May 2022 Highlights
- May 2022 saw 6,652 sales transactions worth AED 18.4 billion, the highest transaction volume for the month of May in the past decade
- Sales transaction volume in May increased by 51.60% while value increased by 66.14%, year-over-year
- 58.55% of the sale transaction volume was for the secondary/loan market and 41.45% was for the off-plan market.
- May 2022 recorded 35,327 rental leases of which 59.6% were new leases while 40.4% were renewals
- 25% of rentals were commercial leases while 74% were residential leases.
Dubai, United Arab Emirates: According to Mo’asher, Dubai’s Official Selling Price and Rental Performance Index launched by the Dubai Land Department (DLD) in cooperation with Property Finder, the Dubai property market has a total of 6,652 registered sales transactions. in May 2022. This demonstrates a significant increase in sales transaction volume of 51.60% and an increase in value of 66.14% compared to the same period last year.
The base year for Mo’asher is 2012, and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being the first quarter of 2012.
In May 2022, Mo’asher recorded a monthly sales index of 1.296 and a price index of AED 1,261,379. The monthly apartments index recorded 1,368 and an index price of AED 1,175,363, in addition the monthly villas/townhouses index recorded 1,338 and an index price of AED 2,150,469.
Additionally, Mo’asher recorded a Monthly Rental Index of 0.962 and a Price Index of AED 52,013. The monthly apartment index recorded 0.966 and an index price of AED 47,910 and the monthly villa/townhouse index recorded 0.867 and an index price of AED 132,401.
Mo’asher’s data for May highlights the continued positive performance of Dubai’s property sector throughout 2022. Overall, sales transactions continue to outpace 2021 average monthly transactions; the overall selling price index has shown healthy growth since June 2020.
The secondary market for sale transactions continues to dominate the real estate market with steady growth capturing the largest transactions with 58.55% in terms of volume and 66.29% in terms of value. Transaction value and volume indicate the strength of ready-made and off-plan properties, particularly for apartments, which accounted for 82.34% of total transactions, while villas/townhouses represent approximately 17.66%.
Comparing the overall performance of the first five months of 2022 to the same period in 2021, the year-over-year data shows an outstanding performance on total sales transactions in terms of volume with a record 34,126 transactions against 20,713 transactions in the same period. period of last year. This presents a significant growth rate of 64.76% year-on-year.
On the other hand, total rental contracts in May 2022 reached 35,327 registered leases of which 59.6% included new contracts while 40.4% were renewed. Annual contracts represented 80.9% of total contracts while 19.1% were non-annual. In addition, leases registered for residential purposes acquired approximately 73.8% of the total contracts, while 25.3% were registered for commercial purposes.
Compared to May 2021, the total number of rental leases increased by 2.1% due to renewal contracts which increased by 4.4% compared to the first five months of 2021 as well as an increase in leases 11.5% annually.
As for rental properties by use, commercial leases saw an increase of 8.47% compared to the first five months of 2021.
Top Zones by Ejari Listings
The top areas according to Ejari Registrations for the most rental transactions in May 2022 were Jabal Ali First (1,398 contracts), Al Warsan First (1,285), Business Bay (1,029), Al Barsha South Fourth (958), Nadd Hessa (957), Marsa Dubai (946), Muhaisanah Fourth (934), Al Nahda Second (893), Al Thanyah Fifth (798) and Al Karama (776).
Top Domains in demand
According to proprietary data from Property Finder, the top searched areas in May 2022 for sales were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, Jumeirah Village Circle and Jumeirah Beach Residence. The most sought after areas for villa/townhouse sales in May were Arabian Ranches 2, Dubai Hills Estate, Arabian Ranches 3, Palm Jumeirah, DAMAC Hills (Akoya by DAMAC) and The Springs.
According to proprietary data from Property Finder, the most popular areas for apartment rentals in May were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle and Jumeirah Lake Towers. The most sought after areas for villas/townhouses were Dubai Hills Estate, Jumeirah, Arabian Ranches, Mirdif and Al Barsha.
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