Q3 MARKET REPORT 2023 | Jumeirah Golf Estates

Q3 MARKET REPORT 2023 | Jumeirah Golf Estates

Prepared by Fairway Homes Real Estate

Q3 2023 At A Glance

Summer was even hotter for the Jumeirah Golf Estates real estate market for the third quarter of 2023. Off-plan property sales have surged including Jouri Hills and Jasmine Lane, accompanied by a notable uptake in residential prices compared to previous levels. Additionally, the JGE market has maintained its stability, with steady transaction activity throughout the third quarter of 2023.

One of the critical metrics that define the state of a real estate market is the average price per sqft. In Q3 2023, this stood at a robust AED 1,573 which reflects a slight decrease when contrasted with Q2 2023 when the price was at AED 1,592.

These figures have been slightly impacted by the number of off plan transactions within JGE. It is also worth noting that the price per sqft varies across the districts as shown later in the report.

• The average price per square foot stands at a robust 1573 AED, serving as a critical reference point.
• July witnessed a -3.1% decrease in residential prices, while August saw a positive change of 0.73%, suggesting market stabilization.
• September showed a minor -0.05% dip despite a total of 17 transactions
• The average sales price is nearly 4 million AED, reflecting investment appeal.
• The property price range spans from AED 2,100,000 to 32,000,000, catering to various preferences and budgets.

TRENDS IN LUXURY PROPERTY PRICING FOR Q3 2023: Residential Property Prices Analysis and Prospects

For prospective buyers, the average price per square foot serves as a fundamental benchmark for evaluating the cost of properties within the community. It allows them to gauge the affordability of homes in this prestigious area and make informed decisions regarding their investments.

For sellers, this metric plays a crucial role in setting realistic and competitive prices for their properties. Understanding the prevailing price per square foot enables them to align their asking prices with market trends and expectations, increasing the likelihood of successful sales.

The real estate market is dynamic and subject to various influences that can lead to fluctuations in property prices.

In Q3 2023, Jumeirah Golf Estates witnessed significant changes in residential prices, offering a glimpse into the evolving market dynamics.

- 3.1%

The month of July saw a notable decline in residential prices, registering a negative change of -3.1%. While such a decrease might raise concerns among buyers, it's essential to note that these fluctuations can be influenced by seasonal factors, external economic events, or short-term market dynamics. For savvy buyers, this dip may have presented an opportunity to enter the market at a more favorable price point.

+0.73%

The subsequent month, August, brought a welcome change in residential prices, with a positive increase of 0.73%. This positive momentum suggests a potential stabilization in the market or an increase in buyer confidence during that period. It's important for market participants to recognize these shifts and adjust their strategies accordingly.

-0.05%

However, the market experienced a minor dip in September, with a decrease of -0.05% in residential prices. This slight decline could be attributed to various factors, including evolving economic conditions or shifting buyer preferences.

It emphasizes the need for both buyers and sellers to stay attuned to market trends and be adaptable in their approaches.

REDUCTION IN REAL ESTATE TRANSACTION VOLUME

Looking beyond the fluctuation in property prices, the total number of real estate transactions occurring in Jumeirah Golf Estates throughout the third quarter of 2023 serves as a significant indicator of the market's overall activity and health. As of September, the community recorded a total of 17 real estate transactions for the townhouse/villa category.

This figure, however, is notably lower, representing a decrease when compared to the end of Q2 2023. The decline in transaction volume is largely due to an influx of registered off-plan transactions in Q2 2023 between Jouri Hills and Jasmine Lane despite these sales being agreed over previous months.

It's essential to consider the full scope of the property market in Jumeirah Golf Estates. In Q3 2023, the property price range spanned from a modest AED 2,100,000 to a substantial AED 32,000,000. This wide range accommodates budget-conscious buyers seeking affordable housing options and those in pursuit of exclusive, high-end luxury properties.

The inclusivity of this price range is indicative of the diversity within Jumeirah Golf Estates. It is acommunity that welcomes individuals and families from various walks of life, providing opportunities for a broad spectrum of residents to experience its unique charm and amenities.

MARKET ANALYSIS AND RECOMMENDATIONS

Analysing the data from Q3 2023, it's evident that Jumeirah Golf Estates continues to be an attractive and resilient real estate market. The overall average price per square foot at AED 1,573 reflects stability, while the consistent number of property transactions showcases sustained interest in the community.

Buyers looking to enter the Jumeirah Golf Estates market should carefully look at the trends in residential prices observed in July, August, and September. These fluctuations may present opportunities for strategic investments. Additionally, understanding the property price range, which spans from AED 2,100,000 to 32,000,000, provides clarity on the variety of options available.

Sellers should leverage the allure of Jumeirah Golf Estates and the average sales price to make informed decisions regarding pricing and marketing strategies. It's essential to stay adaptable and responsive to market dynamics.

Overall, the data from this market report paints a picture of a dynamic but resilient real estate market in Jumeirah Golf Estates. The wide price range, stable average price per square foot, and consistent transaction activity all contribute to the community's enduring appeal.

As we move forward, staying informed about market trends and being adaptable in our approaches will be key to successful real estate transactions in this coveted destination.

Whether you are a buyer or a seller, the insights provided here are invaluable for making informed decisions on your next move in Jumeirah Golf Estates.

METHODOLOGY

The data for this market report was collected from various reliable sources, including Dubai Land Department (DLD), real estate market research reports, official government publications, reputable real estate agencies, and industry experts specializing in the JGE real estate market.

The collected data was thoroughly analyzed to identify trends, patterns, and changes in the Jumeirah Golf Estates real estate market during the first quarter of 2023. Market analysis was conducted to examine key indicators such as average residential sales prices, sales volumes, inventory levels, and demand-supply dynamics.

MARKET APPRAISAL

Looking to sell or rent?
For a free, no obligation market appraisal of your property with our Jumeirah Golf Estates specialists, contact the team on 050 341 5287 or email sales@fairwayhomes.co