According to Mo’asher, Dubai’s official Sales Price and Rental Performance index launched by Dubai Land Department (DLD) in cooperation with Property Finder, Dubai’s real estate market records a total of 8,897 sales transactions worth AED 22.75 billion, the highest volume of sales transactions for the month of June in the past nine years.

The base year for Mo’asher is 2012, and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.

In June 2022, the overall monthly Index for sales recorded 1.323 and an index price of AED 1,288,925. The apartment monthly index recorded 1.393 and an index price of AED 1,200,353, additionally, the villa/townhouse monthly index recorded 1.347 and an index price of AED 2,157,668.

Furthermore, the overall monthly index for rental in June 2022 recorded 0.971 and an index price of AED 52,498. The apartment monthly index recorded 0.974 and an index price of AED 48,226 and the villa/townhouse monthly index recorded 0.870 and an index price of AED 133,330.

In Q2 2022, the overall quarterly Index for sales recorded 1.328 and an index price of AED 1,266,195, the apartments quarterly Index recorded 1.352 and an index price of AED 1,153,034, and the villas/townhouses quarterly Index recorded 1.264 and an index price of AED 2,112,826.

Furthermore, the overall quarterly index for rental in Q2 2022 recorded 0.968 and an index price of AED 52,133, the apartments quarterly Index recorded 0.979 and an index price of AED 47,764, and the villas/townhouses quarterly Index recorded 0.858 and an index price of AED 133,085.

Overview

June 2022 marked the highest total sales transaction volume since October 2013 with a total of 8,897 sales transactions worth AED 22.75 billion wherein, 60.05% of all sales transactions recorded were for secondary properties and 39.95% were for off-plan properties. The month of June witnessed a 34% increase in terms of volume and a 24.8% increase in terms of value was attained compared to May 2022.

Considering the volume of sales transactions, the off-plan market transacted 3,554 properties worth a total of AED 7.057 billion and the secondary market transacted 5,343 properties worth AED 15.692 billion. In comparison to the same period last month, the number of off-plan transactions in June increased by 28.96% and the secondary/ready property transactions increased by 37.53%.

Q2 marked the highest quarterly volume of sales transactions for the last decade with a total of 22,504 transactions worth AED 59.154 billion. Comparing the quarter-on-quarter data, Q2 obtained 9.61% more in terms of volume and 6.77% more in terms of value. Q2 demonstrated a significant performance and showed an increase of 45.86% for volume and an increase of 61.56% for value when compared to Q2 in 2021.

In Q2 2022, 59.68% of sales transactions were recorded for secondary/ready properties and 40.32% were for off-plan properties. In terms of the volume of transactions, the off-plan market transacted 6,025 properties worth AED 18.565 billion and the secondary market transacted 13,430 properties worth AED 40.589 billion. Comparing this to Q1 2022, the number of off-plan transactions in Q2 increased by 5.75%, and the secondary/ready property transactions increased by 12.38%.

On the other hand, the Rental Performance Index recorded a total of 40,924 rental contracts of which 63.20% of contracts were new and 36.80% were renewals. Annual contracts acquired 83.26% of total contracts and 16.74% were non-annual. Furthermore, the registered leases for residential purposes acquired 71.82% of the total contracts, while 27.33% were registered for commercial purposes.

The most notable outcome in Q2 2022 marks reaching 123,856 rental contracts where 59.48% were new contracts while 40.52% were renewals. Considering the timeframe for the contracts, in Q2 81.41% were annual while 18.41% were non-annual.

The registered leases for residential purposes in Q2 acquired around 72.93% of the total rental contracts, while 26.18% were registered for commercial purposes. Supporting the positive trend of the overall rental performance this brings the year-to-date total contracts to 306,353 contracts compared to 303,491 contracts during the first six months of 2021.

Top Areas by Ejari Registrations

The top areas that observed the highest rental transactions in June 2022 were Jebel Ali First (1423 contracts), Al Warsan First (1311), Al Barsha South Fourth (1250), and Marsa Dubai (1202), and Business Bay (1148).

Top Areas by Demand

According to Property Finder proprietary data, the top searched areas for apartment rentals in June were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lake Towers. While, the top searched areas for villa/townhouses were Dubai Hills Estate, Jumeirah, Al Barsha, Akoya, and The Springs.