37.8 C
Dubai
Monday, June 24, 2024
spot_img

Dubai’s Residential Property Transactions Exceed Entire 2022 Volume in Just 10 Months

Residential Property transactions in Dubai for the first 10 months of 2023 have exceeded the total transactions for the entire year of 2022. The sustained demand for both secondary market and off-plan properties is attributed to overseas investors and new migrants.

Record-Breaking Numbers

CBRE’s latest Dubai Residential Market Snapshot reveals a total of 93,590 residential transactions, surpassing the 2022 full-year total of 92,178. This marks the highest total ever recorded in a year, showcasing the robust demand in the Dubai real estate market.

October Statistics: Residential Property 

While the overall trend is positive, the number of transactions in October saw a 23.6% drop from the previous year, with off-plan transactions declining significantly by 57.2%. However, secondary market transactions experienced a growth of 29.5% in October.

Population Increase and Capital Gains

ValuStrat’s Q3 Real Estate Research indicates a net migration increase in Dubai for the initial nine months of 2023, surpassing the entirety of 2022. The third quarter witnessed the highest quarterly capital gains in a decade, with the ValuStrat Property Index (VPI) growing by a record 6.1%.

Property Value Growth

Villa valuations reached peaks not seen since 2014, growing by 19.8% year on year. Apartment VPI also experienced decade-long record capital gains, up 4.8% quarter on quarter.

Top Performers

Residential Property The highest quarterly performers in various areas include Palm Jumeirah, Jumeirah Islands, Dubai Hills Estate, Discovery Gardens, and The Greens.

Price Increases and Market Trends

Dubai’s average residential prices increased by 19.1% in the year to October 2023. Average apartment and villa prices rose by 18.7% and 21.4%, respectively. Despite this, Dubai’s rental market has experienced a moderation in growth rates since the start of the year.

Outlook and Analysis

CBRE’s Taimur Khan suggests that the decrease in total transaction volumes in October does not indicate weakened demand. The off-plan segment has seen a significant absorption rate, with 67.5% of units launched from 2022 onwards already sold.

Conclusion

Dubai’s real estate market continues to exhibit resilience and growth, attracting investors and migrants alike, while also experiencing changes in transaction dynamics.

#DubaiRealEstate #PropertyMarket #ResidentialTransactions #MarketGrowth

Also Read

Christina Steinhoff: Cultivating Resilience and Emotional Intelligence in Business

Navigating Dubai-Sharjah Commute: How Travelers Save More Than Dh50 per Trip, Bypassing Two Hours of Traffic

Related Articles

Dubai Apartment Hunting: Tips and Solutions for Overcoming Challenges

Dubai Apartment Hunting: Tips and Solutions for Overcoming ChallengesDubai is known for its luxury, modern architecture, and vibrant lifestyle. However, finding a suitable apartment...

Bill Gates Reveals Multivitamins Health Hack: ‘Because There is No Downside…’

Bill Gates Reveals Multivitamins Health Hack: 'Because There is No Downside...'Bill Gates recently shared his views on multivitamins as part of his health regimen,...

Microsoft and Apple Forge Dynamic Alliance, Uniting Forces

Microsoft and Apple Forge a Powerful Alliance In a landmark move that has sent shockwaves through the tech industry, Microsoft and Apple have announced a...

OpenAI CEO Celebrates Collaboration with Apple, Joyous Partnership

OpenAI CEO Celebrates Collaboration with Apple In a significant announcement, OpenAI CEO, Sam Altman, expressed jubilation over the organization's newfound collaboration with tech giant Apple....

Will Gold price continue to fall after FED verdict?

Will Gold price continue to fall after FED verdict? The metal seen its highest level on May 20, gaining momentum on US rate cut expectations...

Latest Articles