June 2023

June 2023

Greetings Dear Readers,

 

 

A splendid welcome into July, and hope you all had a successful June. For Dubai real estate, June was another month of success and decent momentum. The month was also marked with almost a week of Eid festivity holidays in the city.  A total of Nine thousand three hundred and ninety one residential real estate sales transactions were concluded during the month. This is an increase of almost twenty percent year on year. While the most transacted area for the month was Jumeriah Village Circle, a segmented analyses of the transactions reveals interesting insights. For the secondary market, for example, mature areas like Emirates Living, Palm Jumeriah, Downtown, Jumeriah Lakes Towers and the Arabian Ranches series dominated the volume charts for the month, representing the premium still placed for premium locations, properties and developers, especicially by ready end users and domestic residents of the city. The Off plan sales volume was dominated by upcoming areas and projects like Town Square, Mudon, Dubai South, Dubai Harbour and MBR city.  Of the seventy districts tracked, fifty showed positive price momentum. A particular mention should be made for price momentum of mature Villa communities like Emirates Living,  Arabian Ranches, Jumeriah Park and Jumeriah Islands. Despite seeing considerable price gains since the last two years and now sitting at decent price points, these communities are still seeing month on month price increases on a continued basis, representative of the immense demand and also just how undervalued these communities were in the past, especially, for what they offer. 

 

 

This month, I intend to make special mention for two very important locations, and the themes they represent. First of these is, Jumeriah Bay,  the ultra luxury island community, situated in the Jumeriah district of the city. With just one twenty eight mansion plots, as compared to four thousand at Palm of Jumeriah, the only comparable district in town, the island community enjoys AED price per square foot of almost ten thousand six hundred, as compared to  five thousand seven hundred for the Palm mansions. The prices, almost double, are representative not only of the superlative offerings of the Island but also just how much premium high end buyers place on exclusivity. Watch out for more and more price records at the Island in the coming years and the names who make this destination their home. The second location is what I would like to term as the upcoming Dubai South corridor, which includes the area adjacent and comprising of the upcoming airport and also the upcoming Palm Jabel Ali. With the airport, deemed to be the largest in the world, once ready, and the new Palm, planned to be twice the size of the current Palm, this corridor is likely to be the future epicentre of Dubai real estate, even surpassing the very important Dubai Creek Harbour, MBR City and Al-Ain Road corridor. For those who are keen on Dubai real estate in a serious way, this corridor should be high on your consideration list. As always, looking forward to serving your quest for Dubai real estate.  Thank you.

 

 

Your’s Sincerely
Dushyant