Dubai residential transactions reach near-record high in Q3

Dubai residential transactions reach near-record high in Q3

· Strong villa demand continued in Q3, with prices and rents increasing Q-o-Q by 6.4% and 5.2%, respectively · In the apartment market, sales prices increased 2% Q-o-Q, while rental rates increased by 0.6% Dubai: According to the latest research by leading international real estate services firm, Chestertons, Dubai’s pandemic response, overall quality of life and recent visa reforms supported near-record transactions over Q3. The findings, revealed in the latest Observer: UAE Q3 2021 Market Report, showed that total residential transaction value in Dubai increased by 10% Quarter-on-Quarter (Q-o-Q) to AED 34.11 billion, up from AED 31.02 billion in Q2, and surpassing the AED 31.67 billion achieved in Q4 2013. Completed property sales accounted for AED 20.63 billion of total value, while off-plan sales increased in value Q-o-Q by 48%, to AED 13.48 billion, as developers stepped up marketing activity ahead of Expo 2020. Chris Hobden, Head of Strategic Consultancy, Chestertons MENA, said: "The success of Dubai's initial COVID-19 response, bolstered by the pace of the UAE's vaccine rollout, has positioned Dubai as the only major global city to remain largely restriction-free over 2021. The resulting stability, complemented by recent visa reforms, comparatively attractive pricing and the emirate's overall quality