Real Estate In Dubai In 2022: A Glimpse In The Past

Properties in the centre of Dubai can become a great option both as a personal residence and as an investment asset. People from all over the world were dreaming about becoming the owner of the property in Dubai. Let’s have a look at some of the reasons behind this fact as well as observe the sales statistics for 2022.

Property Price Forecast For 2022

Despite the difficult pandemic times that led to the global economic crisis, the Dubai real estate market is steadily moving forward. In 2022, over 50,000 real estate transactions were concluded in the Emirates, totaling AED 135.4 billion. Just think: this is 89% more than in 2021. The authorities of the Emirates are well aware that after the oil and tourism business, the real estate market is in 3rd place in terms of profit. Therefore, they actively support this market at the state level. The main measures taken to develop the real estate market include:

Complete absence of property tax;
Careful selection of construction companies in order to exclude obtaining a construction license by unscrupulous developers;
Reducing the cost of starting a business;
The ability to easily and as soon as possible buy, sell, or rent out real estate without being a citizen of the UAE;
Providing certain benefits to property owners in Dubai. In particular, the possibility of obtaining a residence permit for a period of 3-5 years;
Provision of mortgages, installment plans, and flexible payment systems;
Successful fight against Covid-19 (nationwide vaccination), the complete absence of restrictive measures in 2021-2022.

Read Also: 10 Exciting Things You Can Do While On A Dubai Tour

Prices For Apartments

Buying an apartment in Dubai is the most profitable investment. Let’s explain why. Firstly, Dubai offers apartments to choose from for every taste and color, as they say. Here you can find apartments of any size at reasonable prices in any area of the city. More than 60% of real estate transactions in 2022 registered in Dubai are for apartments. It should be noted that more and more buyers prefer off-plan projects – unfinished housing. Especially the demand for unfinished housing increases in summer. After all, summer is not only the beach season (although in Dubai the beach season lasts all year round), it is also the opening of the construction season. In summer, as a rule, large construction companies start new projects. They offer investors convenient payment schedules and attractive bonuses from the company. A well-known fact: the price of real estate directly depends on the area. The list of the most popular areas in Dubai in 2022 includes areas such as:

Dubai Creek Harbour (the cost of 1 sq. m. last year here was 16,710 AED);
Downtown (1 sq.m. was sold in this area for 16,233 AED);
The Hills (1 sq.m. here was sold for 15,022 AED);
Palm Jumeirah (in this area you could buy apartments for 14,177 AED).

Prices For Villas And Townhouses

Last year saw a sharp increase in demand for villas and townhouses in Dubai. The main reason is still the same pandemic. People want to protect themselves by creating the most comfortable living conditions in case of a repeat of lockdowns. Obviously, it is better to wait for the end of the pandemic while walking in your own garden or swimming in your own pool than sitting locked up in a stuffy apartment. In addition, most communities provide kindergartens and schools, sports and playgrounds, places for walking and recreation, hospitals, and entertainment centers. This is a kind of small town, which has all the necessary infrastructure. You don’t need to leave this “town” at all, in which everything is provided. It is very convenient for families with children.

Buyers prefer already completed villas and townhouses, rather than unfinished buildings (as opposed to apartments).

The most popular areas for the sale of villas and townhouses in 2022 were:

Palm Jumeirah (the cost of 1 sq.m. here was equal to 27,855 AED);
Dubai Hills Estate (last year 1 sq.m. in this area cost 13,433 AED);
Jumeirah Golf Estates (1 sq.m. here could be purchased at a price of 11,766 AED);
Arabian Ranches 2 (in this area, the price per 1 sq.m. was 10,922 AED).