According to a recent report by a digital real estate company, Property Finder, Dubai’s real estate sector will reach a record-breaking $65 billion in 2022, with over 88,000 transactions.
Property Finder reported in its Zeitgeist 2022 report that Dubai had 88,028 sales through November of this year, which is 60,258 more than last year.
Furthermore, Dubai’s property sector is growing at a rate nearly 61 percent faster than in 2021.
It is worth noting that the growth is primarily driven by off-plan transactions, which increased by 86% when compared to 2021. Structures that are not yet completed are referred to as off-plan property.
Speaking of the booming real estate market, Scott Bond, Country Manager at Property Finder, stated that the turbulent market in 2022 influenced consumer behaviour.
He went on to say that the real estate market performed exceptionally well as a result of rising demand and the launch of various events and initiatives such as the FIFA World Cup, the golden visa, and the UAE government’s efforts to transition to a digitally powered economy.
According to him, the aforementioned factors increased demand for off-plan housing.
The table below shows the most popular areas in Dubai for apartments, villas, and townhouses:
|Sr.||Most-Searched Areas for Apartments||Most-Searched Areas for Villas and Townhouses|
|1.||Palm Jumeirah||Dubai Hills Estate|
|2.||Downtown Dubai||Palm Jumeirah|
|3.||Jumeirah Village Circle||Arabian Ranches|
|4.||Jumeirah Beach Residences (JBR)||Arabian Ranches 2|
|5.||Jumeirah Lakes Towers.||DAMAC Hills (Akoya by DAMAC)|
|7.||–||Mohamed Bin Rashid|
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