• In October 2022, the Off-plan Market witnessed the highest value of transactions in a decade by recording AED 11.6 billion for the first time.
  • Rental contracts for October witnessed around a 6% increase MoM whereas renewed contracts recorded around a 5.1% increase MoM.

Dubai, UAE: According to Property Finder, MENAT’s leading PropTech company, the real estate market continues to flourish. In October 2022, the off-plan market witnessed the highest value of transactions in the past decade, recording over AED 11.6 billion in transactions for the first time.

October 2022 attained 8,816 total sales transactions and witnessed a 66.6% YoY increase compared to the same month last year with 5,291 transactions. In terms of value, there was a significant increase in transactions by 97.9%, worth AED 25.8 billion compared to AED 13.05 billion in October 2021.

In terms of volume, secondary/ready properties recorded 4,087 transactions, with a significant increase of 27.3% YoY. Similarly, transactions for existing properties witnessed an increase of 63% YoY in terms of value, reaching AED 14.2 billion compared to AED 8.7 billion in October 2021.

In terms of value, off-plan properties witnessed a record-breaking performance, transacting more than AED 11.6 billion for the first time in a decade, with an increase of 168% compared to AED 4.3 billion in October 2021.

The off-plan market witnessed a remarkable performance in October 2022. The volume of off-plan properties recorded a significant increase by 108% YoY, attaining 4,341 transactions compared to the same period last year with a total of 2,087 transactions.

On the other hand, in October 2022, rental contracts continued to expand, witnessing around a 6% increase MoM whereas new and renewed contracts recorded around a 6.4% and 5.1% increase, respectively MoM. Annual contracts attained around a 7% growth rate MoM and 6% YoY.

Furthermore, residential contracts acquired 70.35% in October and witnessed an increase of 4.04% MoM. Lastly, the contracts for commercial purposes saw a rise of 10% MoM and 8% YoY.

Commenting on the market, Scott Bond, Country Manager - UAE at Property Finder, stated: “The demand for real estate is expected to witness steady growth. With various reforms and initiatives in place, the UAE remains at the forefront as a leading hub for business and innovation, and achieving record-breaking numbers month-on-month is another influential factor to remain optimistic.”

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