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The family business formally known as Kutayba Alghanim Group operates in sectors including construction materials, retail, automotive and financial services.
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Dubai records decade-high sales transactions in May
The emirate's real estate market recorded a total of 6,652 sales transactions in May 2022, a 51.60 percent increase in volume and a value growth by 66.14 percent, in comparison to the same period last year.
Wam file photo
Dubai recorded May 2022 6,652 sales transactions worth Dh18.4 billion, the highest volume of transactions for the month of May in the past decade, recent data from Mo’asher, Dubai’s official sales and rental performance index launched by Dubai Land Department, showed.
The emirate's real estate market recorded a total of 6,652 sales transactions in May 2022, a 51.60 percent increase in volume and a value growth by 66.14 percent, in comparison to the same period last year.
The base year for Mo’asher- launched by DLD in cooperation with Property Finder- is 2012, and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.
In May 2022, Mo’asher recorded a 1.296 monthly Index for sales and an index price of Dh 1,261,379. The apartment monthly index recorded 1.368 and an index price of Dh 1,175,363, additionally the villa/townhouse monthly index recorded 1.338 and an index price of Dh 2,150,469.
Furthermore, Mo’asher recorded a 0.962 monthly index for rental and an index price of Dh 52,013. The apartment monthly index recorded 0.966 and an index price of Dh 47,910 and the villa/townhouse monthly index recorded 0.867 and an index price of Dh 132,401.
Mo’asher’s data for May highlights the continuous positive performance of Dubai's real estate sector throughout 2022. Overall, sales transactions continue to surpass 2021’s average monthly transactions; the overall sales price index shows a healthy growth since June 2020.
The secondary market for sales transactions continues to dominate the real estate market with a steady growth capturing the largest transactions by 58.55 percent in terms of volume and 66.29 percent in terms of value. Both transaction value and volume indicate the strength in ready and off-plan properties, especially regarding apartments, which accounted for 82.34 percent of total transactions, whereas villas/townhouses represent around 17.66 percent.
Comparing the overall performance of the first five months in 2022 to the same period in 2021, year-on-year data presents an exceptional performance on the total sales transactions in terms of volume with a record of 34,126 transactions compared to 20,713 transactions in the same period last year. This presents a significant 64.76 percent growth rate year on year.
On the other hand, the total rental contracts in May 2022 attained 35,327 registered leases of which 59.6 percent included new contracts whereas 40.4 percent were renewed. Annual contracts acquired 80.9 percent of the total contracts while 19.1 percent were non-annual. Furthermore, the registered leases for residential purposes acquired around 73.8 percent of the total contracts, while 25.3 percent were registered for commercial purposes.
When compared to May 2021, the total number of rental leases increased by 2.1 percent driven by the renewal contracts which increased by 4.4 percent compared to the first five months in 2021 as well as an increase in annual leases by 11.5 percent.
As for the rental properties by usage, the commercial rental leases witnessed an increase of 8.47 percent compared to the first five months in 2021.
The top areas according to Ejari Registrations for the most rental transactions in May 2022 were Jabal Ali First (1,398 contracts), Al Warsan First (1,285), Business Bay (1,029), Al Barsha South Fourth (958), Nadd Hessa (957), Marsa Dubai (946), Muhaisanah Fourth (934), Al Nahda Second (893), Al Thanyah Fifth (798), and Al Karama (776). — Wam
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