Analysis of the Growing Real Estate Market in Jumeirah Village Circle: Trends, Forecasts and Prospects

Real estate prices in 2023

The weighted average price for apartments under construction in 2023 was 2,277 AED/ft², and for finished ones – 1,458 AED/ft². After growing by 16.2% in 2022, price growth slowed to 5.3% in the 11 months of 2023. In the Dubai market, apartments on the primary market are in great demand and are more expensive than previously built housing.

This is due to the higher quality of new projects and the active marketing policy of developers. An important role is also played by the installment policy, which facilitates the purchase of real estate. The demand for housing under construction is fueled by speculative investors buying apartments for further resale.

Jumeirah Village Circle (JVC)

Jumeirah Village Circle (JVC) is one of the largest residential areas in Dubai, with a total area of ​​583 hectares. The area is positioned as a family living for expats and citizens, and also attracts single professionals and tourists who want to live close to Dubai Marina, Internet City and Media City.

The area has a convenient location and developed infrastructure. Key advantages include proximity to major highways, the airport, shopping centers and unique sports facilities. The planned construction of a metro line and light railway will significantly improve the area's accessibility by public transport.

Planned construction of a metro line and high-speed tram will greatly enhance public transport access in the area.

Active and growing JVC market

According to https://dxbinteract.com, since 2017, JVC has been among the top 5 areas of Dubai in terms of off-plan apartment sales. During January-November 2023, 8,605 transactions worth AED 7.42 billion were registered in JVC, which is 4.1 times higher than in 2022.

The JVC market is actively developing, attracting high demand. Today the area is 65-70% built up.

Apartment prices in JVC

The average sales price for off-plan apartments in JVC in November 2023 was 1,306 AED/ft², which is 16% higher than at the beginning of the year. The increase was almost 3 times higher than the market average, which indicates increased demand.

Over the past 8 years, prices for apartments in JVC have remained stable. While the volume of transactions decreased, prices remained at +/- 100 AED/ft². Available apartments always find buyers.

Transaction statistics from January to November 2023

This is an excerpt of the most important indicators from a comprehensive study by SEGREX Development. You can explore the full material at the link below.