Zoom Property Insights reveals top locations for apartment and villa sales in 2022 in Dubai
A new report reveals the trending neighbourhoods and their average pricepoints – with tips for 2023 hotspots
According to a new report by Zoom Property Insights, Dubai saw 97,400 real estate transactions worth $72.3bn in 2022, with many residents and investors opting to buy property in the heart of the city.
With more than 10,300 real estate transactions valued at $4.8bn, at an average price of $327,000, Business Bay led the chart for the highest sales in 2022; the prime area is expected to continue its supremacy in 2023. Other communities that are expected to perform well in the new year are Dubai Marina, JVC, and Downtown Dubai, the report added.
Ata Shobeiry, CEO of Zoom Property, lauded the property market’s remarkable performance in 2022, saying it proved to be a record-breaking year for Dubai real estate in many ways.
“Not only was the market able to surpass the 2014 peak levels, but it also achieved new milestones as the years progressed. The same performance is expected from 2023 as well since foreign investors and high-net-worth individuals continue to get attracted by the Dubai property market and venture into it,” he commented.
In mid December 2022, CBRE said that Dubai’s residential transactions reached a record high.
Around 67,700 apartments were sold in 2022 with an average price of $327,000, according to Zoom Property Insights. It marked a change of 71.1% in terms of the number of transactions and 20.9% in terms of average price compared to 2021.
A further breakdown shows that Business Bay dominated the apartment sector with a little over 9,300 transactions. The average price of apartments here was recorded at $354,000, while the total value of transactions amounted to $3.97bn.
It was followed by Dubai Marina and JVC, as the former recorded 7,320 transactions at an average price of $571,740, while in the latter, 5,690 apartments sold, with the lower average price of $175,000.
Downtown Dubai, Dubai Creek Harbour, and Palm Jumeirah were other notable areas in 2022, which are expected to perform equally well in 2023.
In early January 2023, Realiste said that Dubai’s real estate boom would continue in 2023.
The Zoom Property Insights reveals that 2022 saw a little over 22,600 transactions for villas in Dubai at an average price of $572,000. Compared to 2021, it marked a year-on-year growth of 42.1% vis-à-vis the number of transactions.
Shedding light on top areas, Jebal Ali First remained at the forefront with 2,210 transactions at an average price of $790,000. Dubai South claimed the second spot with 1,485 transactions, the average price of villas in this community was $490,000. Villanova and Arabian Ranches also raked in high numbers with 1,178 and 1,155 transactions, respectively.
Mudon, Dubai Hills, Tilal Al Ghaf, and Emirates Living were other notable communities for villas in 2022. According to Zoom Property Insights, these communities will continue their dominance in the villa segment in 2023.
Also in early January 2023, Knight Frank said that the Burj Khalifa enjoyed a 16% increase in residential sales.
