According to Zoom Property Insights, Business Bay topped the list of Dubai's highest sales in 2022 with over 10,300 real estate transactions worth Dh17.6 billion at an average price of Dh1.2 million, and this prime area is expected to continue its dominance in 2023 as well.
Other neighbourhoods expected to perform well in the new year are Dubai Marina, JVC and Downtown Dubai.
According to Zoom Property Insights, they recorded 7,430, 6,085 and 5,100 transactions worth AED 24.3 billion, AED 5.6 billion and AED 16.8 billion respectively in the previous year. This brings the year-end total for 2022 to 974,000 transactions worth Dh265.7 billion.
Ata Shobeiry, CEO of Zoom Property, praised the excellent performance of the property market in 2022.
He said that 2022 proved to be a record breaking year for Dubai real estate in many ways.
Not only was the market able to surpass the peak levels of 2014, but it also achieved new milestones over time. The same performance is expected in 2023 as foreign investors and high net worth individuals continue to be attracted to the Dubai property market and venture into it.
According to Zoom Property Insights, approximately 67,700 flats were sold in 2022 at an average price of $1.2 million. This marks a 71.1% change in the number of transactions and a 20.9% change in the average price compared to 2021.
A further breakdown shows that Business Bay dominates the flat sector with slightly more than 9,300 transactions.
The average price of a flat here was Dhs1.3 million, while the total value of transactions was Dhs14.6 billion. This was closely followed by Dubai Marina and JVC, with the former recording 7,320 transactions at an average price of Dhs2.1 million, while the latter saw 5,690 flats sold at an average price of Dhs6.42 million.
Downtown Dubai, Dubai Creek Harbour and Palm Jumeirah were other notable areas in 2022 and are expected to do the same in 2023.
Zoom Property Insights shows that in 2022, slightly more than 22,600 villa transactions will take place in Dubai at an average price of Dhs2.1 million. This represents a 42.1% year-on-year increase in the number of transactions compared to 2021.
In terms of the top regions, Jabal Ali Zone 1 remains in the lead with 2,210 transactions at an average price of Dh2.9 million.
Dubai South took the second spot with 1,485 transactions. Villas in this neighbourhood averaged Dhs1.8 million. Villanova and Arabian Ranches also saw a high number of transactions at 1,178 and 1,155 respectively.
Mudon, Dubai Hills, Tilal Al Ghaf and Emirates Living are the other notable villa communities in 2022.
According to Zoom Property Insights, these communities will continue their dominance in the villa sector in 2023.
The contribution of each sector of the market has played a significant role in Dubai's real estate boom. With the addition of various new developments, 2023 will see the real estate market reach new heights of success.
