UAE - Dubai has recorded 43,200 transactions worth AED 115 billion in the property market during the first half (H1) of 2022, up by around 60% year-on-year (YoY) in terms of sales volume and 87.80% in terms of value.
In June, the emirate's property market saw around 8,850 transactions worth AED 22.10 billion, marking a record-breaking month for generating the highest sales figure since 2009, according to the Zoom Property Insights.
Meanwhile, the average property prices have surged in H1-22 and currently amount to AED 1,140 per square foot, up by nearly 23% from H1-21.
Business Bay, Dubai Marina, Al Hebiah Fifth, Jumeirah Village Circle, and Downtown Dubai rank among the communities that registered the highest transactions during the first six months (6M) of 2022.
The CEO at Zoom Property, Ata Shobeiry, commented: "The strong first half is an indication that the market is well-poised to face global challenges, particularly with Expo City Dubai ready to receive visitors, tenants, and entrepreneurs from October 2022."
Shobeiry added: "With June producing record-breaking figures, it is safe to say that the upcoming months will carry forward the momentum. Reformed visa policies with relaxed conditions coming into effect from September 2022 will also play their part and attract more foreign investors and buyers."
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