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 and Victory Heights.
MARCH 2024 INSIGHTS
Recent Transaction Activity: Downtown Dubai recorded the highest number of transactions among the 15 communities tracked with 205 registered transfers at the Dubai Land Department. With the highest transfer registered being a 4 Bed apartment in the 118 residences that sold for AED 24,700,000 and the lowest transfer recorded was a studio in 8 Boulevard Walk for AED 940,000. Interested in knowing the recent transactions in your community? Click here to view our March 2024 Dubai Community Reports.
Average Sales Price: Out of all 15 communities tracked, Jumeirah Islands experienced the most significant price increase in March with a 52% increase in average price YoY. While apartments in Green Community experienced the most significant price decrease with a 32% decrease in average price YoY. Interested in knowing the Average Sales price in your community? Click here to view our March 2024 Dubai Community Reports.
Rental Transactions: Among the 15 communities tracked, Downtown Dubai had the highest number of rental transactions recording 573 rental contracts in March, marking a 4% YoY decrease. Interested in knowing the recent rental transactions in your community? Click here to view our March 2024 Dubai Community Reports.
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 100% cash buyer rate. This phenomenon underscores the allure of this iconic location, attracting UHNI’s. Click here to view our March 2024 Dubai Community Reports.
On the other end of the scale, Arabian Ranches 2 presents a different narrative, with a substantial 85% of transactions being facilitated through mortgage products and 15% through cash purchases. Click here to view our March 2024 Dubai Community Reports.
Average to Loan Value: The community which experienced the highest average loan to value was Green Community recording an 80% LTV while the lowest recorded was Palm Jumeirah Villas with NULL. Click here to view our March 2024 Dubai Community Reports.
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