Sales transactions in Dubai’s off-plan and secondary segments in Q3 2022 were the highest in 12 years, both in volume and value with 25,456 sales transactions worth AED 69.7 billion, according to Swiss luxury developer DHG Properties, which is set to launch a flagship project in Dubai
A slowdown in real estate transactions has typically been synonymous with UAE summers. Subsequently, lower costs of renting and buying have seen tenants and investors target this period accordingly to secure the most economical deals. However, Dubai’s real estate momentum has remained red hot in recent years, regardless of the season.
Fast-forwarding to 2023, DHG says it has observed a similar trend despite Q3 still being underway. Although secondary market sales in Dubai dropped by 10.2% in August 2023 when compared to the previous year, off-plan property sales saw an eye-popping 58.7% growth during the same period. Moreover, after tenancy prices rose 22% from January through July, strong demand for rental properties resulted in only a minuscule dip of 0.3% in August.
With this upward trajectory, popular areas such as Downtown Dubai, Palm Jumeirah, and Marina, in addition to other locations, have seen sky-high price rises. This is boosting the appeal of newer areas like JVC and rapidly gaining popularity among not only tenants but also investors. DHG has accordingly targeted this area for its upcoming launch to provide an elevated offering at a cost-friendly price point.
With over 85,000 sales transactions having been recorded since the start of the new year, and average monthly transaction volumes in 2023 easily surpassing previously logged figures, Dubai is on pace to outperform its 2009 annual sales record. DHG, through its entrance into the UAE real estate market, is set to spur this growth while also adding to its global portfolio of more than 1,000 apartments and pipeline of 1,500-plus developments. To date, the Swiss developer has created upwards of 1,500,000 square meters of living space and Helvetia Residences will only propel its progress further.
Also published on Medium.
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