Like the city itself, Dubai's real estate market is booming. Every day, new villas and apartments find their owners. Today, let's take a look at the real estate figures for this city in the United Arab Emirates.
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483 villas sold
In April 2022, the 483 villas which are sold in Damac Lagoons, one of Dubai's popular neighborhoods. Located close to the city center, Damac Lagoons offers a wide range of amenities. Within walking distance are two of the city's leading golf courses. It's the perfect place for sports-minded entrepreneurs.
In second place, we find the Emirate Living district with its 102 villas sold by 2022. Apartments, on the other hand, sell better in Jumeirah Village. There are no fewer than 254 apartments sold this year in this district. Next comes Dubai Marina with 244 apartment sales over the same period. These sales are often motivated by their low cost per square meter.
2,997 dirhams per m²
For a villa, the highest price per square metre in the city is 2,997 dirhams (or €758/m²). This rate is found at Palm Jumeirah Fron, an artificial archipelago created between 2001 and 2009. If the location seems expensive, it's mainly because of the site's unique characteristics. Indeed, Dubai is one of the first countries to have undertaken such a project. By way of comparison, an apartment on Jumeirah Island costs just 1,460 dirhams per square meter (369 €/m²).
The most expensive apartments are located in Dubai Creek Harbour. To enjoy an apartment on this site, you need to spend €1,830. dirhams per square metre. However, if you're looking to build an apartment or villa in Dubai, you need to be aware of the current high volume of demand. As a result, many real estate projects are behind schedule.
22 % construction projects behind schedule
Faced with ever-increasing demand, many construction sites are experiencing delivery delays. There are no fewer than 22 % delay on all real estate projects in 2022. However, 78 % of them are considered to have been delivered on time. This should reassure real estate investors in Dubai.
This rate is the same for villas and apartments. Taking all properties together, more than 4,500 homes awaiting completion in 2022. Building a villa takes longer than building an apartment. This naturally leads to a higher number of completed and sold apartments.
39,570 apartments sold
The year 2021 was a flourishing one for personal home sales in Dubai. In fact, out of the entire real estate stock, 39,570 apartments were sold in 2021. This represents an increase of 63 % over sales in 2020. On the villa side, more than 13,600 found an owner. A significant increase representing 112 % of additional sales compared with 2020.
In terms of building land, there are approximately 5374 lots sold in 2021. An increase of 81 % compared to 2020 results. Sufficient space to accommodate real estate construction projects in the city of Dubai.
16,260 new construction projects
As of April 30, 2022, these are 16,260 construction projects that have already been delivered in the city. It is reasonable to conclude that year-end estimates could exceed 2021 results. Indeed, last year some 29,700 projects delivered to Dubai.
More 11,700 other homes are currently under construction in the UAE city. The recent interest in the country on the part of foreigners has forced the various construction companies to develop a timetable for the completion of future properties over several years.
5,500 orders pending for 2023
While 2022 will see the arrival of 11,700 homes, the following years will see a steady stream of future housing projects. In 2023, for example, 5,500 orders already scheduled awaiting construction. By 2024, some 2,865 new projects will have been signed.
It's easy to imagine that in the years to come, property sales will concentrate on the most popular neighborhoods offering affordable rates. Many sites have already captured the hearts of investors.
12 % from the market to Al Hebiah first
One of the most popular sites is Al Hebiah First. This real estate complex is a veritable little paradise for all investors wishing to enjoy real estate in Dubai. Spread over an area of 4 km², Al Hebiah First is home to over 9600 inhabitants at the last census in 2018. In addition, 99.4 % of local residents come from other countries. A truly cosmopolitan district in the heart of Dubai.
All this demand for housing generates a huge amount of expenditure. That's why, in 2021, real estate transactions are soaring.
150,000,000,000 dirhams
Dubai saw very strong demand in 2021. Real estate transactions in this city in the United Arab Emirates increased by 75 % compared with 2020. In all, the real estate business to report 150,000,000,000 dirhams (almost 38 billion euros) to the various agencies offering properties for sale. A real record for this fast-growing city.
Newer neighborhoods are taking advantage of the city's popularity and are developing extremely rapidly.
3626 additional homes
The Mohamed Bin Rashid Al Maktoum district, named after the vice-president and sheikh of Dubai, is home to 3626 additional new homes by 2022. This growth places it in the top 3 of the city's most popular neighborhoods.
Another major attraction is the price! In April 2022, you can expect to pay 1,854 dirhams per square meter (approx. €468/m²) for a villa in this area. For an apartment, expect to pay on average 1,388 dirhams (€351/m²). These new homes are commissioned from professional contractors, most of whom have worked on the city's largest buildings.
17 % of the contract awarded to Emaar
Numerous construction companies are being approached to build real estate in Dubai. Emaar is one of them. All in all, 17 % of Dubai's construction market goes to Emaar. The company's fame is largely due to the fact that it is behind one of the city's tallest skyscrapers: the Burj Khalifa. Today, the Emaar Group is responsible for the construction of over 13,000 real estate projects for the city of Dubai.
Its direct competitor is Damac Properties. Neck and neck, this other company represents 13 % of all the city's buildings. Last but not least, Dubai Properties follows closely behind the two construction giants, releasing 7 % market share.
Real estate in Dubai is a booming business. Thanks to outside investors, the city still has many years of prosperity ahead of it. With prices lower than in France, it's the ideal time to buy a property. pack your bags in this unique city.
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