Total residential property transactions during this week (17th – 23rd July) stood at 1,552 units, witnessing a fall of nearly 8% from the previous week. The total transaction volume recorded in the last week was 1,682. In terms of value, the overall residential value was reduced by 5% over the previous week.
In terms of value, the overall residential value reduced slightly by 2% over the previous week. A 3% reduction in value was recorded in the off-plan sales deals while ready transactions remained the same.
The month of July got off to a great start for Dubai's residential real estate market, continuing the trend from the previous few weeks. However, the previous week’s market remained subdued to the long holidays because of EID.
The city has the lowest unsold inventory among the top 8 cities; with less than 25,000 units available for sale at the end of FY2022-23. Kolkata accounted for just 3% and 4% of Pan India's new supply and residential sales, respectively.
Dubai’s residential market traction remained restricted consecutively for the second week. Although there has been a marginal decline of only 23 transactions, in the total transaction volume, a significant hike is witnessed in the demand for villas.
Optimistic trend across Dubai’s residential real estate market has also continued into this week. However, an 8% decline has been recorded in the volume of transactions, the value of total sales deals increased by 4% from the previous week indicating the investors’ confidence in the market that is conducive for growth.
Ahmedabad’s residential market witnessed impressive growth during the Q1 2023. This is evident in the 21% yearly uptick in new launches and the 50% rise in total sales of the city.
Total transaction volume of nearly 2,100 units, the residential market continues to hit the highest weekly figure since the beginning of 2023. A total of 2,053 residential transactions were recorded during the previous week.
Homebuyers preference have changed in the last couple of years, with the importance of owning a house has taken a top seat for the millenials. This has been clearly visible in the real estate markets trend in the past few quarters, all real estate asset classes have been recovering; nevertheless, the residential sector's recovery has been the quickest and most significant.
A total of 15,050 units were sold during the last financial year. Going forward, we expect a healthy demand combined with a sizable number of projects in the pre-launch stage to support a strong growth story.
Dubai’s residential real estate market had a very solid start to the month of June, building on the momentum from the last few weeks. High activity levels were reported in the week gone by across all categories.
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