In case you missed it: Our end of year Annual Market Report is here!

On Friday, we were proud to share our 2022 Annual Market Report which aims to provide a clear and insightful breakdown of Dubai’s Real Estate Market performance.

The report is powered by Dubai Land Department open source data and our own first-party data, providing clear and easy-to-understand analysis.

We know how busy life can be, so if you’re interested but short on time, we’ve pulled together some of the key highlights to bring you up to speed!

2022 at a glance:

Which area experienced the highest sales value? Dubai Hills came out on top with an impressive sales value of AED 256 billion in 2022.

Who were the top four buyers? British expats ranked highest at 21.2%, followed in second by Indian expats at 11.9%, French expats at 4.2% and Russian expats at 3.7%

Has small city living returned? Apartments in Dubai accounted for 64% of all sales transactions, while rental transactions saw a high of 84% and off-plan sales transactions a high of 82%.

Buyer behaviour: In 2022, 41% of buyers who made sales transactions were cash buyers!

Dubai Land Department’s record breaking sales transactions: In 2022, we saw an incredible 61% increase in year-on-year sales transactions from 2021, with a 77% increase in sales value. There were a total of 97,398 transactions with a value of over AED 256.4 billion.

Will property prices keep climbing in 2023? With Dubai being recognised as a world-class destination welcoming new residents from across the globe, we suspect prices are likely to continue to climb.

Is Palm Jumeirah the hot destination for high-net worth residents in Dubai? It seems so! The top three transactions of 2022 took place in Palm Jumeirah with the highest standing at AED 600,000,000.

The return of apartments! The top three apartment transactions of the year stood in The Royal Atlantis - Palm Jumeirah at an impressive AED 163,461,539, Jumeirah Living, Marsa Al Arab at AED 145,000,000 and lastly, The Bulgari Lighthouse at AED 133,150,000.

Are off-plan properties back in demand? In 2022, we saw the balance of ready/off-plan properties finally return toward pre-COVID levels. The current market level reflects ready (secondary) properties making up 55% of the market vs. 45% off-plan properties.

Lewis Allsopp also shared his insights for 2020:

Undersupply and high demand of ready properties within the market will continue to drive capital appreciation up on property value at 10-15% (minimum). While premium/luxury residential locations will continue to enjoy more significant gains until we reach a supply/demand equilibrium point. Given that this is unlikely to occur anytime soon, cash-rich investors eyeing value will continue to propel the market forward.

Dubai is driving sustainable growth from the very top. Continued investment into the city's infrastructure fueled by new non-oil revenue streams, such as the introduction of VAT and corporate tax, will allow Dubai to continue building a more attractive, future-facing city, ultimately driving economic and population growth across 2023.

Investor confidence in Dubai remains high. As the world faces a very uncertain 2023, Dubai is seen as a safer alternative to many home countries. This positive sentiment will see a continuation of heavy inward foreign investment coming into the city across many industry segments.

Download the full report here.

For press and media inquiries, please contact:

Aline Pereira

Head of PR & Communications

Email: aline@allsoppandallsopp.com

Phone: +971 4 429 4444

Mobile: +971 52 283 3285