Mortgage Finder Managing Director Mohamad Kaswani (left) and Williams International Founding Partner Marc Bellamy
DOHA: The property market recorded 9,720 total sales, worth AED 24.3 billion, according to Property Finder, MENAT’s leading proptech company, the best month in terms of sales transaction volume and value in 12 years. rice field.
Comparing the growth rate by period, the monthly growth rate in August was about 37.1% and 69.6% compared to last year. In terms of values, August registered growth of 16.1% month-over-month (MoM) and about 63.6% year-on-year (YoY).
In terms of transaction volume growth, the total turnover of ready properties increased by 67.5% compared to August 2021 and by 27.4% in July 2022.
Additionally, transaction value witnessed a MoM increase of around 6.7%, at 57.4% year-on-year.
In the off-plan market, 4,392 properties were traded, worth AED 8.5 billion, the highest monthly transaction in 12 years. Taking into account trading volume, the off-plan market grew significantly by 51.1% month-on-month and 72.1% year-on-year. In terms of value, the market rose 38.5% month-on-month and 76.5% year-on-year.
Meanwhile, in terms of volume, the mortgage industry experienced unprecedented growth of 15.7% month-over-month, surpassing its previous record by 21.2% year-on-year.
The rental market registered a 10.6% m/m increase in August, while the renewal rate fell by 18.9% y/y, leading to a 9.3% y/y drop in rentals.
Additionally, annual subscriptions grew at 4.4% month-on-month, a growth rate of about 12.4%, while non-annual subscriptions decreased 52.2% year-on-year. Residential contracts grew stronger than expected, gaining 70.9% in August (7.5% month-on-month). Contracts for commercial purposes increased by 21.3% month-on-month, showing a slight decrease of 0.6% year-on-year.
Mohammad Kaswani, Managing Director of Mortgage Finders, said of the market: Focusing on current trends that are redefining the near-term future of the real estate market, mortgage borrowers are opting for fixed-rate products in hopes of stabilizing their housing costs as interest rates continue to rise. Conversely, first-time homebuyers are actively considering buying a home to provide more stability to their families due to the high rental prices skyrocketing across the city.
Additionally, as demand for residential properties continues to grow, many tenants are under pressure to purchase residential properties to alleviate stress from landlords demanding higher rents. I notice that there are The dual impact of rising home prices and rising interest rates has pushed monthly mortgage payments up by up to 50% over the same period last year, largely driven by rising home prices. “
Mark Bellamy, founding partner of Williams International, said: Time and time again, Dubai has leapfrogged other metropolises in the global economic challenge. We have seen wealthy individuals and foreign buyers investing in high-end developments in the emirate. All of this has proven to be a testament to a city that is safe and rich in unparalleled opportunities as a global hub for business, tourism and innovation.”
