Demand for luxury rental properties in Dubai soared in the second quarter A new analysis from Luxhabitat

Demand for luxury rental properties in Dubai soared in the second quarter

According to new analysis by Luxhabitat, a high-end property brokerage, transactions in the secondary residential market in Dubai remained stable in the second quarter of 2018. The market registered a total volume of AED 12.1 billion in the second quarter. quarter compared to AED 14.4 billion in the first quarter. .

The data reveals that more than 1,400 villas and 6,652 apartments were bought and sold in the quarter.
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The report also stated that off-plan market activity in Dubai continued to stabilize in the second quarter. There were several new releases during the quarter that helped stabilize it.

Off-plan transaction volumes along with the total number of transactions fell by almost 28% from the previous quarter, according to Luxhabitat. There are a total of 80,000 units scheduled for completion in 2018.

The data indicates that the sales volume of secondary villas is double that of off-plan sales in the quarter, while the main residential market in the second quarter amounted to AED 3.5 billion.

Of the areas recognized by Luxhabitat as prime residential, Business Bay was the best performer in terms of sales volume. They made a total of AED 2.3 billion in transactions and were closely followed by the city of Mohammed bin Rashid. The latter had an operation of AED 1.9 billion, while Dubai Marina had a total of AED 1.2 billion.

The director of rentals at Ryan Kasper Luxhabitat noted that rental prices continued to fall in Dubai. He claims it’s due to the considerable demand for high-end luxury rental properties. There has been a massive increase in this area.

Kwality was initially created as an integration unit of Kwality Ice Creams India Ltd. It was then acquired by a prominent Indian family in 2002. No one from Kwality’s New Delhi headquarters was immediately available to comment on the planned closure. The company has made no further statement about its decision and has not mentioned when the recall process will begin.

“This, in turn, has sparked a trend among landlords who are reinvesting and upgrading their properties to compete with the many new and modern developments recently delivered. This year so far has reinforced that Dubai remains one of the places to rent. more active and versatile”. markets in the world,” she said.

“We anticipate stabilization in rental prices as we continue to adjust to mature market conditions, which should be positive news for all,” he added.

By: Anuj Sharma