The Q2 2022 UAE Real Estate robust Report by property management Dubai professionals revealed that the UAE real estate market held up well during the second quarter of this year despite global headwinds and mounting inflation worries.
In reality, the global geopolitical unrest strengthened the UAE’s reputation as a secure place to go to, live in, work, invest in, and study.
The survey by property management companies in Dubai also connected the shift to a digital economy and proactive government measures like the introduction of the Golden Visa to the rise in property demand.
Several important and successful projects were launched in the Dubai market during the first half of 2022. The real estate market has recently experienced a resurgence of optimism, which was first supported by a robust secondary market. In order to take advantage of the current market conditions, developers are likewise keen to spend their profits on the debut of new projects.
The number of apartments available climbed dramatically from 6,000 in the first quarter of 2022 to 7,000 in the second, while the number of newly constructed villas handed over more than doubled to 520. In recent constructions such Damac Hills, Dubai Hills Estate, Wasl Gate, and Port De La Mer, the vast majority of new deliveries were focused. By 2025, an additional 25,000 residential units should be finished.
The UAE’s real estate market continues to flourish, with the sector seeing a 5 percent year-on-year growth in the second quarter of 2019.
This is according to new data from the Dubai Land Department (DLD), which also showed that there was a 3 percent increase in transactions compared to the first quarter of the year.
A total of 21,147 transactions were registered in the second quarter, with the value of investments reaching AED 73 billion.
The most popular type of transaction was for residential properties, accounting for 58 percent of all deals. This was followed by land (19 percent), commercial (15 percent) and industrial (8 percent) properties.
There was also a significant increase in the number of mortgage transactions, with 6,416 deals worth AED 24 billion registered in the second quarter. This was a 9 percent increase from the first quarter of the year.
The data from the DLD shows that the UAE’s real estate market continues to be strong and stable, despite some challenges in recent months. This is a positive sign for the economy and will provide confidence to investors looking to enter the market.
We expect to see the market continue to grow in the second half of the year, as we see more buyers taking advantage of the current conditions.
If you’re thinking of buying property in the UAE, now is a good time to start your search. We can help you find the perfect home or investment property that meets your needs and budget. Contact us today to get started.