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Changes in Dubai real estate market in 2022

Real estate market

Property for sale in Dubai

Do you want to buy property in Dubai, but do not know the specifics of the process of buying, selling, and closing the deal? Specialists of Ax Capital will help you find properties for investing in real estate in Dubai that meet your requirements, as well as accompany the transaction by the laws of the emirate.

Real estate market statistics

December 2021 showed that 5,601 deals were made in just a month. The total value of these transactions amounted to AED 15,68 billion. Such indicators played an important role in the overall annual statistics: according to the results, over 84,000 real estate purchase and sale transactions were recorded for the whole of 2021. It is noteworthy that the total amount of these transactions exceeded 300 billion dirhams, and this figure was a record in the history of the Dubai real estate market.

Rising prices for premium real estate in Dubai

Dubai again sets records: this time the city ranked third worldwide in terms of growth in premium housing prices. This information is confirmed in the Savills World Cities Prime Residential Index, which is compiled by the consulting company Savills. Experts also expect luxury real estate prices to rise by at least 5.9% in 2022.

According to Savills, a consultancy, the emirate has been able to achieve incredible growth in property prices while overcoming a very serious crisis associated with the COVID-19 pandemic. Such rapid growth was due to high demand, which exceeded supply by several times, the successful fight against the consequences of the pandemic, as well as the opening of international borders.

Given the economic recovery in the United Arab Emirates and the growth in average capital cost, property prices will continue to rise in 2022. Against the backdrop of a mass of proposals from developers (including budget projects and comfort-class housing), Dubai will see an influx of new investors and buyers.

Rise in mortgage rates for property in Dubai

Mortgage rates are expected to rise in the emirate soon. Research conducted by the consulting company CBRE shows that the real estate market in the emirate this year may face certain obstacles: in particular, this is due to higher mortgage rates and tightening payment plans.

However, according to experts, this factor will not harm the sales of residential real estate. The statistics summed up for December 2021 show that one square meter of an apartment in Dubai costs approximately AED 1072, which is equivalent to USD 292. As for the segment of villas, the cost of one square meter was USD 1,228. If we talk about the average growth in percentage terms, then the difference between the segments is very large: villas have risen in price by 21.7%, and apartments by 6.3%.

Despite such expectations, new housing continues to be built, and developers constantly announce new projects. 

  • In total, in 2021, developer companies commissioned 37,403 residential properties. 
  • It is expected that in 2022 the volume of housing stock will be replenished with 68,138 new housing units.

Real estate agency in Dubai

Interested in buying property in Dubai? Ax Capital specialists are ready to assist you in choosing suitable housing or investment properties.

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