Dubai Real Estate Market Report of December 2022

dubai property

Ready & OFF Plan Properties Transactions in Dubai

In the Dubai real estate market, a total of 4,292 ready flats were sold for a total amount of 1.2 billion dollars. Additionally, 592 ready villas were sold for a total amount of 1.42 billion dollars. The market also saw the sale of 23 lands for a total cost of 150 million dollars. In the off-plan market, 4,131 off plan apartments were sold for a total cost of 9.65 billion dollars and 672 off plan villas were sold for a total cost of 1.83 billion dollars. Furthermore, 259 ready offices were sold for a total cost of 521 million dollars.

off plan vs ready

Top Performing Areas in December 2022

In 2022, the name that comes to the top when it’s to top-performing areas in December 2022 is Business Bay. Other projects were high scorers too. The stats below will provide you with a brief understanding of the top-performing areas.

  • Business Bay
  • Jumeirah Village Circle
  • Dubai Marina
  • Sobha Heartland
  • Meydan One
  • Palm Jumeirah
  • Burj Khalifa
  • Dubai Science Park
  • Jumeirah Lakes Towers
  • Dubai Creek Harbour

Business Bay

Business Bay

Dubai’s Business Bay is a stylish area with a variety of uses. It is located close to Downtown Dubai, the city’s most vibrant area, and is situated alongside the crystal-clear waters of the Dubai Canal.

46.9 million square feet make up Business Bay Dubai, of which 22.1% is designated for residential use, 18.5% for commercial use, and 59.4% is devoted to mixed activities. Leading local and international companies, magnificent buildings, renowned hospitality organisations, convenient access to public transportation, and a wealth of first-rate amenities can all be found in this well-known area. The Most Expensive Sold Apartment in December 2022 in Business Bay is 350000000. Let’s have a look further.

Tentative details:

  • Business Bay Flats Sold: 837 – Total Cost= AED: 7.13B
  • Business Bay Offices Sold: 99 – Total Cost= AED: 191M

Jumeirah Village Circle

jumeirah village circle

A development for families called Jumeirah Village Circle (JVC) was created to foster a sense of neighborhood. It provides inhabitants with everything they need to experience life to the fullest thanks to its abundance of more than 2,000 roomy villas and townhouses as well as an extraordinary range of amenities and services.

Jumeirah Village Circle offers inhabitants a stunning, self-contained setting with all the contemporary amenities of a city in a peaceful village setting. Jumeirah Village Circle, which is intended to serve the needs of the entire family, has mosques, schools, and sports facilities dotted among the development’s many lush parks.

Tentative details:

  • Total Flat Sold: 839 – Total Cost= AED: 645M
  • Ready Flats Sold: 559 – Total Cost= AED:  407m
  • Off plan flats Sold: 280 – Total Cost= AED: 2.304B
  • Ready Villas Sold: 10 Total Cost= AED: 121M
  • OFF Plan Villas Sold: 11 Total Cost= AED: 30M

Dubai Marina

Dubai Marina

The Beach at JBR is a leisure facility with outdoor dining options and sandy stretches for relaxation in Dubai Marina, a wealthy residential area. Whereas Dubai Marina Mall is crammed with chain and high-end apparel stores, Dubai Marina Walk is lined with upscale eateries and temporary craft markets. Elegant ships ply the expansive man-made harbour, which offers everything from skydiving to jet skiing.

Tentative details:

  • Total Flat Sold: 651 – Total Cost= AED: 1.4B
  • Ready Flats Sold: 383 – Total Cost= AED: 605M
  • OFF plan flats sold: 268 – Total Cost= AED: 805M 

Sobha Hartland

sobha hartland

An affluent neighborhood called Sobha Hartland with townhouses, flats, villas, and duplexes. The prestigious property is situated in Mohammed Bin Rashid City, Dubai, and spans over 8 million square feet of land.

Tentative details:

  • Total Flat Sold: 439 – Total Cost:= AED: 678M
  • Ready Flat Sold: 36 – Total Cost= AED: 38M
  • OFF Plan Flats: 403 – Total Cost= AED: 639M
  • Villa Sold in AED: 5M

Meydan One

Meydan One

Meydan One, a self-sufficient metropolis with a population of 83,000, uses the most advanced environmentally friendly technology to create the ideal destination for both locals and visitors.

Meydan One includes the tallest residential tower in the world, a shopping centre with a detachable ceiling, 2,050 hotel accommodations and suites, the world’s longest indoor skydiving slope measuring one kilometer in length, 484,376 sqft of office space, a 1,829,865 square foot central park, and far more. Even by Dubai’s high standards for innovation, Meydan One stands out as a completely functional destination.

Tentative details:

  • Total Flat Sold: 435 – Total Cost= AED: 382M
  • Ready Flat Sold: 9 – Total Cost= AED: 6M
  • OFF Plan Flats: 426 – Total Cost= AED: 375M

Palm Jumeirah

Palm Jumeirah

Private homes and hotels are located on the artificial offshore islands known as Palm Jumeirah in Dubai, United Arab Emirates. The archipelago looks like a stylized palm tree enclosed in a circle from the air. The construction of Palm Jumeirah began in the early twenty-first century, and it was partly funded by Dubai’s enormous petroleum revenue.

Tentative details:

  • Total Flat Sold: 302 – Total Cost= AED: 1.992B
  • Ready Flat Sold: 148 – Total Cost= AED: 541M
  • OFF Plan Flats: 154 – Total Cost= AED: 1.451B
  • Villa Sold in Palm Jumeirah – ZABEEL SARAY AED 53M

Burj Khalifa

 

Burj Khalifa

According to all three of the primary standards used to evaluate such structures, the Burj Khalifa, also known as Khalifa or Khalifah, a mingled skyscraper in Dubai, United Arab Emirates, is the tallest building in the world (see Researcher’s Note: Heights of Buildings). Sheikh Khalifa ibn Zayed Al Nahyan, the ruler of the adjacent emirate of Abu Dhabi, was honored with the formal naming of the Burj Khalifa (“Khalifa Tower”), which was formerly known as Burj Dubai during construction.

Tentative details:

  • Total Flat Sold: 314 – Total Cost= AED 997M 
  • Ready Flat Sold: 193 – Total Cost= AED:  539M
  • OFF Plan Flats: 121 – Total Cost= AED: 458m 

Dubai Science Park

Dubai Science Park

Dubai Science Park, the very first free environment in the Middle East devoted to meeting the requirements of the science sector, is home to hundreds of businesses utilising more than 3,000 scientists, as well as top-notch offices and laboratories. The infrastructure serves small and medium businesses, international joint stock firms, and entrepreneurs in the scientific research industries equally. The free zone promotes innovation, and its adaptable setting encourages modernization, scientific research, and creativity. It is situated near Al Barsha South and promotes communication between authorities, financiers, and specialists.

Tentative details:

  • Total Flat Sold: 374 – Total Cost= AED: 341M
  • Ready Flat Sold: 24 – Total Cost= AED:  84M
  • OFF Plan Flats: 353 – Total Cost= AED: 312M

Jumeirah Lakes Towers

Jumeirah Lakes Towers

The Jumeirah Lakes Towers (JLT) (Arabic:) is a sizable progression in Dubai, United Arab Emirates, that consists of 80 towers being built along the edges of three man-made lakes (Lake Almas West, Lake Almas East, and JLT Lake), as well as the JLT Embankment, which has eight towers facing Jumeirah Islands. [1] Originally, JLT had four lakes (Lake Almas West, East, Elucio, and Lake Allure). However, in late 2012, the developer (DMCC) declared that lake Elucio would’ve been depleted and a 55,000 m2 (590,000 sq ft) park may be built in its place. 

Tentative details:

  • Total Flat Sold: 264 – Total Cost= AED: 298M
  • Ready Flat Sold: 140 – Total Cost= AED: 113M
  • OFF Plan Flats: 124 – Total Cost= AED:  164M 

Dubai Creek Harbour

Dubai Creek Harbour off plan project

The city’s historical sites and the more modern centers of Downtown Dubai and Business Bay, all of which can be reached in approximately 10 to 15 minutes by vehicle, are both located close to Dubai Creek Harbour, which rises above its namesake waterway.

The neighborhood is the perfect place to unwind and enjoy a leisurely pace of life while dining al fresco at food trucks or cafés and admiring the tranquil skyline and marina views. Take a boat excursion to see some of the city’s most famous sites from the sea, or stroll down the 6 km beachfront and stop for photos at one of the colourful artworks.

Tentative details:

  • Total Flat Sold: 338 – Total Cost= AED: 783M
  • Ready Flat Sold: 117 – Total Cost= AED: 224M
  • OFF Plan Flats: 221 – Total Cost= AED:  558M

Comparison with Dec 2021

property prices

There is no doubt in saying that Dubai’s real estate market is kept on changing. In comparison to 2021, the year 2022 proved the most fruitful and profitable year for real estate businesses.

5 Most Expensive Sold Apartment

AED 133 M Bulgari Lighthouse Dubai
AED 81 M Six Senses Residences The Palm
AED 66 M Dorchester Collection Dubai
AED 62 M One At Palm Jumeirah
AED 61 M Palm Beach Towers- 3

5 Most Expensive Sold Villas

AED 300 M Palm Jumeirah
AED 95 M Island 2
AED 85 M Emirate Living
AED 45 M Tilal Al Ghaf
AED 45 M Jumeirah Golf

Ending Statement

All the above statistics indicate a steady increase in demand for properties. And this applies to investment property, and housings that are bought for personal residence. Also, many buyers see the city as a promising place to live in the future, which is an excellent investment strategy. After the purchase, the property can be rented out, and if necessary, having received a residence permit, move directly to Dubai.

 

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Address

1505, Opal Tower Burj Khalifa Boulevard
– Business Bay – Dubai.

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