Data from the ValuStrat consulting group, obtained on the basis of information from the Dubai Land Department, shows that the average area of real estate has decreased to 135 square meters, while the average price per square meter is steadily increasing.
"Developers like Damac and Emaar have realized that many potential buyers would like to live in prestigious areas, but cannot afford large apartments," said Wassim Abdallah, head of sales at Betterhomes."Instead of lowering prices, They have reduced the area of the apartments, creating a more affordable option.
A recent report showed that the demand for long-term residence in Dubai is growing: 89% of respondents plan to stay in the city for more than five years, and 66% plan to stay for more than ten years.This trend forces developers to pay more attention to functionality and accessibility rather than space.
In 2024, the average real estate area is 600 square feet less than three years ago. This is a vivid reflection of how the market is adapting to rising prices and demand."In the end, a three-bedroom house is still a three-bedroom house, even if the rooms are smaller than before," said Mario Volpi, head of brokerage Novvi Properties."Thus The strategy of building smaller houses seems to be working.In the end, the buyer decides for himself what he wants to do with this space," he said.
Source: The National News
