Dubai off-plan property market report 2022
The year 2022 proved to be a fantastic one for the Dubai property market. Fuelled by extensive demand from local and overseas investors, property sales in Dubai reported up to 50% growth in the sales volume and value of completed properties, as per the DLD. A similar trend was observed for off-plan properties as well. Bayut’s Dubai off-plan market report 2022 details the popularity and price trends for upcoming developments in Dubai.
Disclaimer: The prices mentioned in this off-plan projects report for Dubai 2022 (MKTT RPT YE 2022) are based on prices for off-plan properties advertised by real estate agencies on behalf of their clients on Bayut.com. The prices are not representative of actual real estate transactions conducted in Dubai, unless specified as based on DLD data.
TOP AREAS OF INTEREST FOR OFF-PLAN PROPERTIES IN 2023
Based on the data sourced from Dubai Land Department, there were a total of 35,370 off-plan sales transactions worth AED 71.1 billion, recorded during 2022. Statistics show that the volume of 2022 off-plan transactions in Dubai increased by 47.9%, with the sale value appreciating by 60.3%.
The greater chunk of this volume comprised the sale of off-plan apartments in Dubai. Trends for 2022 show that most transactions for off-plan flats in Dubai took place in the following areas:
- Jumeirah Village Circle
- Business Bay
- Downtown Dubai
For off-plan villas, investors were keen on areas such as:
- Dubailand
- Town Square
- Dubai South
Let’s now take a detailed look at which off-plan projects in popular areas of Dubai attracted the most investor interest for apartments and villas in 2022.
Please note: Area popularity is based on the number of transactions recorded by the DLD in a particular area, during the course of 2022.
DUBAI OFF-PLAN MARKET REPORT 2022: MOST SOUGHT-AFTER AREAS FOR APARTMENT PROJECTS
AREAS | AVG. TRANSACTION PRICE | DLD PRICE PER SQ.FT |
|---|---|---|
AREAS Jumeirah Village Circle (JVC) | AVG. TRANSACTION PRICE 715,677 | DLD PRICE PER SQ.FT 918 |
AREAS Business Bay | AVG. TRANSACTION PRICE 1,386,383 | DLD PRICE PER SQ.FT 1,725 |
AREAS Downtown Dubai | AVG. TRANSACTION PRICE 2,723,294 | DLD PRICE PER SQ.FT 2,265 |
AREAS Dubai Marina | AVG. TRANSACTION PRICE 1,678,114 | DLD PRICE PER SQ.FT 1,520 |
AREAS Mohammed Bin Rashid City | AVG. TRANSACTION PRICE 1,363,712 | DLD PRICE PER SQ.FT 1,571 |
For off-plan apartments in Dubai, Jumeirah Village Circle (JVC) was one if the most popular choices in 2022. With a number of projects handed over in 2022, including Harrington House and Nicholas Residence, JVC remained a firm favourite among investors.
The most prominent off-plan apartment developments in JVC, that captured investor investor interest in 2022, include:
- Binghatti Heights
- Developer: Binghatti Developers
- Advertised Average Price: AED 1.02M
- Expected Completion: 15-Aug-2023
- Maimoon Gardens
- Developer: Fakhruddin Properties Development
- Advertised Average Price: AED 1.14M
- Expected Completion: 31-Dec-2025
- Oxford Terraces
- Developer: Iman Developers
- Advertised Average Price: AED 802k
- Expected Completion: 15-Jan-2024
As per the data collected for this off-plan projects report for Dubai 2022, Business Bay was another area that captured investor interest for off-plan apartments in Dubai, during 2022. Some of the recent handovers in the district include Reva Residences, Paramount Tower Hotel & Residences, Vera Tower.
The off-plan apartment projects that stood out to property buyers in 2022 include:
- Aykon City
- Developer: DAMAC Properties
- Advertised Average Price: AED 1.70M
- Expected Completion: 30-Aug-2023
- Binghatti Canal Building
- Developer: Binghatti Developers
- Advertised Average Price: AED 1.28M
- Expected Completion: 30-Jun-2023
- Zada Residence
- Developer: DAMAC Properties
- Advertised Average Price: AED 1.18M
- Expected Completion: 30-Jun-2023
Our data for off-plan properties Dubai market report also showed that Downtown Dubai did well among investors for apartments projects in Dubai. Following the handovers of Burj Royale, Downtown Views II and Act One | Act Two Towers, property buyers gravitated towards the projects listed below:
- The Address Residences Dubai Opera
- Developer: Emaar Properties
- Advertised Average Price: AED 3.14M
- Expected Completion: 30-Mar-2023
- Burj Crown
- Developer: Emaar Properties
- Advertised Average Price: AED 2.39M
- Expected Completion: 31-Oct-2023
- City Center Residences
- Developer: Dar Al Arkan Properties
- Advertised Average Price: AED 2.56M
- Expected Completion: 30-Sep-2026
Besides the above-mentioned areas and projects, our off-plan Dubai market report data showed that buyers considered the apartments in Dubai Marina’s LIV Marina and Marina Shores developments. District One Residences 22, Berkeley Place and Sobha Creek Vistas Reserve in Mohammed Bin Rashid City also emerged as popular options.
DUBAI OFF-PLAN MARKET REPORT 2022: POPULAR AREAS FOR VILLA PROJECTS
AREAS | AVG. TRANSACTION PRICE | DLD PRICE PER SQ.FT |
|---|---|---|
AREAS Dubailand | AVG. TRANSACTION PRICE 1,577,900 | DLD PRICE PER SQ.FT 738 |
AREAS Town Square | AVG. TRANSACTION PRICE 1,434,612 | DLD PRICE PER SQ.FT 632 |
AREAS Dubai South | AVG. TRANSACTION PRICE 1,415,572 | DLD PRICE PER SQ.FT 653 |
AREAS Arabian Ranches 3 | AVG. TRANSACTION PRICE 1,895,487 | DLD PRICE PER SQ.FT 1,043 |
AREAS Tilal Al Ghaf | AVG. TRANSACTION PRICE 1,973,193 | DLD PRICE PER SQ.FT 1,003 |
A project by Dubai Properties, Villanova in Dubailand also managed to capture investor interest. As the community expands, the developers launched several new phases for the existing sub-communities, out of which the most prominent were:
- La Rosa 3
- Advertised Average Price: AED 1.85M
- Expected Completion: 1-Sep-2023
- La Violeta 2
- Advertised Average Price: AED 1.92M
- Expected Completion: 1-Jul-2024
- La Violeta 1
- Advertised Average Price: AED 1.90M
- Expected Completion: 1-Feb-2025
Based on the data collected for our Dubai off-plan market report 2022, Town Square by Nshama Properties also recorded considerable off-plan transactions during the year. The projects that appealed most to property buyers included:
- Shams Townhouses
- Advertised Average Price: AED 1.80M
- Expected Completion: 30-Dec-2024
- Reem Townhouses
- Advertised Average Price: AED 1.73M
- Expected Completion: 30-Nov-2023
Dubai South with it’s increasing popularity, was another district that recorded a healthy volume of off-plan transactions for villas during 2022. The projects that attracted most buyer interest, included:
- The Pulse Villas 2
- Developer: Dubai South Properties
- Advertised Average Price: AED 3.58M
- Expected Completion: 31-Jan-2024
- Greenview 3
- Developer: Emaar Properties
- Advertised Average Price: AED 1.62M
- Expected Completion: 31-Oct-2025
Based on the data collected for our off-plan properties Dubai market report, June, Bliss and Ruba in Arabian Ranches 3 appealed to investors for off-plan villas in Dubai. Harmony, Aura and Elan in Majid Al Futtaim’s Tilal Al Ghaf project also proved attractive to off-plan property buyers.
That brings us to the end of this Dubai off-plan market report 2022. If you’re looking to invest in ready properties, take a look at our Dubai Sales Market Report 2022, to get a clearer picture of the prevailing prices and popularity trends.
In case you’re interested in upcoming projects that may present lucrative property investment opportunities, our guide to Dubai’s hottest new property launches for January 2023 is a great place to start.
