Espace Real Estate, one of the leading real estate brokerages in Dubai, announced a 38% increase in transaction sales volume in the apartment market and a 12.5% increase in the freehold villa market when comparing Q3 2022 to Q3 2021. Leveraging Dubai’s thriving real estate market, Espace Real Estate has been facilitating the sale and rent of thousands of properties across Dubai’s top communities for over 14 years including thriving communities such as The Lakes, The Springs, The Meadows, Arabian Ranches, Dubai Marina, Downtown Dubai, Palm Jumeirah, Jumeirah Lake Towers (JLT) and many more.
Reflecting Dubai as a prominent and buoyant property market, Espace Real Estate recorded an average increase of 35% in rental prices compared to Q3 2021, re-enforcing the city’s position as one of the most popular cities to be in 2022. In September 2022, the Dubai Land Department (DLD) recorded 8,651 property sales in Dubai. With a team of over 150 specialists from over 25 nationalities, the brokerage serves customers from all over the world offering a full suite of property-related services across residential sales & leasing, mortgage services, property management, and short-term holiday rentals, registering over 10,000 clients to date in 2022 across 54 vibrant locations in Dubai including; purchasers, tenants, landlords, and sellers vendors.
Commenting on the results, John Lyons, Managing Director of Espace Real Estate said “The pace of the market since the start of 2022 has been relentless, and we are pleased to see the momentum continue in Q3 with steady and persistent growth in the sector. At Espace Real Estate we have had a tremendous 2022 to date with transactions witnessing record-breaking heights.”
As demand for housing remains extremely robust, Espace Real Estate has experienced substantial growth in the number of freehold villas it’s selling every month. The real estate brokerage has noted a significant rise in sales transactions in many of Dubai’s most popular family-orientated villa communities when comparing Q3 2021 to Q3 2022, including Victory Heights (+63%), Jumeirah Park (+37%), Jumeirah Islands (+36%), Jumeirah Village Triangle (JVT) (+30%), The Springs (+29%), and The Meadows (+22%). Other well-known villa communities such as Palm Jumeirah, Jumeirah Golf Estates, Arabian Ranches, and The Lakes recorded a marginal reduction in sales transactions due to a smaller volume of transactions taking place.
The booming Dubai apartment sector has shown strong growth with Palm Jumeirah alone experiencing a staggering 79% increase in sales transactions. As transactions remain strong, from the 7 most well-known apartment communities tracked by Espace Real Estate, an overall 38% upsurge in sales transactions was seen across Dubai Marina, Downtown Dubai, Business Bay, JLT, The Views, JBR, & Palm Jumeirah apartments. The brokerage witnessed a 19% decline in Jumeirah Beach Residences (JBR), which was mainly due to an increased number of properties changing hands in the new Address JBR building in Q3 2021. As the market assures strong demand, matched with limited supply, it promises investors a competitive market for their return on investment (ROI).
Setting the benchmark for world-class real estate services, Espace Real Estate recently hosted its quarterly open house event known as “E50”. Widely recognised as Dubai’s biggest open house event, E50 aims to further support prospective buyers and investors navigate Dubai’s extensive property market, empowering potential buyers and tenants to view multiple properties across Dubai in a single day. In September 2022, Espace Real Estate serviced over 200 clients throughout the one-day event each viewing multiple properties.
In its attempt to keep up with Dubai’s growing real estate sector Espace Real Estate continues to expand its footprint in the Emirate. In September 2022, the leading brokerage appointed Clementine Munro to head their Apartment Sales team. With an in-depth understanding of the region, and notable contacts gained over 10 years living and working across the GCC, Munro is an award-winning agent. Working with High-Net-Worth individuals (HNW) on everything from single assets for investment to trophy home acquisition. Munro has extremely strong interpersonal skills and an excellent understanding of global real estate markets. Munro will lead Espace Real Estate’s growing apartment team with a focus on sales growth and talent development.
Espace Real Estate’s vibrant portfolio spans 54 operating communities including Arabian Ranches, Dubai Marina Jumeirah Golf Estates, Victory Heights, Dubai Hills, The Springs, The Meadows, The Lakes, Jumeirah Islands, Jumeirah Park, Downtown Dubai, Green Community, and most notably The Palm Jumeirah, which included a record-breaking lease of a 5-bedroom luxury villa for AED 3.65 million; brokered by Espace Real Estate’s top performing brokers, Jam Blaum and Yunis Khadri.
From world-class property management and quality mortgage advisory services to sales and leasing of apartments, townhouses, and luxury villas; the real estate brokerage also offers the facilitation of short-term holiday rentals. Espace Real Estate also offers comprehensive quality services to facilitate off-plan property sales and leasing.
