Jassim Mohammed Al Budaiwi reiterated the GCC's firm position supporting Palestinian people's right to self-determination and establishment of an independent state
Dubai's real estate sector continued its strong upward trend in terms of price valuation as both villa and apartment rates showed marked improvements in August as property investors returned to the market.
For only the second time in six years, all 13 villa locations and 21 apartment areas monitored by the real estate consultancy ValuStrat's value price index (VPI) have seen their capital values either stabilised or improved last month when compared to July.
Areas in demand
For villas, the highest annual capital gains were found in Arabian Ranches (22 per cent), Jumeirah Islands (20.8 per cent), Dubai Hills Estate (18.5 per cent) and The Lakes (18.3 per cent).
Annual capital value performance of Dubai’s apartments, which represent 87 per cent of the residential market, were a mixed bag as compared to villas. A third of all apartments witnessed negative annual growth, a third stable, and a third had single-digit annual capital growth.
Sales transaction volumes were up 49 per cent last month compared to July. Month-on-month performance saw ready sales rise 57 per cent and off-plan Oqood (contract) registrations expand 42 per cent, the report said.
Strong recovery
Declan King Mrics, managing director and group head for Real Estate at ValuStrat, said the Dubai property sector has stages a strong recovery this year.
“Excluding any unexpected economic or global shock we expect the current positive trends in the Dubai property market to continue in the short to medium term and to broaden out into some areas currently not seeing an uplift in values. This is predicated upon a sustained move into a post-Covid environment and continued recovery in the business sector, return of strong inbound international tourist flows (Expo) and continued low interest mortgage rates,” Mrics said.
He said the buyer perception that purchase prices still represent good value, and a mid-term undersupply in some in-demand districts and segments such as villas and prime apartments remains as developers work to prepare a pipeline of launches for new builds.
“Demand from tenants moving into home ownership, given mortgage payments often being less than some now rising villa rents, and opportunistic investor buying in the hope of future gains is expected to remain. However, it can be expected that some of the highest year-on-year percentage gains recently seen will moderate, as buyer price ceilings are neared and more moderate house price inflation is seen,” he said.
Zoom Property, another emerging market player, said the demand for villas is expected to grow further as Expo 2020 is approaching.
“It is expected that the areas close to the site of Expo 2020 will witness more transactions for villas for sale in Dubai during the fourth quarter of 2021,” a spokesman for Zoom Property told Khaleej Times on Wednesday.
Prime areas for apartments
For VPI monitored apartments, the top annual performers in terms of capital gains were in Palm Jumeirah (6.8 per cent), Jumeirah Beach Residence (6.1 per cent), Al Furjan (4.6 per cent) and Al Quoz Fourth-Al Khail Heights (4.1 per cent).
Topping the sales charts overall were properties developed by Emaar (21.5 per cent), Nakheel (8.6 per cent), Damac (6.1 per cent), and Dubai Properties (6.1 per cent), the report said.
Top off-plan locations transacted in August were in Dubai Harbour (11.8 per cent), Business Bay (9.2 per cent), Jumeirah Village (nine per cent) and Sobha Hartland (7.8 per cent).
Most transacted ready homes were located in Jumeirah Village (8.4 per cent), Business Bay (7.5 per cent), Al Furjan (7.2 per cent), Dubai Marina (6.9 per cent), Downtown Dubai (five per cent), and Dubai Hills Estate (4.5 per cent).
— muzaffarrizvi@khaleejtimes.com
Jassim Mohammed Al Budaiwi reiterated the GCC's firm position supporting Palestinian people's right to self-determination and establishment of an independent state
As part of Operation Chivalrous Knight 3, food, shelter tents, and basic supplies were provided to Palestinian families
The South African is tied with Denmark’s Nicolai Kristensen at the halfway stage of the tournament
The neighbourhood around the consulate was closed after the 60-year-old entered the premises, claiming to be armed with an explosive vest
All competent authorities must work together and coordinate to expedite possible means of support
Emirati Jiu-Jitsu stars win 23 medals, athletes grab 11 medals, and People of Determination excel with 14 medals
The first of seven phases, Friday's vote covered 166 million voters in 102 constituencies across 21 states and territories
The unique showcase brings together a diverse lineup of comedians from India and Pakistan, promising an hour of non-stop entertainment