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According to the latest findings, total residential transaction value in Dubai increased by 10 percent quarter-on-quarter.
Dubai's pandemic response, overall quality of life and recent visa reforms are among the main reasons why the residential real estate market of the emirate achieved near-record transactions over Q3 2021.
According to the latest findings, total residential transaction value in Dubai increased by 10 percent quarter-on-quarter and reached USD 9.2 billion, up from USD 8.4 in Q2, exceeding USD 8.6 billion achieved in Q4 2013. Ready property sales accounted for USD 5.6 billion of total value. Off-plan sales increased in value q-o-q by 48 percent to USD 3.6 billion due to developers stepping up marketing activity ahead of Expo 2020.
Notable sales growth was witnessed in the luxury segment, that include properties priced at USD 8 million and above. This trend reflects Dubai’s clear appeal to high-net-worth buyers internationally.
Luxury residential sales value in Q3 reached USD 544 million, bringing total luxury sales value for the year’s first three quarters to USD 1.2 billion. Putting that into perspective, in 2020 and 2019 the value of luxury residential sales for the same period totalled USD 250 million and USD 307 million, respectively.
Demand for villas was still strong in Q3 in Dubai. Villa prices increased by 6.4 percent quarter-on quarter due to an influx of new residents and sustained demand from settled expatriates. In comparison with Q3 2020 average villa prices grew by 17.1 percent.
Palm Jumeirah, Arabian Ranches and Jumeirah Park saw the highest quarterly uplifts, with prices rising by 8.8 percent, 8.2 percent and 7.7 percent, respectively. Average prices in Palm Jumeirah reached USD 605 per square feet, average prices in Arabian Ranches rose to USD 250 per square feet and prices in Jumeirah Park reached USD 228 per square feet.
Average values across The Lakes, The Meadows/The Springs and Al Furjan rose by 6.6%, 6.2% and 5.7%, respectively, quarter-on-quarter. Damac Hills and Emirates Hills recorded more moderate quarterly gains, of 4.2% and 3.7%, respectively.
As for annual results, all locations witnessed a double-digit rise in prices. Palm Jumeirah villa values rose by 19.6 percent above their Q3 2020 average, showing the most significant annual increase.
Apartment prices in Dubai also witnessed a clear uplift, rising on average by 2 percent quarter-on-quarter. Established residential areas recorded more substantial gains. Downtown Dubai and Business Bay saw the highest quarterly rises, of 5.1 percent and 5 percent, respectively. Prices for Downtown Dubai averaged USD 394 per square feet and Business Bay reached USD 285 per square feet.
Average apartment prices in The Views grew by 4.6 percent, in Dubai Marina by 4.3 percent, in Jumeirah Lake Towers (JLT) by 3.3 percent, in Jumeirah Village Circle (JVC) by 2.6 percent, in The Greens by 2.3 percent and in Dubai Silicon Oasis ин 2 percent on a quarterly basis.
Dubai Motor City and Dubai Sports City were more subdued, seeing marginal uplifts by 1 percent and 0.9 percent, respectively. Average apartment prices in International City remained stable, at USD 112 per square feet. Only Discovery Gardens and Dubai Land witnessed price declines, by 1.0 percent and 4.2 percent, respectively.
