It’s been a great year to be working in real estate in Dubai… not so much if you’re house hunting.

Dubai’s property market has picked up with a strong post-Covid recovery, with an “outstanding sales performance in 2022” according to a new Property Finder report. This was supported by a sharp increase in Dubai’s off-plan and secondary property sales, which pushed the market to record a new high with the highest number of transactions and the highest value of transactions.

In 2022, tenants changed their behaviour, preferring to buy homes instead of renting, due to rental prices rising approximately 25%. *The average rent prices for apartments rose by around 25% in 2022 compared to 2021, while villa rents increased by 26%.

The report states rental rates are expected to “remain elevated” for the upcoming year, but growth is predicted to slow amid an oversupply of units

Recommended

Get Ready To Sip, Play, And Score Over 1 Million AED At Barasti’s Exciting Life-Sized Board Game Experience!Pay Just AED 66 For A Taxi Between Dubai & Abu Dhabi!Dubai Police Celebrates Indian Hero For Returning AED 100,000

Read next: The 5 Most Desirable Areas To Live In Dubai

The 5 most desirable areas to live in Dubai based on apartment searches

1. Business Bay
2. Downtown Dubai
3. Dubai Marina
4. Jumeirah Village Circle
5. Palm Jumeirah

The 5 most desirable areas to live in Dubai based on villa searches

1. Arabian Ranches
2. Arabian Ranches 2
3. Arabian Ranches 3
4. Dubai Hills Estate
5. Palm Jumeirah