According to the 2022 Zeitgeist Report by property portal Property Finder, the Dubai real estate market saw over Dh240 billion (US$65.33 billion) in transactions in 2022, recording a 61 per cent increase compared to the previous year.

The Dubai market also experienced a record-breaking year in 2022, with 88,028 registered sales as of November 2022, up from 60,258 in 2021, a significant increase of 46 per cent and surpassing the market peak of 38 per cent in 2013.

This growth was driven by the remarkable success of off-plan transactions, which climbed 86% compared to 2021.

In 2022, the value of off-plan deals accounted for 44% of all transactions, up from 40% by volume in 2021, with a shift in the market between these two performance categories.

Compared to 2021, when the value of transactions was approximately Dhs44.6 billion, the value of transactions climbed to 35 per cent of all transactions, reaching a total of Dhs83 billion. Flats had the highest number of first sale transactions (in terms of value).

In contrast, the overall transaction value of villas/townhouses surpassed the previous mark established in 2021, making it the highest ever recorded.

"A shift in consumer behaviour occurred in 2022 due to unstable market conditions.

The market had a record breaking performance due to rising demand, recent events and initiatives such as the FIFA World Cup, the Golden Visa and a greater attempt to move to a digitally driven economy.

As a result, it is also evident in the search trends on our portal that there is more interest in the off-plan market," said Scott Bond, country manager at Property Finder.

The most frequently searched flat areas in 2022 are located in the urban core, which continues to include The Palm Jumeirah, Downtown Dubai, Jumeirah Village Circle, Jumeirah Beach Apartments and Jumeirah Lake Towers.

While Dubai Hills, Palm Jumeirah, Arabian Ranches, Arabian Ranches 2, Akoya by Damac, Akoya, Mohamed Bin Rashid and The Springs are the most popular areas for villas and row houses.