Dubai Sees 25 Percent Increase in Property Sales in 2022 Second Quarter
The Dubai real estate market has seen a 25 percent sales rise increase in the second quarter 2022 when compared to the same period, last year. The data, revealed by real estate company Allsopp & Allsopp, also showed a 3 percent increase between the first and second quarter this year. The growth in figures is the result of growing interest rates and “a cautiousness over the global economic situation having an impact on the market,” read a statement. Comparing the second quarters of 2022 and 2021, there is a distinct rise in sales prices. This is the result of a steady increase post-Covid-19, however, the dip in sales prices from May to June is surprising, Allsopp & Allsopp chief executive Lewis Allsopp said. The data collated by the real estate company offers an insight into what expats moving to the city can expect, given the fluctuating rental and sales prices. Rentals at Dubai Marina and Downtown Dubai have seen a drop in sales price, showing that buyers prefer and opt for more inexpensive options. Similarly, areas like The Springs and Dubai Hills Estate saw a hike in sales prices unlike Jumeirah Golf Estates, which witnessed a drop. Luxury villas saw the most activity as sales prices rose by 62 percent, despite an 11 percent decrease in property transactions valued at AED10 million – all because the UAE is the number one choice for “millionaire migration,” the statement read. When it comes to average rental prices, a significant rise has been noted in the Dubai Marina and Downtown areas, especially since they are the “go-to” areas for migrating or relocating expats in the UAE. The rise comes after various government initiatives providing visas for remote working and 100 percent business ownerships, Allsopp said. Emerging trends as the real estate market matures also seem to be an impetus behind this, which is why segmenting the market by area, would be the best way to educate both sellers and buyers.
Tags : Dubai real estate market Allsopp & Allsopp chief executive Lewis Allsopp Jumeirah Golf Estates Luxury villas UAE