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Rapid Growth in Demand for Villas and Townhouses in Dubai
Rapid Growth in Demand for Villas and Townhouses in Dubai 迪拜
By   Internet
  • 城市報
  • Dubai Property
  • Property Market
  • Dubai Villas
Abstract: Dubai's real estate market has maintained a strong growth trajectory in the third quarter, with transactions increasing by 4%. Particularly, there has been a rapid surge in demand for villas and townhouses. The proportion of end-users among buyers has increased, indicating that more people are opting to purchase homes rather than rent. Despite rising rental prices, there is sustained demand, with financed buyers accounting for 44% of all transactions.

According to the latest report, the Dubai real estate market is showing signs of maturity. In the third quarter, there were 28,249 transactions, a 4% increase compared to the previous quarter and a 23% increase from the same period last year. This suggests that the Dubai real estate market continues to maintain strong momentum and is attracting more end-users into the market.


The report highlights that the proportion of end-users among buyers has risen from 45% to 52%. This indicates that an increasing number of people are opting to buy their own homes rather than continuing to rent.


The report suggests that the escalating rental costs and the desire for long-term stability in Dubai have pushed renters towards the sales market. Despite the continuous rise in interest rates, there is still sustained demand for mortgages, with financed buyers comprising 44% of all transactions.


Notably, the volume of transactions for villas and townhouses has increased by 34%, whereas apartment transactions have decreased by 4%. This signifies a rapid growth in demand for villas and townhouses among end-users.

Rapid Growth in Demand for Villas and Townhouses in Dubai

The report attributes this shift primarily to the pressing issue of rising rental costs and people's increasing desire for enhanced security.


The total value of transactions in the Dubai real estate market for the third quarter amounted to 79.3 billion dirhams, a 13% increase from the second quarter of 2023 and a 49% increase from the same period last year. The total sales value of villas and townhouses has grown by 54%, while the sales value of apartments has decreased by 15% in the secondary market and 6% in the off-plan market, resulting in an overall decline of 9%.


The report also mentions that the Dubai real estate market continues to attract expatriates from all over the world. It is expected that by 2023, the UAE will attract 4,500 millionaires, and the luxury market will continue to experience rapid growth.


Announcements of significant infrastructure projects, such as the re-launch of Jumeirah Palm Island and the expansion of Al Hessa Street, demonstrate Dubai's commitment to achieving its 2040 plan.


However, in the leasing market, the shortage of available properties in popular communities continues to exert upward pressure on rental prices. The report indicates that the rental occupancy rates managed by Betterhomes have reached record levels. New leasing transactions have decreased by 19% annually, suggesting that the rise in rental prices is encouraging tenants to renew their leases rather than seek new ones. Despite a surge in the number of new development projects, substantial impacts on supply are not expected before 2025.

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Rapid Growth in Demand for Villas and Townhouses in Dubai
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