In 2022, Dubai recorded 97,400 real estate transactions totaling an impressive Dh265.7 billion, with many residents and investors opting to buy property in the city's central areas.
Business Bay led the highest sales in 2022, with over 10,300 transactions worth Dh17.6 billion, averaging Dh1.2 million per transaction. According to Zoom Property Insights, this prime area will maintain its strong performance in 2023.
The report also predicts strong performance in 2023 for other neighborhoods, such as Dubai Marina, JVC, and Downtown Dubai.
Ata Shobeiry, CEO of Zoom Property, lauded the remarkable performance of Dubai's real estate market in 2022, noting that it broke several records. He believes that the continued interest of international investors and high-net-worth individuals in the Dubai real estate market will ensure the same performance in 2023.
Top Neighborhoods for Apartments Zoom Property Insights reported that 67,700 apartments were sold in 2022 at an average price of Dh1.2 million, representing a 71.1% increase in transaction volume and a 20.9% increase in average price compared to 2021.
Business Bay led the apartment market with just over 9,300 transactions, with an average apartment price of Dh1.3 million and a total transaction value of Dh14.6 billion. Dubai Marina and JVC ranked second and third, respectively, with the former witnessing 7,320 sales at an average price of Dh2.1 million and the latter recording 5,690 apartment sales at an average price of Dh642,000.
Other notable areas in 2022, such as Dubai Creek Harbour, Downtown Dubai, and Palm Jumeirah, are expected to perform well in 2023.
Top Neighborhoods for Villas According to Zoom Property Insights, there were over 22,600 villa sales in Dubai in 2022, with an average price of Dh2.1 million. This represented a 42.1% increase in transactions compared to 2021.
Jabal Ali First remained a top area for villas, with 2,210 sales at an average price of Dh2.9 million. Dubai South ranked second with 1,485 transactions, where villas typically cost Dh1.8 million. Villanova and Arabian Ranches also experienced substantial sales, with 1,178 and 1,155 transactions, respectively.
Other significant villa communities in 2022 included Emirates Living, Tilal Al Ghaf, Dubai Hills, and Mudon. Zoom Property Insights predicts that these neighborhoods will continue to dominate the villa market in 2023.
Shobeiry emphasizes the importance of each market segment's contribution to Dubai's real estate success, stating that 2023 will witness the real estate market reaching new heights of achievement due to numerous new projects coming on board.
