Youssef Al Arabi (Dubai)
The real estate sector in the Emirate of Dubai has established its position after recording the highest value of real estate transactions and sales during the year 2022, according to data from the Land and Property Department, which showed an increase in the value of real estate transactions in the emirate by 44.7%, to reach 430.26 billion dirhams in 2022 compared to 297.26 billion dirhams in 2021, to be recorded This brings a new record.
Real estate transactions took place in 2022 through 122,044 transactions, compared to 83,456 transactions last year, an increase of 46.23%.
In terms of real estate sales, it grew by 78% to reach 265.5 billion dirhams in 2022, compared to 148.99 billion dirhams in 2021. The sales transactions were completed through 97,478 transactions during the current year, compared to the 60,213 transactions of the previous year, and the purchase and sale operations were distributed by type of property to 70,887 real estate units, 9,740 buildings and 16,851 land.
Mortgage
As for the mortgage market, mortgage transactions increased to reach 134.77 billion dirhams in 2022, compared to 128.34 billion dirhams in 2021, a growth of 5%.
Mortgage transactions were completed in the current year through 19,863 transactions compared to 19,576 transactions in 2021, and mortgage transactions were distributed over 15,100 real estate units, 3,111 buildings and 7,804 land.
Gift transactions increased by 50% in 2022 to reach around AED 30 billion, up from AED 19.93 billion in 2021.
Non-repayable transactions took place in the current year through 4,703 transactions compared to 3,667 in 2021, with a growth rate of 28% The non-repayable transactions were distributed over 2,488 real estate units, 251 buildings and 928 land.
weekly actions
Real estate transactions in the Dubai Land Department during the week ending yesterday totaled over AED 9.6 billion as the department witnessed the registration of 2,250 loyalty pledges worth AED 7.03 billion, including 179 pledges of land allegiance, valued at 1.39 billion dirhams, and 2,071 pledges of allegiance to apartments and villas, valued at 5.64 billion dirhams.
The most notable land sales came worth AED230m in the Dubai Marina area, followed by a AED175m pledge in Jebel Ali Prime Industrial Estate, followed by a AED95m pledge in the Palm Jumeirah area.
The fifth Al-Habibiyah area is first of the regions in number of sales, recording 95 sales worth AED 237 million, followed by the first Jebel Ali region, with 24 sales worth AED 79 million, and a third in Al-Yafrah 2, with 10 sales worth 12 million dirhams.
As for the major sales of apartments and villas, a sale of AED 336 million in the Second Mall area, the largest sale, followed by a sale of AED 133 million in the Island 2 area, and finally a sale of 127 million dirhams in the Island 2 area.
The Business Bay region is ahead of the regions in terms of the number of apartment and villa sales, as it has registered 269 loyalty pledges, worth AED 466 million, followed by the Merkad region, with 239 loyalty pledges, worth 340 million dirhams, and a third in Al Thanyah, with 170 pledges of 468 million dirhams. Mortgages recorded a value of two billion dirhams, of which 50 land loans worth 710.27 million dirhams and 206 mortgages for villas and apartments worth 1.29 billion dirhams, the most important of which in the first area of Jumeirah worth 512 million dirhams, and another one in the first area of Al Nahda worth 351 million dirhams.
As regards donations, 94 donations were recorded, worth 537.7 million dirhams, of which the most important was in the Palm Jumeirah area, worth 301 million dirhams, and another one in the Dubai Marina area, worth 79 million dirhams.
