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Dubai's real estate market: the figures for 2022

Guillaume Giroux on January 10, 2023

As you know, the real estate market in Dubai has experienced a real boom in 2022. After a very promising idea for the market in 2021, 2022 was the year of confirmation. The validation of Dubai's business model, of its attractiveness, especially in times of crisis. If the war in Ukraine has of course boosted Russian and Ukrainian investments in Dubai, the market was already on an almost exponential trend. Dubai Immo, the number one French real estate agency in Dubai, offers you an update on the main figures of the Dubai market for the year 2022.

2022 vs. 2021: number of sales up 61.1

For all types of property (apartments and villas), the market has seen an explosion in the number of sales in 2022 compared to 2021. Thus, the number of transactions has increased from 58,600 in 2021 to 94,400 in 2022. In terms of value, the market has grown by 76.6%, reaching 261 billion dirhams, or more than 66 billion euros. In the fourth quarter of 2022, we see a very significant increase in average prices, +18% compared to the same period in 2022.

Neighborhoods: Business Bay, Dubai Marina and JVC top the sales charts

These three neighborhoods were the areas that recorded the most sales in 2022. Business Bay recorded over 10,300 sales, Dubai Marina 7,400 and Jumeirah Village Circle just over 6,000. In terms of off-plan property sales, Dubai Marina disappears from the rankings, as the neighborhood has almost no new developments in 2022. For off-plan sales, Damac Lagoons stands out by taking 2nd place in the ranking behind Business Bay. The stunning Damac villa community currently under construction has recorded over 5,000 sales in 2022 alone. Impressive.

Ultra luxury: the most expensive apartments and villas sold in Dubai in 2022

Dubai has been the year of all records for very luxurious properties, both in apartments and in Vilas. The most expensive apartment sold in 2022 was a penthouse in Bulgari Residence, Jumeirah Bay. This pentose was sold for AED 133M, or about 34 million euros. The second most expensive apartment sold in Dubai in 2022 is a pentose on Six Senses, sold for AED 81M, or over 20 million euros. As for villas, the record sale in 2022 is 300 million dirhams, or over 72 million euros. This villa is located on the palm and has a huge private beach and an exceptional view of the sea and the main monuments of Dubai.