by Richy Parami 
CEO of Shofield, Mr. Richy Parami presents a market report on the Dubai real estate market for 2022, comparing it to 2021 and providing a forecast for 2023 and beyond. Our Real estate brokerage is a highly trusted partner of developers like Damac, Emaar, DarGlobal, Sobha Realty and more. Working from offices in Belgium, the Netherlands, and Dubai helping homebuyers find a dream deal. Shofield also specializes in assisting investors, home buyers and entrepreneurs with company formation, visa, residency, and immigration services.
Real Estate Sales Transactions: A Year-on-Year Comparison
In 2022, Dubai’s real estate sales transactions were 64% higher compared to the same quarter in 2021. Additionally, the number of transactions for the entire year increased by an impressive 60% compared to 2021, with around 60% of these transactions being off-plan units and 40% in the secondary market for ready properties.
Damac Hills 2: A Leading Development
Damac Hills 2, one of Dubai’s top-performing areas, delivered 6,517 units in 2022 – the highest of all areas in the city. Damac has been chosen as the no.1 developer in Dubai for 2022 and is our recommended partner for finding the right investment for our clients.
Economic Indicators: Inflation, Interest Rates, and Rental Prices
The current inflation rate in Dubai is on an upward trend, driven by global economic factors and increased demand in various sectors. However, the interest rates in the UAE have remained low, providing a favorable environment for borrowing and real estate investments.
The year-on-year (YoY) rental price increase in Dubai has also been significant, reflecting the growing demand for residential and commercial properties in the city. This trend is expected to continue in the coming years, providing attractive returns for property owners and investors.
Market Forecast for 2023 and Beyond
As Dubai continues to strengthen its position as a global hub for commerce, tourism, and innovation, we anticipate that the real estate market will remain an attractive option for investors and property owners. We expect the upward trend in real estate transactions to continue into 2023, with off-plan units and ready properties continuing to drive growth.
Mortgaged Value and High Demand in 2022 and Beyond
In 2022, the mortgaged value per transaction increased by a staggering 110% compared to 2021, signaling a strong and growing demand in the Dubai real estate market. As we move into the first part of 2023, the demand remains extremely high, with new large-scale projects across all types of property selling out within just one hour of their official launch.
Express Your Interest with an EOI
To secure a unit during the pre-launch phase, before the official launch, you can reach out to Mr. Richy Parami or another Shofield agent to request an “EOI” (Expression of Interest). This token and VIP option will help you register your interest in highly sought-after off-plan projects. The demand for new off-plan projects is so high that we always recommend registering your interest with an EOI or booking and paying at least 5% to start the buying process.
Why Choose Shofield Luxury Real Estate?
Our expert advisors at Shofield Luxury Real Estate are eager to share their insights and guide you through the exciting world of Dubai real estate. We understand the importance of finding the right investment for each client and are dedicated to providing personalized, professional service to ensure success in this dynamic market.
Contact us today to learn more about how Shofield Luxury Real Estate can help you achieve your investment goals in Dubai. Together, we will turn your aspirations into reality. shofield.com
