Due to a number of off-plan releases, Dubai apartment sales soared in the fourth quarter of 2022, increasing 164% year over year.
Overall real estate sales in the emirate increased 65% annually and 15% quarterly in Q4 according to Morgans Realty. The firm stated in an analyst’s note that mortgage activity had climbed by 2% quarter over quarter despite higher interest rates.
The emirate had 97,252 real estate sales worth AED 265 billion ($72 billion) in 2022, up 59.5% from 2021, the note claims.
Apartment sales made up 69% of all transactions during the quarter, increasing in price per square foot by 6% from quarter to quarter, transaction volume by 28% from quarter to quarter, and transaction volume by 18% from year to year.
58.5% of all flat transactions, according to Morgan’s International Realty, involved off-plan purchases.
Elias Hannoush, managing director, said: “While we remain positive about the stability of the Dubai market and foresee continued expansion, developers and investors will need to carry the lessons of previous market cycles in mind.
“The current expansion of the market cannot continue forever. Large gains are likely over for the foreseeable future, and several months of price stability with small price increases are predicted.”
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