haus & haus Real Estate – one of Dubai’s property companies – has released its Dubai Market Reports for Q3, 2023, combining key insights from the company with notable trends observed on Property Monitor.
The report revealed the top five best performing areas in Dubai.
These are individual reports showing trends and community updates for different communities such as Arabian Ranches, Dubai Hills Estate, Jumeriah Golf Estates, The Palm Jumeirah and Downtown Dubai.
According to haus & haus report, below are the top five best performing areas in Dubai.
Dubai Real Estate: Top Five Locations
- Dubai Hills Estate
- Arabian Ranches
- Jumeriah Golf Estates / Victory Heights / Green Community DIP
- Jumeriah Park / Jumeriah Village Triangle
- Dubai Marina
There is also a separate off plan report, showcasing this rising segment.
Off Plan Real Estate Transactions in Dubai
According to the report, 86% of all off plan real estate transactions were apartments, 12% were townhouses and only 2% were villas. The total value of all off plan transactions was 29,238,109,781 (just under 30 billion). That’s a 93% increase from Q3 2022.
Total sales value of secondary sales market increased by 58% in Q3 compared to same period last year and total transactions of secondary sales market increased by 21% in Q3 compared to same period last year.
Average price of secondary sales up by 31% in Q3 compared to same period last year.
Property buyers are more active changing their plans, changing their holiday arrangements, and even flying home if it means buying/selling, the report said.
It is the people who have been here for many years who are now deciding to buy as Dubai becomes their permanent home. Some have been thinking of buying for a while and are watching prices increase so are no longer waiting around.
There is still a lack of supply across most major communities and while this continues prices are likely to keep rising.
tanvir@dubainewsweek.com
