With over 10,300 real estate transactions valuing Dhs17.6 billion at an average price of Dhs1.2 million, Business Bay led the chart for the highest sales in Dubai last year. The prime area is likely to continue its supremacy in 2023 as well, according to the Zoom Property Insights.
Other communities in Dubai that are expected to perform well in 2023 are Dubai Marina, JVC and Downtown Dubai. They recorded 7,430, 6,085, and 5,100 transactions worth Dhs24.3 billion, Dhs5.6 billion, and Dhs16.8 billion, respectively, in the preceding year. This brings the year-end total of 2022 to 97.4k transactions worth Dhs265.7 billion.
Ata Shobeiry, CEO of Zoom Property, praised the property market’s remarkable performance in 2022.
Shobeiry said that 2022 proved to be a record-breaking year for Dubai’s real estate in many ways.
Top areas for apartments
According to Zoom Property Insights, around 67,700 apartments were sold last year with an average price of Dhs1.2 million.
- Business Bay (average price Dhs1.3 million)
- Dubai Marina (average price Dhs2.1 million)
- JVC (average price Dhs642k)
Downtown Dubai, Creek Harbour and Palm Jumeirah were other notable areas in 2022, which are likely to perform equally well in 2023 as well.
Top areas for villas in Dubai
The Zoom Property Insights report revealed that 2022 saw a little over 22,600 transactions for Dubai villas at an average price of Dhs2.1 million.
- Jabal Ali (average price Dhs2.9 million)
- Dubai South (average price Dhs1.8 million)
- Villanova
- Arabian Ranches
Mudon, Dubai Hills, Tilal Al Ghaf and Emirates Living were other notable communities for Dubai villas in 2022. These communities will continue their dominance in the villa segment in 2023, according to the Zoom Property Insights.
tanvir@dubainewsweek.com
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