Dubai’s Real Estate market continued to build momentum fuelling demand for high-end luxury homes in Q3-2022. Considered the best-performing quarter in the history of Dubai’s Real Estate sector, the value of real estate sales reached AED 70 billion, confirming quarterly growth of 18% and 64.5% growth compared to Q3-2021. Since the beginning of 2022, property sales have jumped by 60% to reach 68,500 real estate deals worth about AED 184 billion, marking a 77% increase from last year.

The monthly report by DXBinteract.com revealed that rents increased by an average of 22% across the city, in addition to an increase in all property categories except for ready-made villas, which are down -7% compared to last year. According to the report’s data, mortgage transactions decreased by -5 to 5,650 deals. Despite this decline, the value increased by 12.4% to reach AED 31.5 billion compared to Q3-2021.

Confirming the numbers, Firas Al-Msaddi, CEO of Oratec, said: “Q3-2022 has indeed shown remarkable sales growth to become the best performer in the history of Dubai’s real estate market. The completion of large projects in different regions of the country has contributed to these numbers as the value of deals worth more than AED 100 million increased by 49 percent. It also increased by 56% for properties worth more than 20 million dirhams compared to the previous best performance in 2015.”

Q3-2022’s commendable growth graph depicts the completion of 22 new projects consisting of more than 5380 units. They are distributed mainly between Damac Properties for 1560 units, Azizi Developments for 1192 units, and 954 units for Emaar Properties.

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