Villas to drive Dubai realty growth

Inayat-Ur-Rahman, Business Editor

Villa segment is expected to drive strong growth in Dubai real estate sector during the fourth quarter as consumer and investor sentiments are up ahead of Expo 2020 Dubai, according to Zoom Property Insights.

The Dubai-based real estate portal said the demand for villas is expected to surge in the areas closer to the six-month long exhibition site.

The promising figures of Q1 and Q2, 2021 and the current statistics in the Q3 depict the same pattern and up to 50% sales growth on a Q-o-Q basis is expected in the villa segment during the October-December 2021 quarter, according to Zoom Property Insights.

“Expo 2020 is round the corner and it will lead to positive sentiments in the market. The areas close to the site of Expo 2020 will witness more transactions for villas in Dubai in Q4, 2021 as the demand picks up with every passing day,” said Ata Shobeiry, CEO at Zoom Property, during an exclusive interview with Gulf Today.  According to Zoom Property Insights, transactions for 1,400 villas worth Dhs3.1 billion and 2,284 villas worth Dhs5.4 billion were recorded in Q1 and Q2, respectively. A similar trend is continuing as seen in the rising volume of villas for sale in Dubai, and Q3 is also likely to conclude on a higher note with strong double-digit growth.

“With the mega-event starting from October 1, 2021, the demand for villas can be doubled as compared to the last year,” . Ata said.

“Arabian Ranches, Dubailand, Dubai South, Palm Jumeirah, MBR City, Dubai Hills Estate and DAMAC Hills 2 are likely to be prime areas for villa transactions during the fourth quarter as we have received lot of enquiries from the investors and end-users,” he said.

Zoom Property is an emerging property portal in the UAE with a primary focus on Dubai, Abu Dhabi and Sharjah markets. The portal also features international properties in KSA, UK and other regions. The platform not only facilitates buyers and renters but is also popular among developers, real estate brokerages and property sellers. Meanwhile, the real estate and properties transactions valued at 5.5 billion in total during the week ending 16 September 2021. The sum of transactions was 1,610.

119 plots were sold for Dhs1.39 billion, 1,081 apartments and villas were sold for Dhs 2.14 billion.

The top three transactions were a land in Palm Jumeirah sold for Dhs 508m, followed by a land that was sold for AED 68.54m in Saih Shuaib 2, and a land sold for AED 508m in Palm Jumeirah in third place.

 Al Hebiah Third recorded the most transactions for this week by 20 sales transactions worth AED 62.34 million, followed by Al Yufrah 2 with 15 sales transactions worth AED 18.07 million, and Hadaeq Sheikh Mohammed Bin Rashid with 14 sales transactions worth Dhs 253 million in third place.