Dubai South Emerges As Emirate's Real Estate Powerhouse

(MENAFN- Khaleej Times) The evolution of Dubai South as the emirate's largest single urban master development is gaining prominence, as recent data reveals sustained residential real estate growth over the last three months.

For the third consecutive month in May, Dubai South ranked as the best-performing area in the emirate's property sector, recording 1,357 sales transactions valued at Dh1.6 billion, a 15.9 per cent rise in volume on April and marking its seventh straight month in the top five.

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Overall in Dubai, Wadi Al Safa 3 followed Dubai South as the neighbourhood with the highest transactional activity, recording 983 transactions at a value of Dh1.7 billion. Wadi Al Safa 5 followed with 631 transactions at a value of Dh8339 million.

A report from fäm Properties reveals that residential property sales transactions at Dubai South have surged by 36.4 per cent since the onset of the regional conflict at the end of February.

This growth has been largely driven by developer off-plan sales, which climbed 24.8 per cent last month to 1,233 transactions, following a 35.71 per cent increase in April, adding up to a cumulative rise of 57.87 per cent since the end of February.

“The level of market activity at Dubai South underlines the strength of its fundamentals as a fully integrated, connected urban and business hub propelling growth across the emirate's broader economy,” said Firas Al Msaddi, CEO of fäm Properties.“Growing transaction volumes reflect genuine end-user and investor confidence in the government's long-term development vision for this dynamic aviation and logistics ecosystem, underpinned by the expansion of Dubai World Central into the world's largest airport.”

Data from DXBinteract shows that the Dubai real estate market recorded 10,281 sales transactions worth Dh28.9 billion in May. The month brought 8,772 apartment sales worth Dh14.6 billion, 1,037 villa sales worth Dh7.2 billion, along with 133 plot sales valued at Dh4.2 billion.

The commercial sector, including offices and shops, recorded 335 sales transactions valued at Dh2.9 billion. The average property price per sq ft was up by 3 per cent YoY to Dh1,650.

Primary sales again dominated in May, accounting for 7,595 sales transactions totalling Dh18.5 billion, compared with 2,686 resales valued at Dh10.4 billion. The most expensive villa sold in May was a luxury property at Signature Villas on Palm Jumeriah which went for Dh145 million.

The most expensive apartment went for Dh113 million at Solaya 5 at Jumeirah First. Other luxury apartments sold for Dh106 million at Solaya 6 at La Mer and 101 million at One Casa at Al Wasl on the Dubai Water Canal.

With properties worth more than Dh5 million accounting for 8.56 per cent of sales, 8.19 per cent were between Dh3-5 million, 12.41 per cent between Dh2-3 million, 31.02 per cent between Dh1-2 million and 39.82 per cent were below Dh1 million.

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