Dubai Real Estate Statistics for 2022

Saphyte Team

2 min read

Updated: November 16th, 2022

Dubai is a fast-growing city. Even during the pandemic, the city has shown no signs of stopping in terms of growth, innovation, and business activity. This includes the real estate industry.

The real estate market industry is a major sector in Dubai and contributed 8.2% of its GDP in 2021 (compared to 6.6% of its GDP in 2016). This steady growth can be attributed to the city’s progressive governance and conducive trade environment.

To find out more about its status, trends, and forecasts, we list down Dubai’s real estate statistics in 2022 that you should take note of:

New Highs in 2021: Number and Value of Sales Transactions

In 2021, 61,300 property sales were recorded to have been completed (compared to 34,900 sales in 2020). It’s also 9.7% more than the previous high-record year of 2014.

The value of transactions during this year amounted to around AED 150.6 billion (US$41 billion).

The best sales month were recorded to be in November, then December, then September.

The top zones (locations) were: Dubai Marina, Business Bay, and Jumeirah Village Circle.

Source: Kensington

Increase in Property Prices

There was also a reported increase in property prices for 2021.  From November 2020 to October 2021, Dubai’s property prices increased month after month from AED 820 (US$ 223.25) to AED 977 (US$266) per square foot, on average every month.

Another report stated that house prices in Dubai increased by 10.6% in 2021 and an additional 2.6% during the first three months of 2022.

Rents also increased dramatically. According to a report, apartment rents went up 18.3% in May this year, with an average monthly apartment rent of more than $7,500.

Demand of Housing Units in 2022

A report estimated that United Arab Emirates will have under one million units of housing demand by 2022. Following a slump in 2020 caused by the pandemic, residential rents and housing prices are anticipated to increasing following a growing housing demand in 2022.

Real Estate and Technology

With buyers around the world using the internet to look for properties, real estate companies have learned to adapt to technology to gain an advantage.

Many companies have learned to use digital ecosystems that allow them to gather information about their clients, implement email marketing campaigns using automation, and perform sales and marketing tasks using a centralized database.

With social distancing and mobility restrictions amid the COVID-19 pandemic, the adoption of technologies began to grow.

Transform Your Real Estate Business

Many of our growing partners are in the real estate business. If you are interested in transforming your company with our technology, talk to our experts. Book a free demo here.