The Upliftment Of Property Market In Dubai
The CEO of a company, commented on the sector's upliftment. He highlighted the impressive 22% year-on-year transaction volume rise during a bustling summer. Property values in several communities witnessed a 49% escalation in the total transaction value. This growth is further complemented by significant infrastructure projects, affirming Dubai's dedication to its 2040 vision.
The property sales during Q3 amounted to Dh79.3 billion, indicating a 13% rise from Q2 2023 and an impressive 49% leap compared to Q3 2022. Although apartment sales saw a 15% and 6% decrease in secondary and off-plan markets respectively, villa and townhouse sales soared. A 54% increase in the latter's value was largely influenced by a 55% hike in secondary market sales, accounting for a dominant 80% share.
Q3 marked a rebound with a 38% jump in villa and townhouse transactions in the secondary market after three consecutive quarters of decline. Concurrently, off-plan sales slightly dipped by 0.4%. The end-user demand for villas and townhouses is undeniable, with transactions increasing by 38% and a staggering 55% rise in the transacted value for secondary market properties. Interestingly, apartment sales experienced a downturn with a 9% overall drop, further impacted by a 15% decrease in the secondary market and a 6% decline in off-plan sales.