Data: sales value of Dubai off-plan property breaks records in October 2022
The Tranio team has presented a new overview of property market data for October 2022 released by Dubai Land Department. As a result, the total sales value of off-plan residential properties increased significantly despite the number of transactions remaining nearly unchanged. The average price per square metre also continued to rise.
According to the Department’s statistics, the number of off-plan property transactions in Dubai amounted to a total of 4,918 in October 2022. In September 2022, 4,917 deals were registered. However, compared to October 2021, the number of deals has more than doubled this year.
Compared to October 2021, the sales value of off-plan residential property transactions has tripled. In October 2022, the amount reached a new record of 3.4 billion US dollars, which is the highest figure for a year. The total volume of deals increased by more than 8% compared to September 2022.
The average price of off-plan properties per square metre has increased significantly over the year, reaching 5,630 US dollars. In October 2021, the average price per square metre reached 4,763 US dollars, which is 18% lower than in October 2022.