Villa segment is expected to drive strong growth in Dubai real estate sector during the fourth quarter as consumer and investor sentiments are up ahead of Expo 2020 Dubai, according to Zoom Property Insights.
The Dubai-based real estate portal said the demand for villas is expected to surge in the areas closer to the six-month long exhibition site.
The promising figures of Q1 and Q2, 2021 and the current statistics in the Q3 depict the same pattern and up to 50% sales growth on a Q-o-Q basis is expected in the villa segment during the October-December 2021 quarter, according to Zoom Property Insights.
“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 Ata Shobeiry, CEO at Zoom Property.
According to Zoom Property Insights, transactions for 1,400 villas worth AED3.1 billion and 2,284 villas worth AED5.4 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,” Mr. Ata said.
“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 lot of enquiries from the investors and end-users,” he said.