Dubai’s Residential Real Estate Sees 43.8% Growth In Demand During February
The real estate market in Dubai has been flourishing these past few months, just like it was able to do during the pandemic years. Despite the hardships that the nation witnessed during the pandemic, the real estate market, along with the travel industry, has been extremely positive, and it seems that the trend continues to remain the same.
According to the latest reports, it seems that the residential real estate market was able to see a 43.8% growth in demand during the month of February, and this is the issue that we will be covering today.
Dubai residential real estate sees rising demand
It’s been just reported by the prestigious publication Arabian Business the fact that the off-plan market has been a driving factor in what’s been fueling the country’s real estate growth. Check out the official data that reveals the conclusion below.
According to the latest reports, it seems that Dubai’s residential real estate witnessed 43.8% surge in demand in February 2023
Dubai’s residential market witnessed a 43.8 percent surge in demand last month. It’s important to note the fact that there are 9,020 sales transactions compared to 6,310 in February 2022, according to a report by ZāZEN Properties, a sustainable property developer in the UAE.
It’s also worth noting that the off-plan market was a driving factor in fueling the country’s real estate growth.
According to the online publication that we mentioned below, we now know the fact that the UAE’s real estate sector is also fueled by expats who are looking to stay in the country long-term, according to ZāZEN Properties’ co-founder and chief operating officer Madhav Dhar.
“Data shows that in February, 41 percent were searching for one-bedroom units while 33 percent were looking for two-bedroom units. We have seen similar trends with our flagship development ZāZEN One which launched last year and sold out in 6 months, as well as in our most recent project ZāZEN Gardens in Al Furjan, near the Gardens metro, which has been very well received,” Dhar said.
What’s important about the off-plan transactions in Dubai
The off-plan properties in Dubai have been seeing massive success back in February 2023. The transactions in Dubai grew 77.8 percent year-over-year, registering over 4,500 transactions, compared to 2,533 in the same period last year.
It’s also worth noting the fact that this growth trend has underpinned the strength of Dubai’s overall real estate market, according to the very same report.
The value of off-plan properties also increased year-on-year, and the market was able to see a growth of 154 percent. It’s also worth noting the fact that this reflects the highest volume and value for off-plan sales during any February in the last decade.
It’s also been revealed that the value of off-plan transactions was worth $30 million more than the 4.4 billion logged-in February 2022.
The same online publication that we mentioned above notes the fact that the apartment prices increased by 11.2 percent with an average value of AED1,211 per square foot and an average annual rental asking price of AED99,737.
“Meanwhile, villa prices grew by 13.6 percent, with an average value of AED1,432 per square foot and an average annual rental asking price of AED295,436,” the same notes write.