Hamptons 41% growth in Q1 Dubai real estate deals
Value of the sales transactions increased 38% over same period
Property agency Hamptons MENA has recorded 41% growth in volume of real estate transactions in Dubai during the first quarter, compared to the same period last year.
The value of the sales transactions, led principally by the residential sector, increased by 38% during the first three months of the year over the same period last year, indicating sustained demand and growth in property price portfolio across the city.
Niraj Masand, head of operations, Hamptons MENA, said: “The world No 1 ranking of Dubai as the strongest housing market by Global Property Guide is clearly highlighted with the significant growth achieved by the city’s real estate sector in the first three months of the year. In addition to new project launches by master-developers such as Emaar Properties, recording sell-out response, there is a steady and sustained growth in demand for residences across all key communities in the city.”
He added: “Dubai’s property sector is clearly robust, led by the positive economic growth and the city’s status as a leisure and business hub. The biggest shift we see in the transactions is that there is a stronger appetite for end-user purchase, which is fundamentally good for the city’s property sector in the long-term.
"With demand for homes in established communities taking the lead towards the second-half of 2013, the upbeat mood now extends across other integrated neighbourhoods too. This is a healthy sign of the property market gaining traction across the board.”
The strong market confidence in the residential property sector of Dubai was clearly evident in established world-class neighbourhoods such as Downtown Dubai and Emirates Living, according to estimates by Hamptons MENA.
The company recorded several new registrations – both for purchase and rentals – reflecting the overall market trend of rising property prices and rents. The secondary villa market is also gaining further strength, according to Hamptons MENA, with significant demand for homes in Arabian Ranches and Emirates Hills.
From the current market demand trends, Hamptons MENA estimates that residences in Downtown Dubai, Dubai Marina, Jumeirah Beach Residence, Emirates Living, Jumeirah Lake Towers, Jumeirah Park and Arabian Ranches, among others, will record the most significant growth trends in the residential property sector.
Masand said: “The driving force of demand in these communities is that they are part of a vibrant neighbourhood with a wide range of amenities including parks, schools, access to transport including the Dubai Metro, and proximity to offices and retail & leisure options. Several new projects are expected to come on line shortly, but the demand is significantly strong that will continue to have a bearing on price.”
Recently, Hamptons MENA had reported apartment prices in Dubai Marina and Jumeirah Lake Towers, two of the established lifestyle communities in Dubai, have recorded an average increase in price of 8 to 10 percent in the past six months, according to Dubai Land Department data. Price appreciation for homes in secondary developments also noted an increase of 3 to 5 percent.