Dubai Real Estate Weekly Market Analysis 15-Jan-2024
Based on the data provided for the week ending January 14, 2024, the real estate market has observed a significant increase in transactions compared to the previous week.
Based on the data provided for the week ending January 14, 2024, the real estate market has observed a significant increase in transactions compared to the previous week. The total of transactions for the current week is AED 5,726,751,733 which shows a substantial rise from the last week's total of AED 2,603,016,950. This marks an increase of over 120%, indicating a buoyant market with high levels of activity.
In the off-plan market segment, flats continue to dominate with transactions worth AED 2,852,526,933. This is followed by villa transactions which stood at AED 353,592,003, and Hotel Apartments and Rooms (H. Ap & R) at AED 39,728,711, culminating in a total off-plan transaction value of AED 3,245,847,647.
The ready property market segment also experienced a healthy volume of transactions, with flats leading at AED 1,762,564,238.16. Villa sales were also strong, recording AED 441,665,725.68, and Hotel Apartments and Rooms contributed AED 122,192,463.35 to the total. This results in a cumulative figure of AED 2,326,422,427.19 for ready property transactions.
This data suggests a vibrant real estate market with high investor confidence, particularly in the off-plan segment, which could be attributed to various factors such as new project launches, attractive payment plans, or regulatory changes favoring off-plan investments. The robust figures in the ready segment indicate that end-users and investors are equally active, seeking immediate use or rental income opportunities.
It's important to note that such large-scale transactions in a single week highlight the overall economic health and the positive sentiment in the property sector. Developers, investors, and end-users are contributing to a thriving market, which is a positive sign for the industry's outlook in the region.
Insight on Top Real Estate Transactions by Area in Dubai
The real estate market in Dubai has recorded substantial transactions in both off-plan and ready property segments. The following insights provide details on the top 10 areas by value transacted for this week.
Off-Plan Sector: Top 10 Areas by Value
TECOM SITE A (Dubai Internet City) leads the off-plan segment with transactions worth AED 496,342,647.
DUBAI WATER CANAL follows with AED 355,242,251 in sales.
BUSINESS BAY records transactions of AED 270,461,517.
Madinat Dubai Alm. has sales amounting to AED 185,993,369.
Um Suqaim Third sees transactions totaling AED 183,353,320.
JLT has a transaction value of AED 172,935,319.
Al Wasl reports sales worth AED 156,230,000.
Madinat Al Mataar has a total of AED 145,137,441 in transactions.
Al Yufrah 1 registers AED 122,495,472 in sales.
JVC closes the top ten with AED 105,765,639.
The total for the top 10 areas in the off-plan segment is AED 2,193,956,975.
Ready Sector: Top 10 Areas by Value
BURJ KHALIFA stands at the top with AED 399,032,066.
BUSINESS BAY has ready property transactions of AED 226,644,286.
DUBAI MARINA sees sales worth AED 193,618,908.
JVC records AED 138,467,302 in transactions.
PALM JUMEIRAH has a total transaction value of AED 135,869,111.
TOWN SQUARE reports AED 133,518,492 in sales.
DUBAI CREEK HARBOUR sees transactions of AED 108,943,146.
DUBAI HILLS records AED 95,642,509 in sales.
JLT has transactions amounting to AED 78,386,605.
JBR has a total of AED 46,119,280 in transactions.
The total for the top 10 areas in the ready segment reaches AED 1,556,241,705.
These figures reflect the current state of Dubai's dynamic property market, highlighting significant investment activity across various districts, with a notable concentration in high-profile areas such as TECOM SITE A and BURJ KHALIFA for off-plan and ready properties respectively.
Data Source: Dubai Land Department