Dubai real estate market outperforms global cities in Q4 2022
Real estate sales increased by 15% quarterly and 65% annually
Investor confidence remains robust with a total of 97,252 transactions and a total value of AED 265 billion
Mortgage activity increased by 2% despite rising interest rates
Strong demand for apartments, accounting for 69% of total transactions, with a transactional price per square foot 18% higher than the previous year
Primary market transactions increased by 25% quarter-on-quarter and by 89% year-on-year, accounting for 49% of total sales
Secondary market performance also strong, with a 5% increase QoQ and a 45% increase YoY
Luxury real estate market expanding with a 28% increase in transactions QoQ and 164% YoY
Luxury apartment sales in Dubai grew 313% YoY, driven by demand for branded residences and new development launches.
Palm Jumeirah leads in terms of value of homes sold
Commercial real estate performance remains sluggish but expected to improve in following quarters
Primary market (off-plan) returns to dominance with no sign of supply slowdown