In case you missed it, Gil Van Geldar,, Director of Residential Brokerage at Espace Real Estate and Head of Leasing, Harris Hiscoe, joined the Property Pulse show on Dubai Eye’s Business Breakfast on Thursday 5th September to talk all things Dubai real estate, offering valuable insights on key factors
influencing the sharp end of the market.
The return of the Dubai real estate market
A question on everyone’s lips was how was the market performed after the summer, given the perception of a traditional summer slowdown in the Emirate. After crunching the numbers at Espace Real Estate, Gil shared some impressive figures, noting that the increase in Dubai real estate activity came back slightly earlier than in the summer months of 2023.
The First two weeks of August 2024 vs The Last two weeks of August 2024:
– A 70% increase in buyer registrations
– An 85% rise in buyers out viewing
– A 120% surge in physical viewings taking place
– A 25% increase in deals being closed
– A 70% increase in property listings
These figures highlight a significant post-summer rebound, demonstrating that demand in Dubai’s real estate market remains robust. Both buyers and sellers are showing increased activity, signaling confidence and momentum in the market.
Dubai’s Leasing Market: A Hot Summer for Transactions
Focusing on the leasing market, the UAE’s growing population has contributed to Espace Real Estate experiencing its best-ever month for leasing transactions in July 2024, marking a milestone in the company’s 15-year history. Harris noted that many new families are moving to Dubai to take advantage of the city’s superior lifestyle, safety, world-class infrastructure, and ample business opportunities. It was observed that many newcomers prefer to rent during their first year to ‘get their foot in the door’ before considering a purchase in their second year, provided they are in a financial position to do so.
Harris reported a stellar season for Espace Real Estate, stating: ‘July was our best-ever month for leasing transactions.’ Transactional volume increased by 29%, lead generation spiked by 70%, tenant registrations rose by 30%, and viewing volumes surged by 50%. Despite the traditional summer slowdown, the leasing market has shown remarkable growth, reflecting the ongoing demand in the Dubai real estate sector.
Click here to catch the full interview on our YouTube channel today.
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