I hope you’ve had a fantastic week. At Track Capital, we are excited to announce a host of incredible incentives that will now be available to all buyers as the festive season approaches.
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Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you from having to click through.
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Property Headlines This Week
- Experts Believe A Shortage of Villas and Townhouses is to Come – The CEO of Aston Pearl Real Estate Brokerage has predicted there to be a significant undersupply of villas and townhouses in Dubai within the next three years. According to the firm during talks at Cityscape Dubai 2022, this dwindling supply is already being felt across the city, with just one in ten new launches belonging to this category. As supply wanes and Dubai’s population of high-net-wealth individuals continues to grow at an unprecedented rate, demand for villas and townhouses is anticipated to skyrocket. Between 2015 and 2019, both villa and townhouse sales suffered substantial losses, but as the city underwent a dramatic V-shaped recovery in the wake of the pandemic and people flocked to its shores, demand has been at an all-time high, particularly in prime communities. In fact, villas and townhouses have even been outpacing the apartment segment in the past two years for both transaction volume and pricing.
- Dubai Property Market Full of Opportunities, Says Real Estate Broker – Dubai’s most popular property-finding event and content platform, the Cityscape Intelligence Talks, concluded its three-day event this week, where property professionals from all sectors gathered to discuss a range of hot real estate topics. During discussions, leading industry players agreed that although Dubai’s real estate industry has become a developed and well-rounded marketplace, not all properties are made equal and now is the time for investors to think long and hard about how best to use their money. Sobha Realty announced their closing of deals worth over AED100 million ($27.2 million) within just the first two days of the event. Sobha’s Managing Director commented on the eagerness of buyers right now, with a host of other leading professionals agreeing that there is strong consumer confidence in the current market, but that falling supply needs to be addressed by developers if growth is to meet its full potential.
Increased Transactions Show Investor Confidence at All-Time High -Global economics have shown widespread instability throughout 2022, and while many property markets across the world have languished, Dubai’s market is continuing to go from strength with investor confidence high. This has been reflected in the high number of new real estate projects launched in recent months. According to the DLD, real estate and land transactions across the emirate have far exceeded the already-impressive figures for 2021. The first nine months of 2022 alone have witnessed a staggering 75.43% increase in land and property mortgage transactions compared with the same period last year, with 67,000 transactions worth Dh 180 billion. Based on this data, Dubai’s real estate sector is preparing to achieve another record-breaking year. Q3 2022 has been labelled the top-performing quarter in Dubai’s Real Estate sector history, as property sales totalled Dh70 billion and marked an impressive 64.5% growth compared to Q3 2021.
That is all we have for you this week. If you have any comments or questions on this week’s news summary then please feel free to send us an email at [email protected] – if not, see you next week.