As Dubai’s real estate market continues to thrive, 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 and Victory Heights.
MAY 2024 INSIGHTS
Recent Transaction Activity:
Taking the top spot is Dubai Marina as it recorded the highest number of transactions among the 15 communities tracked with 287 registered transfers at the Dubai Land Department. The highest transfer registered was a 5 bedroom apartment in the Le Reve which sold for AED 33,000,000 and the lowest transfer recorded was a 1 bedroom apartment in Silverene Tower B which sold for AED 500,000. Interested in knowing the recent transactions in your community?
Average Sales Price:
Out of all 15 communities tracked, Palm Jumeirah villas experienced the most significant price increase in April with an 68% increase in average price YoY. While apartments in Jumeirah Golf Estates villas experienced the most significant price decrease with an 19% decrease in average price YoY. Interested in knowing the Average Sales price in your community?
Rental Transactions:
Among the 15 communities tracked, Dubai Marina had the highest number of rental transactions recording 875 rental contracts in May, marking an 11% YoY decrease. While Victory Heights had the lowest rental transaction in May 2024 with 11, marking a 39% YoY decrease. Interested in knowing the recent rental transactions in your community?
Mortgage vs Cash Transactions:
The comparison between mortgage and cash transactions reveals fascinating trends and preferences among property buyers. The Meadows takes the top stop this month, with an impressive 84% cash buyer rate. This phenomenon highlights the allure of this community in Emirates Living, attracting both investors and home buyers.
On the other end of the scale, Arabian Ranches 2 presents a different narrative, with a substantial 81% of transactions being facilitated through mortgage products and 19% through cash purchases.
Average to Loan Value:
The community that experienced the highest average loan to value was The Springs recording a 79% LTV, while the lowest recorded was Palm Jumeirah villas with 44%.
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