Business Bay, Dubai Marina and JVC to spur realty boom

• Business Bay, Dubai Marina, and JVC remained the top-performing communities in the Dubai Property Market
• A total of 97.4k transactions worth Dh265.7 billion were recorded by Dubai real estate in 2022
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• Top areas to buy apartments include Business Bay, Dubai Marina, JVC, Downtown Dubai, Dubai Creek Harbour, and Palm Jumeirah
• Top areas to buy villas include Jabal Ali First, Dubai South, Villanova, Arabian Ranches, Mudon, Dubai Hills, Tilal Al Ghaf, and Emirates Living.

The property market is heading for another great year supported by top-performing areas

With more than 10,300 real estate transactions valuing Dh17.6 billion at an average price of Dh1.2 million, Business Bay led the chart for the highest sales in Dubai in 2022 and the prime area is expected to continue its supremacy in 2023 as well, according to the Zoom Property Insights.

Other communities that are expected to perform well in the new year are Dubai Marina, JVC, and Downtown Dubai. They recorded 7,430, 6,085, and 5,100 transactions worth Dh24.3 billion, Dh5.6 billion, and Dh16.8 billion, respectively, in the preceding year, according to the Zoom Property Insights. This brings the year-end total of 2022 to 97,4000 transactions worth Dh265.7 billion.

Ata Shobeiry, CEO of Zoom Property said 2022 proved a record-breaking year for Dubai real estate in many ways.

“Not only was the market able to surpass the 2014 peak levels, but it also achieved new milestones as the years progressed. The same performance is expected from 2023 as well since foreign investors and HNWIs [High Net-worth Individuals] continue to get attracted by the Dubai property market and venture into it,” he said.

Top areas for apartments

Around 67,700 apartments were sold in 2022 with an average price of 1.2 million, according to the Zoom Property Insights. It marked a change of 71.1 per cent in terms of the number of transactions and 20.9 per cent in terms of average price compared to 2021.

A further breakdown shows that Business Bay dominated the apartment sector with a little over 9,300 transactions. The average price of apartments here was recorded at Dh1.3 million, while the total value of transactions amounted to Dh14.6 billion. It was followed by Dubai Marina and JVC as the former recorded 7,320 transactions at an average price of Dh2.1 million, while the latter had 5,690 apartments sold at Dh642,000 as the average price.

Downtown Dubai, Dubai Creek Harbour, and Palm Jumeirah were other notable areas in 2022, which are expected to perform equally well in 2023 as well.

Top areas for villas

The Zoom Property Insights reveals that 2022 saw a little over 22,600 transactions for villas in Dubai at an average price of Dh2.1 million. Compared to 2021, it marked a year-on-year growth of 42.1 per cent vis-à-vis the number of transactions. Shedding light on top areas, Jabal Ali First remained at the forefront with 2,210 transactions at an average price of Dh2.9 million. Dubai South grabbed the second spot with 1,485 transactions.

The average price of villas in this community was Dh1.8 million. Villanova and Arabian Ranches also raked in high numbers with 1,178 and 1,155 transactions, respectively.

Mudon, Dubai Hills, Tilal Al Ghaf, and Emirates Living were other notable communities for villas in 2022. According to the Zoom Property Insights, these communities will continue their dominance in the villa segment in 2023.

“The contribution of each sector of the market has played a vital role in the booming success of Dubai real estate. With various new developments joining the bandwagon, 2023 will see the property market reaching new heights of success,” Shobeiry said.