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Villa prices in Dubai rose by 16.5%, while residential prices in Abu Dhabi rose by 2% in the July-September quarter.
The latest data shows that the UAE’s residential market is recovering strongly. In the third quarter of this year, 54 properties worth more than US$10 million were sold in Dubai.
Knight Frank, a global real estate consultancy, said that the value of residential properties in Dubai and Abu Dhabi, the two largest cities in the UAE, has grown at the fastest rate since 2015.
According to interim data released on Wednesday, Dubai villa prices rose 16.5% year-on-year in the July-September quarter, while residential values in Abu Dhabi rose 2%.
Faisal Durrani, partner and head of Middle East research at Knight Frank, said the market is recovering.
Dulani said in a statement: “The ecstasy surrounding the fact that the UAE epidemic is so well and truly under control, coupled with the excitement of the highly anticipated Expo, has strengthened the residential market. Confidence.” Statement to Khaleej Times.
It is no exaggeration to say that the UAE’s decisive, swift and world-leading response to the pandemic has caught the attention of the world’s wealthy, who continue to flock to Dubai to snap up the most expensive houses in places such as Palm Jumeirah and Jumeirah Bay. Knight Frank stated that this has played an important role in enhancing the value of the villa.
Dulani said that the price of villas in Dubai temporarily increased by 5% in the third quarter, up nearly 17% over the same period last year.
“Indeed, the current number of houses sold for more than US$10 million is 54, breaking the previous record of 31 set in 2015, and there are still three months left this year,” he said. Unsurprisingly, Palm Jumeirah and Emirates Hills accounted for nearly 75% of the city’s super luxury home sales, but “we are witnessing new submarkets such as Dubai’s Business Bay” added to the exclusive list worth more than US$10 million.
He added: “It is only a matter of time before the’halo effect’ in downtown Dubai spreads to the surrounding markets. This highlights that Dubai’s super-luxury market is not only expanding, but also maturing.”
Abu Dhabi is back to black
Not to be outdone, housing prices in Abu Dhabi are also climbing. According to Knight Frank’s analysis, residential values have achieved positive year-on-year growth for the second consecutive quarter in general.
Residential values in the UAE capital are now 2% higher than a year ago, and the growth of villas (3.1%) is stronger than that of apartments (1.8%).
“As with the entire pandemic, existing and aspiring homeowners are firmly focused on larger homes, whether it’s providing more space for home offices or acquiring more indoor or outdoor space,” Durani said.
“This is indeed a case where the bigger the better, as reflected in the recent rapid off-plan villa sales in Abu Dhabi, such as Aldar’s Noya Viva development project for 480 villas on Yas Island, within 48 hours in April Sold out, or recently all 83 villas in Saadiyat Reserve the Dunes were quickly sold,” Durrani said.
muzaffarrizvi@khaleejtimes.com
Muzaffar Rizvi
The business editor/news editor of Khaleej Times is a well-connected reporter and economic and financial commentator. Since 1997, he has been engaged in mainstream journalism, covering the UAE’s economy and key sectors. He has a graduate degree in economics and has won many awards for his true and insightful reports on global and regional business and economic trends.
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