Data from the Dubai Land Department shows significant growth in the Dubai real estate market in the first half of 2022. The demand for commercial property contributed to an 89% increase in the total value of sales and a 38% growth in the number of units sold compared to the previous year.
After strong market growth in 2021, several factors allowed this trend to continue in 2022. State economic support programs, including the 100% foreign property program, the 10-year «Golden Visa» program and new ways to get a residence permit for pensioners and remote workers made a significant contribution. In addition, the successful exhibition, the easing of restrictions related to the pandemic, improved global mobility and, of course, the general mood of investors in the market have triggered to record numbers since 2010.
Jumeirah Lake Towers (JLT) and Business Bay continue to attract the majority of investors and businesses from local and foreign countries. There were 403 and 408 transactions in two regions during the first half of 2022, respectively. The most sought-after building in Business Bay, The Opus, registered 26 transactions over the past 6 months, with the highest price for an office of AED 3,200 per square foot. The Opus and the Oberoi Center have the highest price per square foot in Business Bay due to a shortage of similar Class A buildings in the area.
Bay Square, another well-known project, registered 27 sales over the same period at an average price of AED 1,041 per square foot, which is 13% more than the average price in Business Bay.
As a contrast, Empire Heights and Silver Tower have concluded deals for AED 500 per square foot — this figure gives investors some ides of the least profitable buildings in the area.
