Villas are expected to drive strong growth in Dubai's real estate sector during the fourth quarter of 2021 as consumer and investor sentiments rise ahead of Expo 2020 Dubai, according to new research.
Dubai-based Zoom Property said the demand for villas is expected to surge in the areas closer to the six-month long exhibition site, which opens on October 1.
Its report said up to 50 percent sales growth on a quarterly basis is expected in the villa segment during the October-December period.
"Expo 2020 is round the corner and it will lead to positive sentiments in the market. The areas close to the site of Expo 2020 will witness more transactions for villas in Dubai in Q4, 2021 as the demand picks up with every passing day," said Ata Shobeiry, CEO at Zoom Property.
According to its report, transactions for 1,400 villas worth AED3.1 billion and 2,284 villas worth AED5.4 billion were recorded in Q1 and Q2, respectively.
Q3 is also likely to conclude on a higher note with strong double-digit growth, it added.
"With the mega-event starting from October 1,the demand for villas can be doubled as compared to the last year," said Shobeiry.
"Arabian Ranches, Dubailand, Dubai South, Palm Jumeirah, MBR City, Dubai Hills Estate and Damac Hills 2 are likely to be prime areas for villa transactions during the fourth quarter as we have received lot of enquiries from the investors and end-users," he added.
Zoom Property is an emerging property portal in the UAE with a primary focus on Dubai, Abu Dhabi and Sharjah markets. The portal also features international properties in Saudi Arabia, UK and other regions.