Residential demand has picked up in Dubai with more than 15,300 units worth AED40.5 billion ($11.03 billion) transacted across the city in July, according to Emirates NBD Research.

 

Demand for off-plan units has remained strong. Transactions in July mirror the demand trend being noticed since the start of the year. A total of 10,160 under construction units were sold in July, representing 66% of the demand.

 

Close to 10% of the approximately 90,000 units sold across Dubai to date has been across developments in JVC. The micro-market has been a preferred location for both end-users and investors due to the relatively affordable ticket prices.

 

Marginal price rise

On average, prices across apartments and villas have increased by 2% month-over-month (m/m). With the marginal increase in prices in July, annual price points across the city are 19% and 24% higher across apartments and villa developments respectively.

 

Close to 14,100 units have been handed over across the city YTD. There are an additional 38,700 units due for completion by the end of the year.

 

Significant number of unit handovers is seen in the next 12 months. Close to 14,100 units have been handed over across the city YTD. There are an additional 38,700 units due for completion by the end of the year. Business Bay has close to 4,090 units slated for completion throughout 2024, followed by JVC (3,900 units), Meydan and Damac Lagoons (3,800 units each) and Al Furjan (3,070 units).--TradeArabia News Service