The doors to Expo 2020 are open and more and more investors and tourists are coming to Dubai. This dynamic can also be felt in the real estate market. The last few months leading up to Expo 2020 have already seen exceptional growth in real estate transactions in terms of volume and value.
According to Dubai Land Department figures, property sales in July and August were the highest achieved in these months in the last 12 years. The market recovery continues and sales prices in the third quarter were up almost 10% year-on-year. Residential rental prices also increased by 6.9% year-on-year in the third quarter and net yields in Dubai averaged 6.1%.
According to Bayut & dubizzle's property market report, the Dubai Marina area attracted the most interest from investors and buyers in the third quarter. The price per square metre for apartments in Dubai Marina increased by 5.25% in the third quarter and now stands at approximately AED 14,644 (approximately CHF 3660). The second most sought-after area is Dubai Downtown. Here, the average selling price per square metre has risen by 6.45%. Also still in high demand are the areas of Palm Jumeirah(Konrad'spersonal favourite), Business Bay and Jumeirah Beach Residence (JBR). In these areas, sales prices per square metre have increased between 3% and 7%. However, according to ValuStrat, a leading international consultancy group, the areas of Palm Jumeirah and Jumeirah Beach Residence (JBR) recorded the highest increases in value at 9.4% and 11.2% respectively. The Jumeirah Village Circle (JCV) and Jumeirah Lake Towers (JLT) neighbourhoods remain popular with investors on a tight budget.
Expo 2020 has attracted many investors, tourists and people from all over the world. The streets are crowded and busy. Of course, the weather is also a contributing factor. It's pleasantly warm and for once the evening doesn't end in a sweat on the terrace. 😉 We are convinced that the success of Expo 2020 will continue to give the real estate market a tailwind and that demand will remain stable.
We look forward to seeing you in Dubai and wish you a very blessed Advent season. 😊