The value of the 9,720 real estate sales made in Dubai during the month of August 2022, which totaled 24.34 billion dirhams, was the highest recorded for the month of August in the previous ten years.
While the value of sales saw a jump of 63, the volume of sales climbed by roughly 69. 57%.
The official index of selling prices and rents, which the Dubai Land Department and “Property Finder” issued, shows an annual increase of 58%.
According to the official index statistics, which uses January 2012 as the base year and the first quarter of 2012 as the base quarter, the general monthly sales index in August 2022 had a score of roughly 1,348 points at an index selling price of 1,311,362 dirhams.
While the monthly apartment index had a score of 1,428 points, the index’s selling price was 1,229,308 dirhams.
Additionally, in August 2022, the overall monthly residential rental performance index registered roughly 0. 983 points, with the index’s selling price coming to nearly 53,902 dirhams.
The monthly index of townhouses and villas scored 0. 891 points at a price of 137,034 dirhams, while the monthly index of apartments scored 0. 988 points at a cost of 49,195 dirhams.
In addition, off-plan sales in August 2022 recorded the largest number of transactions, with an increase in value and number of transactions of roughly 76. 5% and 72. 1%, respectively, over August 2021.
On the other hand, the total number of lease agreements signed in August of last year was 47,212, of which 60. 53% were new agreements and around 39. 47% were renewals.
In comparison to 12. 73% of non-annual contracts, yearly contracts made up 87. 27% of all contracts.
Additionally, around 70. 92% of all lease agreements recorded were for residential use, while 28. 16% were registered for commercial use.
The lease contracts for the month of August 2022 continued to expand at a rate of roughly 10. 57%, helped by more new lease agreements, which rose by 19. 43% from July 2022.
The rental market is still dominated by annual contracts, with monthly growth of 12. 29% and around 4.
Rental agreements for residential reasons climbed by 7.45% compared to a month during the same period, while rental agreements for commercial purposes saw an increase of 21.34% compared to July 2022.
Additionally, the emirate’s real estate market reported 7,092 transactions for 21 billion dirhams in July 2022.
The value of sales climbed by nearly 88% on an annual basis in the same month, while the volume of sales increased by around 63%.
“Property Finder”: In August, Dubai recorded real estate sales totaling 24.3 billion dirhams.
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