{"id":98036,"date":"2024-11-19T00:00:00","date_gmt":"2024-11-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubais-mid-market-segment-leads-price-growth-as-the-emirate-marks-fifth-year-of-real-estate-boom\/"},"modified":"2024-11-19T00:00:00","modified_gmt":"2024-11-19T00:00:00","slug":"dubais-mid-market-segment-leads-price-growth-as-the-emirate-marks-fifth-year-of-real-estate-boom","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/19\/dubais-mid-market-segment-leads-price-growth-as-the-emirate-marks-fifth-year-of-real-estate-boom\/","title":{"rendered":"Dubai\u2019s mid-market segment leads price growth as the emirate marks fifth year of real estate boom"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Dubai\u2019s housing market marked its fifth consecutive year of price growth<\/strong>, with sales prices rising 20% y-o-y in 3Q 2024 and rents increasing 18% y-o-y, according to Cushman & Wakefield\u2019s latest <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/research-and-studies\/cushman-and-wakefield-core-dubai-q3-2024-market-update-released-pwi322il\" style=\"\" rel=\"noopener\">report<\/a>. Apartment rents climbed 19% y-o-y, while villa rents rose 13%, \u201cindicating a trend towards stabilization in the villa segment as prices approach affordability thresholds,\u201d the report said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mid-market leads growth:<\/strong> Mid-tier communities recorded the strongest price gains, with double-digit increases for both villas and apartments. Meanwhile, the upper end of the market is showing signs of moderation, with price growth stabilizing, Cushman & Wakefield said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sales volumes continued to grow<\/strong>, with off-plan transactions increasing 51% y-o-y in 3Q, compared to a 19% rise in secondary market sales, as flexible payment plans and property-linked visas fueled demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ultra-prime sales rose 41% y-o-y<\/strong>, with 424 properties sold for over AED 20 mn, and Palm Jumeirah remaining the most popular location for that segment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Supply also picked up: <\/strong>Developers delivered 9.2k units in 3Q, and another 10.7k are expected by year-end, bringing 2024\u2019s total to 33.6k. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Prices to stabilize in the coming years? <\/strong>An increase in supply over the next 2-3 years is expected to contribute to market stabilization, the report said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE OFFICE MARKET-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Office rents in Dubai increased by 19% y-o-y in 3Q<\/strong>, with average office rents reaching AED 165 per sqft, according to the report. DIFC led the market with rents at AED 425 per sqft.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Price growth came on the back of heightened activity<\/strong>, with city-wide occupancy standing at 91% and Grade A office spaces at 94% occupancy. Central business districts \u2014 including Downtown Dubai, Sheikh Zayed Road, and DIFC \u2014 reported occupancy rates of 95% or higher.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Limited supply is also to thank: <\/strong>Dubai\u2019s office market remains undersupplied, with only 1.5 mn sq ft of office space expected to be delivered by 2025 and most new office projects slated for 2027\/2028, the report adds. \u201cAs the supply shortage is expected to persist in the near term, we expect a sustained upward pressure on rents, record high occupancy levels, and strong pre-leasing activity across the upcoming office stock.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dubai\u2019s housing market marked its fifth consecutive year of price growth, with sales prices rising 20% y-o-y in 3Q 2024 and rents increasing 18% y-o-y, according to Cushman &#038; Wakefield\u2019s latest report. Apartment rents climbed 19% y-o-y, while villa rents rose 13%, \u201cindicating a trend towards stabilization in the villa segment as prices approach affordability [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[87,7,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98036","post","type-post","status-publish","format-standard","hentry","category-real-estate","tag-dubai","tag-enterpriseam-uae","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"1931be91-a548-4691-aed4-eaf76e180a85","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/2224.jpgbr!_StoryDek_!%20Sales%20prices%20rose%20by%2020%%20y-o-y,%20while%20office%20rents%20increased%2019%%20y-o-y","photo_position":"above","homepage_title":"","full_issue_title":"Dubai\u2019s mid-market segment leads price growth as the emirate marks fifth year of real estate boom","related_issue":[98026],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.10befec1-9abb-4e2e-b0b5-3ccf54275127.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dubai\u2019s mid-market segment leads price growth as the emirate marks fifth year of real estate boom - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/11\/19\/dubais-mid-market-segment-leads-price-growth-as-the-emirate-marks-fifth-year-of-real-estate-boom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai\u2019s mid-market segment leads price growth as the emirate marks fifth year of real estate boom\" \/>\n<meta property=\"og:description\" content=\"Dubai\u2019s housing market marked its fifth consecutive year of price growth, with sales prices rising 20% y-o-y in 3Q 2024 and rents increasing 18% y-o-y, according to Cushman &amp; Wakefield\u2019s latest report. Apartment rents climbed 19% y-o-y, while villa rents rose 13%, \u201cindicating a trend towards stabilization in the villa segment as prices approach affordability [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/11\/19\/dubais-mid-market-segment-leads-price-growth-as-the-emirate-marks-fifth-year-of-real-estate-boom\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-19T00:00:00+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/19\/dubais-mid-market-segment-leads-price-growth-as-the-emirate-marks-fifth-year-of-real-estate-boom\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/19\/dubais-mid-market-segment-leads-price-growth-as-the-emirate-marks-fifth-year-of-real-estate-boom\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Dubai\u2019s mid-market segment leads price growth as the emirate marks fifth year of real estate boom\",\"datePublished\":\"2024-11-19T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/19\/dubais-mid-market-segment-leads-price-growth-as-the-emirate-marks-fifth-year-of-real-estate-boom\/\"},\"wordCount\":348,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"keywords\":[\"Dubai\",\"EnterpriseAM UAE\",\"Real estate\"],\"articleSection\":[\"REAL ESTATE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/19\/dubais-mid-market-segment-leads-price-growth-as-the-emirate-marks-fifth-year-of-real-estate-boom\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/19\/dubais-mid-market-segment-leads-price-growth-as-the-emirate-marks-fifth-year-of-real-estate-boom\/\",\"name\":\"Dubai\u2019s mid-market segment leads price growth as the emirate marks fifth year of real estate boom - 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