As Dubai’s real estate market continues to flourish, keeping up to date with the latest market trends can be challenging. That’s why the Espace Real Estate research team publishes monthly Community Reports, providing comprehensive coverage of Dubai’s most sought-after residential areas.
We include an analysis of three specific sectors – Villas, Townhouses, and Apartments. These reports offer valuable insights, information, and analysis of the key factors driving the current market trends in the following residential communities; Arabian Ranches, Arabian Ranches 2, Downtown Dubai, Dubai Hills Estate, Dubai Marina, Green Community, Jumeirah Beach Residence (JBR), Jumeirah Golf Estates (JGE) Jumeirah Islands, Jumeirah Park, Palm Jumeirah, The Meadows, The Springs, The Lakes, The Greens, The Views, Victory Heights, Damac Hills 1, Mudon, Mira, Mira Oasis, Town Square and Al Barari.
AUGUST 2024 INSIGHTS
Recent Transaction Activity: Dubai Marina recorded the highest number of transactions among all the communities tracked with 211 registered transfers at the Dubai Land Department. The highest transfer registered was a 3-bed apartment in The Residences at Jumeirah Gate that sold for AED 18M and the lowest transfer recorded was a studio in Marina Pearl for AED 553K.
Average Sales Price: Out of all the communities tracked, Dubai Hills Estate Villa & Townhouses experienced the most significant price increase in August with a 74% increase in average price YoY. Villas in Al Barari experienced the most significant average price reduction with a 29% decrease in average price YoY.
Rental Transactions: Out of all the communities tracked, Dubai Marina had the highest number of rental transactions recording 1,089 rental contracts in August, marking a 19% YoY decrease.
Mortgage vs Cash Transactions: The prevalence of mortgage versus cash transactions unveils interesting trends and preferences among property buyers. Jumeirah Islands Villas stands out as an enclave of exclusivity, boasting an incredible 100% cash buyer rate. This phenomenon underscores the allure of this iconic location, attracting UHNI’s.
On the other end of the scale, Arabian Ranches presents a different narrative, with a substantial 95% of transactions being facilitated through mortgage products and 5% through cash purchases.
Another key insight to note is the growth of mortgage buyers in Dubai’s up-and-coming communities. In August 2024, mortgage buyer rates reached Mira at 94%, Town Square at 83%, Mira Oasis at 82% and Mudon at 81% . This rise in mortgage buyers highlights the affordability and accessibility of these areas. With competitive pricing, these communities offer the perfect blend of value and lifestyle, making them highly attractive for those seeking modern amenities and a smart investment opportunity.
Average to Loan Value: The community that experienced the highest average loan to value was Mira Oasis recording an 81% LTV while the lowest recorded was Jumeirah Islands Villas with NULL.
Interested in knowing what activity is happening in your community? Click here to view our August 2024 Dubai Community Reports.
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