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Highlights for May 2022
● May 2022 recorded 6,652 sales transactions worth AED 18.4 billion, the highest volume of transactions for the month of May in the past decade
● May sales transaction volume increased by 51.60 percent while value increased by 66.14 percent, year-on-year
● 58.55 percent of sales transactions volume were for the secondary/ready market and 41.45 percent were for the off-plan market. 
● May 2022 recorded 35,327 rental leases where 59.6 percent were new leases while 40.4 percent were renewals 
● 25 percent of rentals were for commercial leases while 74 percent were residential leases.
 
Dubai, UAE - 17 June 2022: 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 6,652 sales transactions registered in May 2022. This demonstrates a significant increase in sales transactions volume by 51.60 percent and a value increase by 66.14 percent, in comparison to the same period last year. 
 
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 May 2022, Mo'asher recorded a 1.296 monthly Index for sales and an index price of AED 1,261,379. The apartment monthly index recorded 1.368 and an index price of AED 1,175,363, additionally the villa/townhouse monthly index recorded 1.338 and an index price of AED 2,150,469. 
Furthermore, Mo'asher recorded a 0.962 monthly index for rental and an index price of AED 52,013. The apartment monthly index recorded 0.966 and an index price of AED 47,910 and the villa/townhouse monthly index recorded 0.867 and an index price of AED 132,401.
 
Overview 
Mo'asher's data for May highlights the continuous positive performance of Dubai's real estate sector throughout 2022. Overall, sales transactions continue to surpass 2021's average monthly transactions; the overall sales price index shows a healthy growth since June 2020. 
The secondary market for sales transactions continues to dominate the real estate market with a steady growth capturing the largest transactions by 58.55 percent in terms of volume and 66.29 percent in terms of value. Both transaction value and volume indicate the strength in ready and off-plan properties, especially regarding apartments, which accounted for 82.34% of total transactions, whereas villas/townhouses represent around 17.66%.
Comparing the overall performance of the first five months in 2022 to the same period in 2021, year-on-year data presents an exceptional performance on the total sales transactions in terms of volume with a record of 34,126 transactions compared to 20,713 transactions in the same period last year. This presents a significant 64.76% growth rate year on year. 
 
On the other hand, the total rental contracts in May 2022 attained 35,327 registered leases of which 59.6 percent included new contracts whereas 40.4 percent were renewed. Annual contracts acquired 80.9 percent of the total contracts while 19.1 percent were non-annual. Furthermore, the registered leases for residential purposes acquired around 73.8 percent of the total contracts, while 25.3 percent were registered for commercial purposes.
When compared to May 2021, the total number of rental leases increased by 2.1 percent driven by the renewal contracts which increased by 4.4 percent compared to the first five months in 2021 as well as an increase in annual leases by 11.5 percent. 
As for the rental properties by usage, the commercial rental leases witnessed an increase of 8.47 percent compared to the first five months in 2021.
 
Top Areas by Ejari Registrations
The top areas according to Ejari Registrations for the most rental transactions in May 2022 were Jabal Ali First (1,398 contracts), Al Warsan First (1,285), Business Bay (1,029), Al Barsha South Fourth (958), Nadd Hessa (957), Marsa Dubai (946), Muhaisanah Fourth (934), Al Nahda Second (893), Al Thanyah Fifth (798), and Al Karama (776).
 
Top Areas in demand 
According to Property Finder's proprietary data, the top areas searched for in May 2022 for sales were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, Jumeirah Village Circle, and Jumeirah Beach Residence. The top overall searched areas for villa/townhouse sales in May included Arabian Ranches 2, Dubai Hills Estate, Arabian Ranches 3, Palm Jumeirah, DAMAC Hills (Akoya by DAMAC) and The Springs.
According to Property Finder's proprietary data, the top searched areas for apartment rentals in May were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle and Jumeirah Lake Towers. The top searched areas for villas/townhouses were Dubai Hills Estate, Jumeirah, Arabian Ranches, Mirdif and Al Barsha.



Posted by : GoDubai Editorial Team
Viewed 3739 times
Posted on : Friday, June 17, 2022  
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