Mira Halili – Thu, 28 Jul 2022 07:33:00 GMT – 0

Bayut & dubizzle - Dubai Property - Sales and Rental Market Report for H1 2022: Increased Demand Continues to Push Property Prices Up

Bayut & dubizzle, the UAE’s leading property portals have released their collective Dubai Property Market Report for H1 2022. The data from the powerhouse portals revealed that prices in Dubai’s property sector have further appreciated in prominent neighbourhoods across the city. Given the impressive start to 2022, the growth in sale and rent prices in Dubai are indicative of healthy demand for property in both the affordable and luxury segments of the market.

Based on Bayut & dubizzle’s combined data the sales prices for villas and apartments in the most searched for locales of Dubai have experienced increases of 1% to 19% in H1 2022.

Potential investors interested in affordable villas and apartments have been inclined towards areas like Business Bay, DAMAC Hills 2, Dubailand and Jumeirah Village Circle (JVC). Luxury property buyers have paid more attention to well-established communities like Arabian Ranches, Downtown Dubai, Dubai Hills Estate and Dubai Marina in H1 2022.

Prices for reasonably-priced rental apartments in Dubai’s highly searched for areas have recorded increases of up to 21%, while the rental costs for luxury flats have appreciated by up to 43%. Villa properties in the affordable segment have gone up by 29%, whereas areas with upscale villas have experienced upticks of up to 30% in rental costs.

Tenants in search of affordable housing have shown a preference for the apartments in Jumeirah Village Circle (JVC) and Business Bay, while Mirdif and DAMAC Hills 2 have been popular for budget villa rentals. For luxury rental homes, tenants have shown an inclination towards Dubai Marina and Downtown Dubai for apartments, while Al Barsha and Jumeirah have been popular choices for villas.

Based on the data released by Dubai Land Department, the emirate recorded 14,576 residential property sales transactions worth AED 33.06B during H1 2022. This could be attributed to the increased demand from new expats, seeking long-term residence visas through property investment.

Properties for Sale

Apartments:
For luxury apartment sales in Dubai, Dubai Marina has remained a firm favourite among buyers and investors.

The sales price-per-square-foot for apartments in Dubai Marina has experienced an uptick of 5.96%, averaging at AED 1,459 in H1 2022.

Other popular areas include Downtown Dubai, Palm Jumeirah, Jumeirah Beach Residence and Dubai Hills Estate. The average sale price-per-square-foot for all these communities have appreciated by up to 7%.

For reasonably-priced flats, the search trends observed at Bayut and dubizzle reveal that Jumeirah Village Circle has continued to be the most attractive option for prospective investors.

Flats in Jumeirah Village Circle have recorded an average sales price-per-square-foot of AED 872 in H1 2022, following an uptick of 2.82%.
Prospective buyers of affordable buy-to-let apartments in Dubai have also searched for units in neighbourhoods like Business Bay, Jumeirah Lake Towers and Dubai Sports City. These residential districts have recorded increases of between 3% to 7% in average sales price-per-square-foot. Another long standing favourite, Dubai Silicon Oasis has experienced a marginal dip of under 1% in price-per-square-foot, during H1 2022.

Sales and Rental Market Report for H1 2022

Bayut & dubizzle - Dubai Property - Sales and Rental Market Report for H1 2022: Increased Demand Continues to Push Property Prices Up

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