Q3 MARKET REPORT 2023 | Victory Heights

Q3 MARKET REPORT 2023 | VICTORY HEIGHTS

Prepared by Fairway Homes Real Estate

Q3 2023 At A Glance

The third quarter of 2023 brings sizzling developments to the Victory Heights real estate landscape, akin to the scorching summer heat. In these months, the market has witnessed a surge in residential property sales, paralleled by a significant uplift in residential prices, setting new benchmarks in the real estate market. Even amidst these dynamic changes, the market has remained remarkably stable, characterized by consistent transaction activity throughout the quarter.

• Transaction numbers fluctuated during Q3 2023, with 12 in July, a peak of 15 in August, and a slight decline to 8 in September.
• Residential prices saw changes, with a 4.18% increase in July, a 2.24% rise in August, and a slight 2.43% decrease in September.
• 6-bedroom rentals averaged AED 450k, while 3-bedroom rentals averaged AED 220k.
• Villas commanded an average rental rate of AED 307,048, whereas townhouses had an average of AED 238,231 in rent.
• Villas had an average sales price of AED 7,011,022, while townhouses had an average of AED 3,893,824.
• Victory Heights recorded 35 transactions in Q3.
• The pricing spectrum extended from AED 2,500,000 to AED 12,000,000, offering options across a range of budgets and preferences.

Trends is Luxury Property Pricing for Q3 2023

For Q3 2023, Victory Heights recorded a noteworthy average price per square foot of AED 1233. This figure serves as a
fundamental reference point for property valuation and investment considerations.

When compared to the preceding quarter, where the average price per sqft was slightly lower at AED 1150, the Q3 2023 figure indicates an adjustment in the property pricing landscape. It exemplifies the ever-evolving nature of the Victory Heights real estate market and the importance of staying attuned to these pricing dynamics.

For individuals considering property acquisition in Victory Heights, the average price per sqft stands as an indispensable benchmark. This metric provides them with a clear perspective on the cost of real estate within this prestigious community.

It empowers prospective buyers to assess the affordability of homes in this sought- after locale, enabling them to make well-informed investment choices. As they explore the market, this figure guides them in comprehending the pricing dynamics and determining how their budgets align with the prevailing rates.

For property sellers in Victory Heights, the average price per sqft holds a pivotal role in their pricing strategies. Understanding this metric is vital for setting realistic and competitive prices for their properties. By being well-versed in the current price per sqft, sellers can accurately gauge the market's expectations and align their asking prices accordingly. This approach increases the likelihood of attracting potential buyers, as it positions their properties in line with prevalent market trends.

+4.18%

In July, Victory Heights witnessed a significant 4.18% increase in residential prices, providing a strong indicator of robust demand. While such an upswing may have initially raised eyebrows among buyers, it's important to note that these fluctuations can be influenced by a myriad of factors, including seasonal patterns and economic dynamics. Savvy buyers may have recognized this surge as an opportunity to enter the market while maintaining a broad perspective.

+2.24%

August brought a more moderate 2.24% rise in residential prices, indicating market stability and potentially heightened buyer confidence during that period. It's crucial for market participants to recognize these shifts and adjust their strategies accordingly.

-2.43%

In September, the market saw a slight 2.43% dip in residential prices, highlighting the ever-evolving nature of the real estate landscape and underscoring the need for flexibility and market monitoring.

The sales prices exhibited variations, highlighting the wide spectrum of choices within the community. Villas commanded an average sales price of AED 7,011,222, reflecting their allure as spacious and upscale accommodations. Townhouses, on the other hand, presented a more budget-conscious option, with an average sales price of AED 3,893,824. This pricing diversity caters to a range of budgets and preferences, making Victory Heights an inclusive real estate destination.

The price range for properties within Victory Heights is also worth noting. The maximum sales price for villas and townhouses reached AED 12,000,000, catering to buyers seeking opulent and high-end real estate options. On the other end of the spectrum, the minimum sales price was AED 2,500,000, accommodating those with more budget-conscious preferences. The diversity in pricing options reaffirms Victory Heights as a dynamic real estate market, serving the interests of a broad audience.

Transaction Activity and Overall Residential Sales Price

The third quarter of 2023 was marked by consistent transaction activity in Victory Heights. The real estate market in this prestigious community maintained a steady pace, with an average of 15 transactions in July, 12 in August, and 8 in September.

This balanced flow of transactions indicated a strong and resilient market, with a quarterly average of 11.6 transactions, showcasing the community's appeal to buyers and the ability to attract a consistent stream of interested parties.

During this quarter, property sale prices in Victory Heights exhibited noteworthy fluctuations. In July, the average sale price was AED 4.5 million, signaling a competitive real estate market with robust demand. August saw a notable increase in sale prices, with the average rising to AED 6 million. This surge suggested market stability and heightened buyer confidence, potentially influenced by seasonal factors and other dynamics.

However, in September, there was a slight decline, with the average sale price dropping to AED 5.9 million. This shift, albeit minimal, underscored the community's adaptability and the need for prospective buyers to remain vigilant in monitoring market trends. The market's resilience was evident as it accommodated these price fluctuations, catering to a variety of budgets and preferences.

COMPREHENSIVE ANALYSIS AND IN-DEPTH INSIGHTS INTO RENTAL PRICES

An extensive and meticulous analysis of rental prices within Victory Heights for the third quarter of 2023 reveals profound insights into the community's real estate landscape. This investigation considers a range of factors that influence rental rates, offering valuable and comprehensive data to assist both potential tenants and landlords in navigating this dynamic market.

This quarter witnessed a robust rental market with a total volume of 76 villa rentals and 28 townhouse rentals. These figures underscore the enduring popularity of this prestigious community as an appealing choice for both prospective tenants and property investors. The sustained demand for rentals indicates the enduring allure of Victory Heights, underpinned by the myriad of advantages it offers to residents.

In terms of total rent generated, villas led the market with a cumulative sum of AED 23,335,648. Townhouses, while fewer in number, contributed significantly, accumulating AED 6,670,481 in total rent. This highlights the diverse rental landscape within Victory Heights, catering to a wide range of preferences and budgets.

The average rent figures further emphasize this diversity, with villas commanding an average rental rate of AED 307,048, while townhouses offered a more budget-conscious option at an average of AED 238,231. These variations reflect the community's capacity to cater to different financial profiles and housing needs, fostering a dynamic and inclusive real estate market.

Additionally, the average rent per square foot metrics showcase the value proposition of properties in Victory Heights. Villas averaged AED 64 per square foot, presenting a balanced correlation between spaciousness and cost-effectiveness. Townhouses, on the other hand, offered an even more budget-friendly option, with an average of AED 65 per square foot. This intricate pricing structure illustrates the meticulous planning and diversification within Victory Heights, accommodating tenants with varying requirements and financial considerations.

MARKET ANALYSIS AND RECOMMENDATIONS

The Q3 2023 real estate market in Victory Heights experienced notable growth in residential property sales and a significant uptick in prices. The market, while dynamic, remained stable with consistent transaction activity. Transaction numbers varied each month but displayed overall resilience. Residential prices showed fluctuation, underlining the market's adaptability.

For potential buyers entering the Victory Heights market, a keen examination of the trends in residential prices during July, August, and September is essential.These price fluctuations can present strategic investment opportunities. Understanding the property price range, which spans from AED 2,500,000 to 12,000,000, provides valuable insightsinto the diversity of options available to cater to various preferences.

Sellers can capitalize on Victory Heights' appeal and the average sales price of approximately AED 5.5 million to make informed decisions regarding pricing and marketing strategies. The key is to remain adaptable and responsive to market dynamics.

The data unveiled in this market report portrays a dynamic yet resilient real estate market in Victory Heights. The wide price range, stable average price per square foot, and consistent transaction activity all contribute to the community's enduring appeal.

Moving forward, staying well-informed about market trends and being adaptable in our approaches will be vital for 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 in the Victory Heights real estate market.

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 Victory Heights real estate market.

The collected data was thoroughly analyzed to identify trends, patterns, and changes in the Victory Heights 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 Victory Heights specialists, contact the team on 050 341 5287 or email sales@fairwayhomes.co