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, Victory Heights, Damac Hills 1, Mudon, Mira, Mira Oasis, Town Square and Al Barari.
July 2024 INSIGHTS
Recent Transaction Activity: Dubai Marina recorded the highest number of transactions among the 20 communities tracked with 285 registered transfers at the Dubai Land Department. With the highest transfer registered being a 5 Bed apartment in Al Seef Tower that sold for AED 13,000,000 and the lowest transfer recorded was a studio in Marina Diamond 1 for AED 657,500.
Average Sales Price: Out of all 20 communities tracked, Jumeirah Islands experienced the most significant price increase in July with a 57% increase in average price YoY. While Villas on the Palm Jumeirah experienced the most significant price decrease with a 43% decrease in average price YoY.
Rental Transactions: Among the 20 communities tracked, Dubai Marina had the highest number of rental transactions recording 927 rental contracts in July, marking a 16% YoY decrease.
Mortgage vs Cash Transactions: The prevalence of mortgage versus cash transactions unveils intriguing trends and preferences among property buyers. Palm Jumeirah Villas stand out as an enclave of exclusivity, boasting a remarkable 93% cash buyer rate. This phenomenon underscores the allure of this iconic location, attracting UHNI’s.
On the other end of the scale, Mira presents a different narrative, with a substantial 100% of transactions being facilitated through mortgage products and 0% through cash purchases.
Average to Loan Value: The community that experienced the highest average loan to value was Town Square recording an 83% LTV while the lowest recorded was Palm Jumeirah Villas with NULL.
Interested in knowing what activity is happening in your community? Click here to view our July 2024 Dubai Community Reports.
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