Dubai’s real estate market is currently in the midst of an extraordinary growth phase, predominantly led by the residential sector, which has been breaking records with remarkable transaction levels. It is expected that the total value of the emirate’s real estate sector will reach Dhs300 billion by the end of this year with a number of mega launches expected in this last quarter of 2023.
Dubai property market sees rise in prices of apartments, villas
Over the 12 months leading up to August 2023, Dubai’s real estate market exhibited substantial growth, with average property prices soaring by an impressive 19.6%. During this period, the average prices of apartments surged by a remarkable 20.0%, while the prices of villas also enjoyed substantial gains, showing an increase of 17.3%. These figures underscore the robust demand for a wide range of residential options in the emirate.
Al Dar’s residential project Haven
Rising to meet market demand, Al Dar has just recently launched their first residential development in Dubai called Haven which had an impressive sell out of its first two phases on launch day. Aldar had launched 468 units in the first phase and due to remarkable demand on launch day, released the second phase with an additional 318 units.
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In total Aldar sold over Dhs3.1 billion worth of properties showing the strong appeal of the Aldar brand and also the buoyancy in Dubai’s residential real estate market.
Rental market in Dubai
In addition to the remarkable sales trends, the rental market in Dubai has also experienced exceptional growth, with average rents surging by an astounding 21.7% in the year leading up to August 2023.
Although this growth rate is slightly down from the previous month’s figure of 22.0%, these statistics continue to highlight the thriving real estate sector in the emirate. Particularly noteworthy are the increases in average apartment and villa rents, standing at 21.5% and 22.6%, respectively, during this period.
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Commenting on the current real estate trends in Dubai, Farooq Syed, Chief Executive of Springfield Properties, noted, “Dubai’s real estate market is undergoing a transformative phase that transcends statistics; it revolves around people and their aspirations for luxury living.
“The demand for high-end, sustainable properties tailored to those pursuing an elevated lifestyle is on the rise. Emaar’s successful sales launches at The Valley project and Aldar launch of Haven, show the incredible investment opportunities in Dubai for those who wish to align their aspirations and lifestyles with their residential requirements.”
The Valley is a new green residential neighbourhood by Emaar Properties along the Al Ain Road, featuring modern townhouse complexes nestled between shimmering sands and lush green open spaces. It’s designed to offer lifestyle amenities, luxury living, and the convenience of educational and healthcare establishments in proximity. The development will start to see the first handovers soon.
tanvir@dubainewsweek.com
