UAE Business: UAE’s real estate upbeat on Q3 residential, office growth – Gulf Digital News

UAE Business: UAE’s real estate upbeat on Q3 residential, office growth – Gulf Digital News

The UAE’s real estate sector continues to build momentum buoyed by a positive trajectory across its residential, office, retail and hospitality sectors during the third quarter of this year, said a leading real estate expert JLL.

Overall, average residential prices in Q3 grew by 9% year-on-year in Dubai, while average rental rates saw a 25% year-on-year increase, with both sales and rentals being bolstered by stronger demand and increased buyer activity, stated JLL in its latest UAE Real Estate Market Report.

Meanwhile, the sale prices in the capital grew by 4% year-on-year, while average rents rose by 2% year-on-year.

Abu Dhabi is seeing increased demand for new developments located within investment zones – especially for townhouses and villas, it added.

Across the UAE, price growth is being fueled by investor and end-user demand. Off-plan sales are high, while secondary market sales are also improving, in light of increasing yields, said JLL in its report.

The quarterly report suggests around 6,600 residential units were handed over in Dubai in Q3, raising total stock to 672,000 units, while an additional 20,000 units are scheduled for completion by year end.

In Abu Dhabi, approximately 1,900 units were delivered in Q3, bringing the Emirate’s total dwellings to roughly 278,000 units.