Latest news with #AllsoppAndAllsopp
Khaleej Times
3 days ago
- Business
- Khaleej Times
Dubai homeowners renovate villas, townhouses as prices double in 3 years
Sellers in Dubai are renovating their older villas and townhouses to take advantage of strong demand as the average price has nearly doubled in the past three years. 'Since May 2022, the average villa and townhouse prices have skyrocketed by a remarkable 92 per cent, climbing from Dh3.475 million to Dh6.682 million in just three years. Even within the last year alone, these properties have seen a significant 35 per cent increase in sales price across villa and townhouse communities. This is a clear indicator of sustained demand, limited supply, and growing investor confidence in villa and townhouse communities in Dubai,' said real estate agency Allsopp and Allsopp, quoting Dubai Land Department (DLD) data. 'The Dubai real estate market is not just growing; it's redefining investment benchmarks, especially for villas and townhouses. Imagine nearly doubling your investment in just three years; that's the reality for villa and townhouse owners in Dubai. "The under-supply of quality homes, particularly ready and upgraded villas, continues to fuel this growth. Buyers want space, established communities, and turnkey homes they can move into immediately which is exactly what communities like Arabian Ranches, Jumeirah Golf Estates and Victory Heights have,' said Lewis Allsopp, chairman of Allsopp & Allsopp. Upgrading older villas, townhouses Dubai's property market has seen massive demand, especially for bigger units such as villas and townhouses soon after the outbreak of the pandemic. The restrictions on the people's movement by the authorities to contain the pandemic prompted residents to look for bigger units, pushing demand and prices of villas substantially higher. Dubai Land Department (DLD) reported Dh54 billion in property sales transactions in May, an impressive 11 per cent increase from the previous month. According to Asteco's latest data, 6,375 villas were handed over in 2024 and 2,750 in the first quarter of 2025. It is expected that 14,600 villas will be handed over by the end of 2025. The real estate agency noted that sellers are increasingly recognising the potential in renovating older properties, as these modern homes within their community now command significant prices. 'We're now seeing more sellers upgrade and list their homes as the demand for bigger, newly renovated properties grows. Many of Dubai's older homes offer unmatched space, with buyers opting for modernised and renovated homes rather than taking on the time and effort of upgrading themselves,' said Lewis Allsopp.
Arabian Business
3 days ago
- Business
- Arabian Business
Dubai real estate: Villa,townhouse prices soar 92% in three years as property market booms
Dubai Land Department (DLD) recorded AED 54 billion in property sales transactions across Dubai in May, representing an 11 per cent increase from the previous month. Villa and townhouse prices have increased by 92 per cent since May 2022, rising from AED3,475,523 to AED6,682,023 over three years. These properties saw a 35 per cent price increase within the last year alone across villa and townhouse communities, according to DLD data. Investors flock to Dubai 'The Dubai real estate market is not just growing – it's redefining investment benchmarks, especially for villas and townhouses. Imagine nearly doubling your investment in just three years – that's the reality for villa and townhouse owners in Dubai. The undersupply of quality homes, particularly ready and upgraded villas, continues to fuel this growth. Buyers want space, established communities, and turnkey homes they can move into immediately which is exactly what communities like Arabian Ranches, Jumeirah Golf Estates and Victory Heights have,' Lewis Allsopp, Chairman of Allsopp & Allsopp said. The city's secondary property market demonstrated strength last month, with total sales value surging 68 per cent year-on-year and average resale home prices rising 32 per cent. Secondary market transaction volume increased 28 per cent year-on-year, indicating a move towards homeownership for expats settling in the city. The off-plan sector maintained confidence with a 13 per cent increase in average sales price month-on-month and a 20 per cent rise year-on-year. Buyers continue to view Dubai as a destination for capital appreciation and long-term investment, driven by the city's growth, new businesses, tourism appeal, and residential attraction. DLD reported a month-on-month decrease in rental renewal volume (19 per cent) and value (17 per cent), whilst new rental contracts strengthened with volume increasing 15 per cent and value rising 9 per cent month-on-month. This suggests tenants are exploring suburban areas for properties amid ongoing rental price increases in prime locations. Established, older neighbourhoods are experiencing renewed interest, particularly for well-upgraded homes. Sellers are recognising the potential in renovating older properties, as these modern homes within their communities now command higher prices. 'We're now seeing more sellers upgrade and list their homes as the demand for bigger, newly renovated properties grows,' Allsopp said. 'Many of Dubai's older homes offer unmatched space, with buyers opting for modernised and renovated homes rather than taking on the time and effort of upgrading themselves.' The data reflects the value of investing in Dubai's property market, particularly in the villa and townhouse segment. As Dubai continues attracting high-net-worth individuals and long-term residents, demand remains strong for homes that offer space, lifestyle, and move-in readiness.
