Dubai’s real estate market continues to be shaped by several factors including the rise in prices, increase in demand, and evolving preferences of buyers and tenants. Dubizzle’s search trends for Q3 2024 also reveal that the city’s urban growth, investor-centric policies, and strategic tax-free framework further solidify Dubai’s position as a prime investment hub.
“We can all see that Dubai’s property market is growing at an unprecedented pace, with each quarter surpassing the last. This remarkable growth is driven by a combination of factors: investor-friendly initiatives, enhanced financial and transactional transparency, a seamlessly integrated legal framework, and a booming off-plan sector,” stated CEO of Dubizzle and head of Dubizzle Group MENA, Haider Ali Khan.
Forward-thinking initiatives like the golden visas for investors and government residency programs have also accelerated this growth, keeping demand consistently high for both luxury and affordable properties across top neighborhoods.
The latest data from the Dubai Land Department clearly shows that the market has maintained its upward trajectory, recording an 11.19 percent increase in total sales transaction volume compared to Q2 2024.
Delving further into Dubai’s real estate market, the report spotlights some of the most popular areas to buy or rent property in Dubai.
Most popular areas for luxury properties
Dubai Hills Estate has continued to reign as the premier destination for luxury villas, with an impressive average sales price of AED17.16 million. Meanwhile, luxury villa renters have gravitated towards Al Barsha, where the average rent reaches AED428,000.
As for luxury apartment communities, Business Bay has dominated Dubai’s real estate market, leading in both buyer and renter preferences. The average sales price in this area reached AED2.18 million, while annual rent has hovered around AED117,ooo, according to Dubizzle search trends.
The report also revealed that Mohammed Bin Rashid City has delivered the highest return on investment (ROI) for luxury villas at 5.56 percent, while Dubai Creek Harbour has led the luxury apartment sector with an impressive 6.20 percent ROI in Q3 2024.
Most popular areas for affordable properties
In Dubai’s real estate market, DAMAC Hills 2 (Akoya by DAMAC) emerged as the top pick for affordable villa seekers, with an average asking price of AED1.91 million and annual rent of AED117,000.
Meanwhile, Jumeirah Village Circle (JVC) remained the go-to destination for affordable apartment seekers, with an average sales price of AED1.16 million and a competitive annual rent of AED78,000.
Besides, Dubai Investment Park (DIP) led the affordable apartment segment and offered a notable ROI of 11.18 percent. Meanwhile, affordable villas in Jumeirah Village Circle (JVC) yielded an impressive 8.35 percent ROI, making it a hotspot for investors.
Read: Nakheel awards $1.36 billion in contracts for luxury villa construction on Palm Jebel Ali
Off-plan properties capture investor attention
In Q3 2024, off-plan properties continued to capture buyer interest across Dubai’s real estate market, with some areas standing out for their investment potential. Some of the most sought-after luxury and affordable areas with off-plan apartments for sale include JVC District 10, Dubai Investment Park’s Verdana Residence, 48 Parkside, and Peninsula.
Meanwhile, the most popular areas for off-plan villa sales include Violet in DAMAC Hills 2, Verdana 2 in Dubai Investment Park, and the Residential District in Dubai South.
For more real estate news, click here.
