Dubai Residential Market Snapshot – December 2022.
In the 12 months to November 2022, average prices increased by 9.5%. Over this period, average apartment and villa prices increased by 9.0% and 12.7%, respectively, it added.
According to CBRE, Dubai’s average apartment prices stood at AED1,161 per sq ft, while average villa prices stood at AED1,374 per sq ft.
These average rates for apartments and villas remain below the highs recorded in 2014 by 22.0% and 4.9%, respectively, it stated.
In early December 2022, Knight Frank said that Dubai’s prime residences are set to lead global price rises.
Taimur Khan, the Head of Research (MENA), said: “Activity levels in Dubai’s residential market have reached record levels in the year-to-date to November with total transactions volume reaching 81,919, surpassing record highs of full year 2009, when transaction numbers totaled 81,182.This strong level of activity has continued to support increases in average prices, which for apartments and villas have risen by 9.0% and 12.7% in the 12 months to November 2022 respectively.
“However, we are seeing the rate of average price growth slowing, particularly in the villa market, a trend that we expect to see repeated in the apartment market shortly. That being said, certain prime markets will continue to record strong growth rates.”
According to Taimur, in the apartment segment, Jumeirah registered the highest sales rate per sq. ft. at AED2,310, while in the villa segment of the market, Palm Jumeirah clocked the highest sales rate per sq. ft. at AED3,802.
