Demand for luxury rental properties in Dubai skyrocketed in the second quarter
According to a new analysis by Luxhabitat, a high-end real estate brokerage, transactions in the secondary residential market in Dubai were flat in the second quarter of 2018. The market recorded a total volume of AED 12.1 billion in the second quarter. quarter compared to AED 14.4 billion in the first quarter. .
The data reveals that more than 1,400 villas and 6,652 apartments were bought and sold in the quarter.
x
The report also stated that off-plan market activity in Dubai continued to level off in the second quarter. There were several new releases during the quarter that helped stabilize it.
Off-plan transaction volumes along with the total number of transactions fell nearly 28% from the prior quarter, according to Luxhabitat. There are a total of 80,000 units scheduled for completion in 2018.
The data indicates that the sales volume of secondary villas is double the off-plan sales in the quarter, while the prime residential market in the second quarter amounted to AED 3.5 billion.
Of the areas recognized by Luxhabitat as prime residential, Business Bay was the best performer in terms of sales volume. They made a total of AED 2.3 billion in transactions and were closely followed by the city of Mohammed bin Rashid. The latter had an operation of AED 1.9 billion, while Dubai Marina had a total of AED 1.2 billion.
Ryan Kasper Luxhabitat’s director of rentals noted that rental prices continued to fall in Dubai. He claims it is due to the considerable demand for high-end luxury rental properties. There has been a massive increase in this area.
Kwality was initially created as an integration unit of Kwality Ice Creams India Ltd. It was then acquired by a prominent Indian family in 2002. No one from Kwality’s New Delhi headquarters was immediately available to comment on the planned closure. The company has not commented further on its decision, nor has it mentioned when the withdrawal process will begin.
“This, in turn, has sparked a trend among property owners who are reinvesting and upgrading their properties to compete with the many new and modern developments recently delivered. So far this year has reinforced that Dubai continues to be one of the top rental locations more active and versatile”. markets in the world,” she said.
“We anticipate rental prices stabilizing as we continue to adjust to mature market conditions, which should be positive news for everyone,” he added.
By: Anuj Sharma