MO’ASHER

The Official Sales Price Index

for the Emirate of Dubai
JULY 2022
MO’ASHER
The Official Sales Price Index
for the Emirate of Dubai
JULY 2022

CONTENTS
MO’ASHER - DUBAI HOUSE PRICE INDEX 3
DUBAI SALES PRICE INDEX‭ - MONTHLY 4
METHODOLOGY 6
MO’ASHER
THE OFFICIAL SALES PRICE INDEX
Key Findings For July 2022 “July 2022 had witnessed the highest transactions
for the month of July for the last 10
• July 2022 had 7,092 sales transactions worth AED 21 years which overshot July’s peak
billion. Transactions that were achieved
in 2013, with an outstanding
• July 2022 witnessed the highest number of sales increase of 41.16 percent
transactions for the month of July in the past decade. compared to July 2013”.
• July sales transactions volume increased by 63.56
percent and value increased by 88.41 percent, year-on-
Fouad Bekkar
year. VP of Data & AI
Property Finder Group
• In terms of volume, around 59 percent of sales
transactions were in the secondary/ready market and
41 percent were in the off-plan market.
“July 2022, sales transactions marked a 63.56
percent increase year-on-year and an 88.41
July 2022 Mo’asher Results percent increase for sales value compared to
• Overall monthly Index recorded 1.338 and an index July 2021 which supports the
price of AED 1,303,493. positive growth of Dubai’s real
estate market”.
• Apartments monthly Index recorded 1.414 and an index
price of AED 1,218,379.
Latifa Ibrahim Ahmed
• Villas/Townhouses monthly Index recorded 1.349 and
Senior Director of Real Estate
an index price of AED 2,162,530.
Studies & Research Dept
Dubai Land Department

In July 2022, Dubai’s real estate market registered 7,092
sales transactions, with a significant increase of 63.56
percent compared to July 2021, which recorded the
highest performance for July ever recorded in the last 10
years.
July 2022 sales transactions overtook the month of July
transactions’ peak in 2013 which recorded 5,024, this
presents around 41.16 percent increase over the market
peak on a monthly basis for July.
Top Areas by demand
According to Property Finder’s proprietary data, the
top areas searched for sales in July were Dubai Marina,
Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah
Village Circle, and Jumeirah Lake Towers. The top overall
searched areas for villa/townhouse sales in July were
Dubai Hills Estate, Palm Jumeirah, Arabian Ranches,
DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid
City and Dubai Land.

The secondary market still captures the largest

transactions by 59 percent in terms of volume and
70.60 percent in terms of value. The secondary market
witnessed the highest transaction volume ever reached
in July through the last decade which increased by 61.17
percent in terms of volume compared to July 2021, and
around 91.47 percent in terms of value.

The off-plan sales transactions reached the highest

transactions volume as well ever reached in July which
increased by 67.13 percent in terms of volume compared
to July 2021, and around 81.43 percent in terms of value.

With regards to the apartments, the total sales

transactions represented around 80.13 percent, whereas
the villas/townhouses represented around 19.87 percent
according to Property Finder’s proprietary data.

MO’ASHER 3
 INDEX NUMBER INDEX NUMBER INDEX NUMBER

0.2
0.4
0.6
0.8
1.2
1.4
1.6

00
11
0
0
1
1
1

0.2
0.4
0.6
0.8
1.2
1.4
1.6
0.2
0.2
0.4
0.4
0.4
0.6
0.6
0.6
0.8
0.8
0.8
1.2
1.2
1.2
1.4
1.4
1.6
1.4
1.6
1.6
0
0
1
1

0.2
0.2
0.4
0.4
0.6
0.6
0.8
0.8
1.2
1.2
1.4
1.4
1.6
May-12
Mar-12 May-12
Mar-12
Feb-12 May-12
Mar-12
Jul-12
May-12 May-12
Apr-12
Jul-12 May-12
Jul-12
Sep-12
Jul-12 Sep-12
Jun-12
Jul-12 Jul-12
Sep-12
Nov-12
Sep-12 Aug-12
Nov-12
Sep-12 Sep-12
Nov-12
Jan-13
Nov-12 Nov-12
Oct-12
Jan-13 Nov-12
Jan-13
Mar-13
Jan-13 Mar-13
Dec-12
Jan-13 Jan-13
Mar-13
May-13
Mar-13 May-13
Mar-13
Feb-13 Mar-13
May-13
Jul-13
May-13 May-13
Apr-13
Jul-13 May-13
Jul-13
Sep-13
Jul-13 Sep-13
Jun-13
Jul-13 Jul-13
Sep-13
Nov-13
Sep-13 Aug-13
Nov-13
Sep-13 Sep-13
Nov-13
Jan-14
Nov-13 Nov-13
Oct-13
Jan-14 Nov-13
Jan-14
Mar-14
Jan-14 Mar-14
Dec-13
Jan-14 Jan-14
Mar-14

MONTHLY
May-14
Mar-14 May-14
Mar-14
Feb-14 Mar-14
May-14
Jul-14
May-14 May-14
Apr-14
Jul-14 May-14
Jul-14
Sep-14
Jul-14 Sep-14
Jun-14
Jul-14 Jul-14
Sep-14
Nov-14
Sep-14 Aug-14
Nov-14
Sep-14 Sep-14
Nov-14
Jan-15
Nov-14 Nov-14
Oct-14
Jan-15 Nov-14
Jan-15
Mar-15
Jan-15 Mar-15
Dec-14
Jan-15 Jan-15
Mar-15
May-15
Mar-15 May-15
Mar-15
Feb-15 Mar-15
May-15

DUBAI OVERALL INDEX

Jul-15
May-15 May-15
Apr-15
Jul-15 May-15
Jul-15
Sep-15
Jul-15 Sep-15
Jun-15
Jul-15 Jul-15
Sep-15
Nov-15
Sep-15 Aug-15
Nov-15
Sep-15 Sep-15
Nov-15
Jan-16
Nov-15 Nov-15
Oct-15
Jan-16 Nov-15
Jan-16

DUBAI APARTMENTS INDEX

Mar-16
Jan-16 Mar-16
Dec-15
Jan-16 Jan-16
Mar-16
May-16
Mar-16 May-16
Mar-16
Feb-16 Mar-16
May-16
Jul-16
May-16 May-16
Apr-16
Jul-16 May-16
Jul-16
Sep-16
Jul-16 Sep-16
Jun-16
Jul-16 Jul-16
Sep-16
Nov-16
Sep-16 Aug-16
Nov-16
Sep-16 Sep-16
Nov-16
Jan-17
Nov-16 Nov-16
Oct-16
Jan-17 Nov-16
Jan-17
Mar-17
Jan-17 Mar-17
Dec-16
Jan-17 Jan-17
Mar-17
May-17
Mar-17 May-17
Mar-17
Feb-17 Mar-17
May-17

DUBAI VILLAS/TOWNHOUSES INDEX

Jul-17
May-17 May-17
Apr-17
Jul-17 May-17
Jul-17

Year - Months
Year - Months
Year - Months
Sep-17
Jul-17 Sep-17
Jun-17
Jul-17 Jul-17
Sep-17
Nov-17
Sep-17 Aug-17
Nov-17
Sep-17 Sep-17
Nov-17
Jan-18
Nov-17 Nov-17
Oct-17
Jan-18 Nov-17
Jan-18
Mar-18
Jan-18 Mar-18
Dec-17
Jan-18 Jan-18
Mar-18
May-18
Mar-18 May-18
Mar-18
Feb-18 Mar-18
May-18
Jul-18
May-18 May-18
Apr-18
Jul-18 May-18
Jul-18
Sep-18
Jul-18 Sep-18
Jun-18
Jul-18 Jul-18
Sep-18
DUBAI SALES PRICE INDEX

Nov-18
Sep-18 Aug-18
Nov-18
Sep-18 Sep-18
Nov-18
Jan-19
Nov-18 Nov-18
Oct-18
Jan-19 Nov-18
Jan-19
Mar-19
Jan-19 Mar-19
Dec-18
Jan-19 Jan-19
Mar-19
May-19
Mar-19 May-19
Mar-19
Feb-19 Mar-19
May-19
Jul-19
May-19 May-19
Apr-19
Jul-19 May-19
Jul-19
Sep-19
Jul-19 Sep-19
Jun-19
Jul-19 Jul-19
Sep-19
Nov-19
Sep-19 Aug-19
Nov-19
Sep-19 Sep-19
Nov-19
Jan-20
Nov-19 Nov-19
Oct-19
Jan-20 Nov-19
Jan-20
Mar-20
Jan-20 Mar-20
Dec-19
Jan-20 Jan-20
Mar-20
May-20
Mar-20 May-20
Mar-20
Feb-20 Mar-20
May-20
Jul-20
May-20 May-20
Apr-20
Jul-20 May-20
Jul-20
Sep-20
Jul-20 Sep-20
Jun-20
Jul-20 Jul-20
Sep-20
Nov-20
Sep-20 Aug-20
Nov-20
Sep-20 Sep-20
Nov-20
Jan-21
Nov-20 Nov-20
Oct-20
Jan-21 Nov-20
Jan-21
Mar-21
Jan-21 Mar-21
Dec-20
Jan-21 Jan-21
Mar-21
May-21
Mar-21 May-21
Mar-21
Feb-21 Mar-21
May-21
Jul-21
May-21 May-21
Apr-21
Jul-21 May-21
Jul-21
Sep-21
Jul-21 Sep-21
Jun-21
Jul-21 Jul-21
Sep-21
1.338

Nov-21
Sep-21 Aug-21
Nov-21
Sep-21 Sep-21
Nov-21
July 2022

Jan-22
Nov-21 Nov-21
Oct-21
Jan-22 Nov-21
Jan-22

1.349
INDEX VALUE

1.414

Mar-22
Jan-22 Mar-22
Dec-21
Jan-22 Jan-22
Mar-22

July 2022
July 2022

May-22
Mar-22 May-22
Mar-22
Feb-22 Mar-22
May-22

INDEX VALUE
INDEX VALUE

Jul-22
May-22 May-22
Apr-22
Jul-22 May-22
Jul-22

Index base January 2012

Index base January 2012
Index base January 2012
DUBAI OVERALL MONTHLY INDEX
In July 2022 the overall monthly Index recorded 1.338 and an index price of
AED 1,303,493.

Month-on-Month + 1.13%

3 Month Change + 5.11%

6 Month Change + 11.78%

DUBAI APARTMENTS MONTHLY INDEX

In July 2022 the Apartments monthly Index recorded 1.414 and an index price of
AED 1,218,379.

Month-on-Month
Month-on-Month + 1.51%

3 Month Change + 6.24%

6 Month Change + 15.15%

DUBAI VILLAS/TOWNHOUSES MONTHLY INDEX

In July 2022 the villas/townhouses monthly Index recorded 1.349 and an index price of
AED 2,162,530.

Month-on-Month + 0.15%

3 Month Change + 2.35%

6 Month Change + 6.89%

MO’ASHER 5
METHODOLOGY
House price indices serve as important guides that consumers,
financial institutions, governments and investors look to in order to
understand the market movements of a particular city or country’s
housing market. An index will allow one to show the value of an asset
over time by tracking its performance. An index is created by selecting
a base year in a data set and then indexing that number as 100, which
is the natural base for what all other price points will be measured
against. When an index is updated monthly it will produce an updated
average house price as well as the % changes in price for a given time
period such as the last three months, six months or twelve months.

Mo’asher will be created using a hedonic regression model, which is a

model that is based on attributes such as view, property size, number
of bedrooms and other important features in a property that have an
impact on its value. These methods utilize information on the relevant
property characteristics to estimate quality-adjusted price indices
using regression techniques, though it may prove difficult to sufficient
control for location. One of the challenges of building a property
price index is to isolate the effect of the properties price change over
time. Nevertheless, this is challenging because the quality mix in the
real estate market is diverse. The characteristics of every property
is unique, and it is hard to keep track of individual property features
because they continue to be upgraded or modified without informing
the authorities.

HEDONIC IMPUTATION INDEX

Hedonic imputation indices use predicted prices, evaluated at fixed
characteristics, based on the hedonic regressions for all time periods.
In doing so, it is possible to evaluate the period t prices of properties
sold in period 0. There are multiple imputation techniques, but three
common ones are: Laspeyres, Paasche and Fisher.
LASPEREYES
The Laspeyres method imputes period t prices for the properties
belonging to the base period sample S(0), evaluated at base period
characteristics to control for quality changes. It is also known as a base
period weighted index, and it provides a meaningful comparison over
time. It helps answer the following question: what would be the relative
price today of a real estate unit that was typically offered for sale in the
base month.

The hedonic imputation Laspeyres index is an example of a single

imputation index in which the observed prices are left unchanged.
Using the Laspeyre method, assuming that the log-linear hedonic
model holds true for all t periods, the quality-adjusted price in period t
is defined as:

PAASCHE
The Paasche method imputes base period prices for the properties
belonging to the period t sample S(t) , evaluated at period t
characteristics. It is also known as a current period weighted index,
and reflects current trends. It helps answer the following question:
what is the price of a typical real estate unit today relative to the price
of the same unit in the base month?

The hedonic imputation Paasche index is an example of a single

imputation index in which the observed prices are left unchanged.
Assuming that the log-linear hedonic model holds true for all t periods,
the quality-adjusted price Paasche index is defined as:

FISHER
The hedonic double imputation Fisher index is found by taking the
geometric mean of the Laspeyres Price Index and the Paasche Price
Index. It is deemed the ideal index as it corrects the positive price bias
in the Laspeyres Price Index and the negative price bias in the Paasche
Price Index.

Assuming that the log-linear hedonic model holds true for all t periods,
the Fisher Price Index is defined as:

The Dubai House Price Indices are calculated using the hedonic double
imputation Fisher index.

MO’ASHER 7
Disclaimer
At present, we do not provide any accuracy metrics, and although all due care and statistical rigour is taken with the
index generation, we do not claim any forecast accuracy. Property Finder and the Dubai Land Department reserve
the right to adjust methodologies at any given time, and these changes will be published with appropriate user
notes. Users seeking financial guidance from the RPPI do so at their own risk and should note that some external
macroeconomic features will not be captured in the model.

The RPPI should not be used for any commercial purposes, including pricing and investment decision making or
performance measurement.

You can download a copy of the index from www.datafinder.ae

RESEARCH

Fouad Bekkar Ahmed Mohammed Aloqal

VP of Data & AI Senior Statistical Analyst

Property Finder Department of Real-Estate Studies and Research
fouad@propertyfinder.ae Dubai Land Department
ahmed@dubailand.gov.ae
Aasem Abou-Elezz

Data & Market Insights

Manager
Property Finder
Aasem@propertyfinder.ae

MARKETING

Raghad El Assi Manal Mahmoud Haroun

Head of PR and Corporate Corporate Communication Officer

Communications Dubai Land Department
Property Finder manal.haroun@dubailand.gov.ae
raghad.elassi@propertyfinder.ae

Dubai Land Department, Deira, Bani Yas Road, P.O.Box: Dubai 1166, Dubai, UAE

Propertyfinder FZ LLC, Dubai Media City, Shatha Tower, 15th Floor, Office #1505, P.O. Box 50954, Dubai, UAE