Dubai’s real estate sector is expected to witness strong growth in the fourth quarter (Q4) of this year with the increasing demand in the villa segment as consumer and investor sentiments are high due to Expo 2020, according to Zoom Property Insights.
The demand for villas is expected to surge in the areas closer to the exhibition site, the UAE-based real estate portal said. The promising figures of Q1 and Q2, 2021, and the current statistics in the Q3 depict the same pattern and up to 50 percent sales growth on a quarter-on-quarter basis is expected in the villa segment during the October-December 2021 quarter.
“Expo 2020 is round the corner and it will lead to positive sentiments in the market. The areas close to the site of Expo 2020 will witness more transactions for villas in Dubai in Q4, 2021 as the demand picks up with every passing day,” said Mr. Ata Shobeiry, CEO at Zoom Property.
As per Zoom Property Insights, transactions for 1,400 villas worth $840 million and 2,284 villas worth $1.4 billion were recorded in Q1 and Q2, respectively. A similar trend is continuing as seen in the rising volume of villas for sale in Dubai, and Q3 is also likely to conclude on a higher note with strong double-digit growth.
“With the mega-event starting from October 1, 2021, the demand for villas can be doubled as compared to the last year. Arabian Ranches, Dubailand, Dubai South, Palm Jumeirah, MBR City, Dubai Hills Estate and DAMAC Hills 2 are likely to be prime areas for villa transactions during the fourth quarter as we have received a lot of inquiries from the investors and end-users,” Mr. Shobeiry said.
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