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.
Meanwhile, according to
the very same notes, it seems that the 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.
It’s also worth
mentioning the fact that Dubai Marina, Downtown Dubai, Business Bay, Palm
Jumeirah, and Jumeirah Village Circle were the top searched areas for
apartments, while Dubai Hills Estate, Palm Jumeirah, and Arabian Ranches were
the most desired areas to own villas and townhouses.
It has also been revealed
the fact that off-plan sales for its latest development, ZāZEN Gardens,
launched in late 2022, have already sold over 60 percent of the units since its
mid-December 2022 launch. Another interesting issue to mention is the fact that
the project, which is located by the Gardens metro station, is the first LEED
Gold-certified development. Handover is scheduled for April 2024, when the
project is expected to achieve a reduction of 470 metric tonnes of carbon
emissions annually.
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