A report published by Espace Real Estate cements a phenomenal year of sector growth. The offplan market significantly outpaced the secondary market in both value and volume. A total of 61,435 offplan sales (up 74 per cent year on year) drove value to Dh127 billion (up 51 per cent year on year), complemented by a robust secondary market amassing a volume of 32,487 transactions (up 15 per cent year on year).
Investor appetite is fueled by Dubai’s ongoing population growth resulting in exceptionally high activity in the off-plan market with the off-plan market now making up more of the overall transactions in the second half of the year - 65 per cent compared to 61 per cent in H1.
Average prices increased in 19 of the 20 villa communities tracked, as well as 10 of the 11 apartment communities. High demand and reduced availability in the wake of so many renters converting to homeowners sees properties in Springs (+26 per cent), Jumeirah Park (+23 per cent), Town Square (+21 per cent) and many others secure notable price increases.
Widespread developer refurbishment and new luxury villa offerings in Jumeirah Islands (+26 per cent), Jumeirah Golf Estates (+35 per cent) and Dubai Hills (+27 per cent) have further influenced average sales prices in established communities, while newer communities like Al Furjan (+26 per cent) get a boost from buyers looking for value after being priced out of neighbouring communities. According to Espace Real Estate’s own data, mortgage leads generated are up 111 per cent year on year, facilitating transactions as residents lay down long-term roots in Dubai.
This story is from the January 09, 2025 edition of Khaleej Times.
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This story is from the January 09, 2025 edition of Khaleej Times.
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