In Q3, 2023, Dubai observed completion of approximately 6,800residential units, increasing the total stock to 708,000 units. Dubai isexpected to deliver an additional 13,000 units, with the majorityconsisting of apartments (80%).
Dubai’s residential market is undergoing significant growth, drivenbythenumber of off-plan projects and recent launches in strategic urbanareassuch as Maritime City, Expo City, and the restored PalmJebel Ali. Morethan 50% of the upcoming supply for the next two years is clusteredinDubai Land, MBR City, and Jumeirah Village.
In Dubai, sales prices increased by 20% and rental rates increasedby22%in August 2023 compared to the same period last year. Average villasaleprices in Dubai reached a new high, surpassing the previous peakof2014 by 8%.
At the same time, Abu Dhabi added around 1,400 units, bringingthetotal residential stock to 284,000 units & 2,200 units are scheduledforcompletion mainly comprising of apartments located withinmasterplanned communities such as Al Raha Beach, Al Maryah Island, andAl Reem Island. According to the latest data from Quanta, residential salestransactions in Abu Dhabi during the third quarter reached approximatelyAED 6.6 billion, indicating a significant increase of 50% comparedtothesame period last year.
In Abu Dhabi, sale prices witnessed a 3% increase, while rental ratesincreased by 1% annually.