City Walk Q3 Resale Report
(1st July - 30th September 2024)
AED 2,400
Average price per sq. ft
Compared to Q3 2023
103 transactions
AED 390.9M total resale value
Apartments in City Walk Q3 2024 Resale Report
Executive Summary
Two-bedroom units led resale activity in Q3 2024 with 53 transactions, an 89.0% increase in transaction count year-over-year, at an average price of AED 3,790,079. One-bedroom units recorded 30 transactions at an average price of AED 2,213,745, though transaction count declined 29.0% year-over-year. Three-bedroom units saw 18 transactions at an average price of AED 5,773,731, with transaction count down 10.0% year-over-year. The off-plan primary market in City Walk Apartments recorded 404 transactions totaling AED 1,606,200,000 in Q3 2024, substantially outpacing the 103 resale transactions during the same period.
Key Facts
- In Q3 2024, the average resale price per square foot in City Walk Apartments reached AED 2,400, marking a 14.0% year-over-year increase.
- City Walk Apartments recorded 103 resale transactions in Q3 2024, representing a 12.0% increase compared to the same quarter in 2023.
- The total value of resale transactions in City Walk Apartments during Q3 2024 was AED 390,913,690, up 32.5% year-over-year.
- Ready properties accounted for 52.4% of resale transactions in City Walk Apartments in Q3 2024, while off-plan units comprised 47.6%.
- Two-bedroom units dominated resale activity in City Walk Apartments during Q3 2024 with 53 transactions at an average price of AED 3,790,079, an 89.0% increase in transaction count year-over-year.
- One-bedroom apartments in City Walk Apartments saw 30 resale transactions in Q3 2024 at an average price of AED 2,213,745, though transaction volume declined 29.0% year-over-year.
- Three-bedroom units in City Walk Apartments recorded 18 resale transactions in Q3 2024 at an average price of AED 5,773,731, with transaction count down 10.0% year-over-year.
Key Performance Indicators
Key Performance Indicators
Resale - Q3 2024
Rental - Q3 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
Price Trend
Price Trend - City Walk Apartments
Average Price per Sq. Ft - City Walk Apartments
| Period | Average Price per Sq. Ft (AED) |
|---|---|
| Q3 2023 | 2,105 |
| Q4 2023 | 2,210 |
| Q1 2024 | 2,235 |
| Q2 2024 | 2,409 |
| Q3 2024 | 2,399 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did City Walk Apartments transactions split between off-plan and ready in Q3 2024?
In Q3 2024, City Walk Apartments recorded a near-even distribution between off-plan and ready transactions, with ready properties capturing 52.4% of deals compared to 47.6% for off-plan units. By transaction value, the gap widened in favor of ready properties, which accounted for 60.3% of total consideration (AED) against 39.7% for off-plan. This 7.9-percentage-point divergence between transaction count and value share indicates that ready apartments in City Walk commanded higher average deal sizes than off-plan units during the quarter.
Which Apartments bedroom configurations recorded the highest resale activity in City Walk during Q3 2024?
Two-bedroom apartments dominated transaction activity at City Walk in Q3 2024, accounting for 53 sales and an average price of AED 3,790,079, representing an 89.0% year-on-year increase in transaction count. One-bedroom units recorded 30 transactions at an average of AED 2,213,745, while three-bedroom apartments saw 18 sales averaging AED 5,773,731. Across the three reportable bedroom configurations, average prices ranged from AED 2,213,745 for one-bedroom units to AED 5,773,731 for three-bedroom apartments, a spread reflecting the diversity of product available in the development.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 2,213,745 | +15.5% | 30 | -29% |
| 2 B/R | AED 3,790,079 | +10.6% | 53 | +89% |
| 3 B/R | AED 5,773,731 | +24.5% | 18 | -10% |
| 4 B/R | AED 9,850,000 | -23.9% | 2 | 0% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - Q3 2024
| Bedroom Type | Transactions |
|---|---|
| 1 B/R Bed | 30 |
| 2 B/R Bed | 53 |
| 3 B/R Bed | 18 |
| 4 B/R Bed | 2 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in City Walk perform in Q3 2024?
In Q3 2024, off-plan transactions at City Walk Apartments totaled 404 units valued at AED 1,606,200,000, representing year-on-year increases of 123.2% and 165.5% respectively. Primary market activity substantially exceeded resale volume during the quarter, with off-plan sales accounting for nearly four times the number of resale transactions (103 units) and more than four times the resale value (AED 390,913,690). The off-plan segment dominated transactional activity in City Walk Apartments during the period, reflecting strong developer-direct sales momentum in the community.
Rental Summary
Rental Contract Distribution - Q3 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 156,143 | +12.6% | 36 | -12% |
| 2 B/R | AED 224,354 | +18.4% | 77 | -35% |
| 3 B/R | AED 306,142 | +16.7% | 54 | -10% |
| 4 B/R | AED 554,646 | +13.7% | 8 | -11% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- Q3 2024
Dubai's real estate market recorded 47,203 sale transactions and 119,904 rental transactions in Q3 2024, reflecting sustained activity across both segments. Initial sales comprised 68.6% of total sale transactions, while resales accounted for 31.4% of the market. In the rental market, contract renewals dominated at 60.7% of Dubai's 119,904 rental transactions, with new contracts representing 39.3% of rental activity during the quarter.
Dubai Overall Market Context
Dubai Apartments Market Totals - Q3 2024
| Category | Percentage |
|---|---|
| Initial Sale | 68.6% |
| Resale | 31.4% |
| Category | Percentage |
|---|---|
| New | 39.3% |
| Renewal | 60.7% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Frequently Asked Questions
What was the average price per square foot for resale apartments in City Walk during Q3 2024?
How many resale apartment transactions occurred in City Walk in Q3 2024?
What was the total transaction value for resale apartments in City Walk in Q3 2024?
What was the average sale price for two-bedroom resale apartments in City Walk in Q3 2024?
What percentage of City Walk resale apartment transactions were for ready properties in Q3 2024?
What was the average price for one-bedroom resale apartments in City Walk in Q3 2024?
How many off-plan apartment transactions occurred in City Walk primary market in Q3 2024?
Methodology
The resale apartment market data for City Walk during Q3 2024 (July 1 to September 30, 2024) derives from Property Monitor's transaction register, which aggregates official Dubai Land Department resale registrations. Year-on-year comparisons measure the change from Q3 2023 to Q3 2024, with the average price per square foot of AED 2,400 reflecting a 14.0% increase and the transaction count of 103 units representing a 12.0% rise over the prior-year quarter. Readers should note that resale registrations may experience a lag between contract signing and official recording, meaning transactions closing near period boundaries could appear in subsequent quarters, potentially affecting comparability across reporting periods.
Glossary
- PSF
- Price per square foot, calculated by dividing the transaction price by the property's built-up area in square feet. This metric enables standardized comparison across properties of different sizes.
- Off-plan
- Properties sold by developers before construction is complete, typically purchased through payment plans during the building phase.
- Secondary market
- The resale market where properties are sold between private parties rather than directly from developers, including both ready properties and off-plan units being resold.
- Ready property
- A completed, habitable property with an issued completion certificate, available for immediate occupancy or rental.
- Resale
- A transaction where a property owner sells to another buyer, as opposed to a direct developer sale. The property may be ready or still under construction.
- Resale Off-Plan Origin
- A property originally purchased off-plan from a developer that is being resold by the buyer before construction completion and title transfer.
- AED/sqft
- Transaction price expressed in UAE dirhams per square foot of built-up area, the standard unit for measuring residential property values in Dubai.
- Apartment
- A self-contained residential unit within a multi-unit building, typically including studios and one to four-bedroom configurations in Dubai's urban developments.
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