Given that developers have accelerated the pace of projects to ensure prompt completion and handover of projects, a positive indicator for the market, MBR City is projected to lead the delivery of residential units in Dubai this year.
According to Zoom Property insights, the mixed-used development took the top spot on the chart by delivering the most residential units in Dubai during the first quarter and is predicted to keep that spot for the remainder of the year.
In the first quarter, about 6,700 units were delivered in the Dubai real estate market, and an additional 31,000 units are scheduled to be supplied over the course of the year.
The data indicate that the Dubai real estate market is continuing to provide positive results, with May 2022 registering over 5,440 transactions, representing a growth of 33% on an annual basis. The apartment and villa sectors both experienced growth of 9.5% and 19.8%, respectively, while the average price grew by almost 11%.
The CEO of Zoom Property, Ata Shobeiry, predicts that the real estate market will keep growing despite the impending prospect of a worldwide recession.
“The property market is in a strong position to show resilience against the upcoming global recession and continue the upward trend that started last year. While the global recession poses a serious challenge, there will be a limited impact on the market as it’s backed by new developments, the influx of overseas investment, and strategic planning of the government,” he said.
Top areas in Q1
Out of the total 6,700 units, a significant portion of them was delivered to MBR City in the first quarter of 2022. Data show that in this mixed-use development, about 22% of the total units were delivered.
With 16 and 15%, respectively, Dubailand and International City were ranked 2 and 3 on the list of places with the highest supply provided in Q1. Jumeirah Village Circle, which had almost 10% of the units delivered, was another well-liked neighborhood.
Future trend
By providing more than one-third of Dubai’s residential units, MBR City is anticipated to maintain its lead in the housing supply market. Downtown Dubai (15%) and Dubailand (15%) will come next (11 percent).
In addition, the supply of units will also be distributed to Business Bay, Dubai Creek Harbour, Al Jadaf, and Jumeirah Village Circle for the remainder of 2022.
“Demand for villas and apartments in Dubai will remain strong as investors find it the best option to invest in a booming market. More than 4,000 millionaires or high net worth individuals are going to migrate to the UAE this year and it will benefit the real estate market,” Shobeiry said.
A strong H1
According to W Capital Real Estate Brokerage, the Dubai real estate market ended the first half of this year on a positive note with approximately 43,000 sales transactions totaling more than Dh114.5 billion.
The market saw 8,833 real estate sales for Dh22.69 billion in June 2022, which is the most ever for a single month since June 2009, when sales transactions totaled Dh22.92 billion.
When compared to June 2021’s overall performance, the previous month had a 42.6 percent increase in transactions and a 55.4 percent increase in transaction value.