Dubai to have 10,000 new villas, townhouses in two years: Real estate developer

Dubai to have 10,000 new villas, townhouses in two years: Real estate developer

Dubai will have at least 10,000 new villas and townhouses over the next two years, according to a real estate firm, as demand surges for new property across the emirate.

The Gulf region’s trade and tourism hub and host of Expo 2020, Dubai has experienced a recent boom in property deals.

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The sale values of real estate transactions until November last year were the highest yearly sales figures since 2014, Dubai Land Department data shows.

Homegrown real estate developer, ZāZEN Properties, has conducted a report showing that 2022 has seen more end users continue to buy across the city due to low mortgage rates and an increased number of buyers looking for larger living spaces in low density communities.

It says that the average sales price has increased 11 percent in the first quarter of 2022, in comparison with the same period last year, mainly due to premium villa sales. Ready apartment buildings with larger spaces and a strong community offering also performed well as stock of ready villas depleted.

While rental rates are rising across the country, real estate demand continues to boom, the report states.

A major shift in buying