What To Know
- The continually growing economy of Dubai and the ability of the real estate sector to bounce back add to the growth of Dubai as a business and residential destination.
- It is important to state that the real estate market in Dubai is characterized by passionate dynamics thanks to lower housing costs, confidence of investors, and high demand in the commercial sphere.
- It also showed that apartments sustained their status as the most popular property type, accounting for 84% of activity, boosted by the studios and one-bedroom flat preferences.
Uninterrupted for the second successive month, Dubai’s real estate showed sustainable growth as both the residential and commercial segments strengthened in November, said Engel & Völkers Middle East. Sales transactions of residential units stood at 12,695, 15.4% up YoY while sales volume in the commercial space was of AED 9.2 billion ($ 2.5 billion).
The trends of the residential market was characterised by growth in affordability with AED 1m ($272k) and below capturing 32.2% of sales, from 26.7% In October. It also showed that apartments sustained their status as the most popular property type, accounting for 84% of activity, boosted by the studios and one-bedroom flat preferences.
Top Residential Communities:
- Jumeirah Village Circle (JVC): 1,035 units sold
- Jumeirah Village Triangle (JVT): 670 units sold
- Business Bay: 423 units sold
In the same respect, the commercial sector demonstrated signs of strength also; office sales were up by 24,2 % while average prices per property were 31,1% up year-on-year thanks to healthy demand for high-end assets. This growth was also reflecting in rental activity as the transaction volumes were up by 21.9% while the average office rents were up by 28.1%.
Top Commercial Sales Locations:
Business Bay
- Jumeirah Lakes Towers (JLT)
- Barsha Heights (TECOM)
- Top Communities by Rental Activity:
Deira
- Dubai Investment Park (DIP)
- Bur Dubai
Daniel Hadi, CEO of Engel & Völkers Middle East, highlighted the market’s adaptability, stating: It is important to state that the real estate market in Dubai is characterized by passionate dynamics thanks to lower housing costs, confidence of investors, and high demand in the commercial sphere. Based on combined CHOOSING, Dubai will continue to attract global businesses and residents eventually making the market promising for steady success in 2025.”
The continually growing economy of Dubai and the ability of the real estate sector to bounce back add to the growth of Dubai as a business and residential destination.
