Bayut report indicates that the Dubai real estate market experienced significant growth in the third quarter of 2024.

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Dubai Real Estate Market Thrives in Q3 2024

Key Highlights from Bayut’s Report

• Continued Price Growth: Property prices in popular Dubai neighborhoods are on the rise, driven by strong demand and new listings.
• Villa Price Increases: Notably, villa prices in Arabian Ranches jumped by up to 13% in Q3 2024.

Trends in Property Buying

Affordable Properties

• Areas like International City, Dubai South, DAMAC Hills 2, and Dubailand are attracting more interest from budget-conscious buyers.
• Transactional prices for affordable apartments have decreased by up to 11%, while villa prices in Dubailand surged nearly 20%.

Mid-Range Properties

• Buyers are actively looking in neighborhoods such as Jumeirah Village Circle, Jumeirah Lake Towers, Al Furjan, and Reem.
• Both apartment and villa prices in this segment increased by up to 8%.

Luxury Properties

• Luxury investors are focusing on Dubai Marina, Business Bay, DAMAC Hills, and Dubai Hills Estate.
• Prices for luxury properties rose between 3% and 31%, with the highest increases noted in Dubai Hills Estate.

Transaction Overview

• In Q3 2024, Dubai saw over 48,000 property sale transactions totaling over AED 120 billion.
• Ready Properties: Over 16,000 transactions valued at more than AED 51 billion.
• Off-Plan Properties: More than 32,000 transactions worth over AED 70 billion.

The data indicates a robust and dynamic Dubai real estate market as we move towards the end of 2024.

ROI Trends for Dubai Properties – Dubai real estate market

High Returns in Affordable Areas

• Top Yield Locations: Dubai Investments Park (DIP), Discovery Gardens, and Liwan offer the best returns for affordable apartments, with yields between 9% and 11%.
• Affordable Villas: DAMAC Hills 2, International City, and Serena provide returns over 6%.

Mid-Tier and Luxury Segments – Dubai real estate market

• Mid-Tier Yields: Dubai Sports City, Dubai Silicon Oasis, and Town Square offer attractive yields exceeding 8.6% for mid-tier apartments.
• Luxury Apartments: Al Sufouh, DAMAC Hills, and World Trade Centre yield returns of 7% to 9%.
• Mid-Tier Villas: Jumeirah Village Circle and Dubai Sports City offer ROIs ranging from 6% to 9%.
• Luxury Villas: Al Barari and Tilal Al Ghaf exceed 6%, while Jumeirah Golf Estates offer up to 6%.

Trends in Renting Properties in Dubai

Rising Rental Prices

• Affordable Apartments: Rental prices have increased by up to 28%, especially for 1-bedroom flats in Deira.
• Mid-Tier Apartments: Rentals rose by up to 12%, while luxury apartments saw a moderate growth of up to 9%.

Villa Rental Trends

• Affordable Villas: Generally up by 10%, although 5-bedroom homes faced declines of up to 11%.
• Mid-Tier Villas: Significant rise of 42%, particularly for 4-bed units in Al Furjan.
• Luxury Villas: Rental prices surged by 15%, with Jumeirah seeing the highest increases for five-bedroom units.

Popular Rental Areas

• Affordable Rentals: Deira and International City are top choices for budget apartments, while DAMAC Hills 2 and Mirdif attract interest for villas.
• Mid-Tier Demand: Jumeirah Village Circle (JVC) and Bur Dubai are in high demand for mid-tier apartments and villas.
• Luxury Preferences: Dubai Marina and Business Bay are sought after for luxury apartments, while Dubai Hills Estate and Al Barsha are preferred for high-end villas.

Overall, the Dubai real estate market shows promising trends in both ROI and rental prices across various segments.

Also Read : The Dubai real estate market has reached an all-time high in quarterly sales, totaling $38.6 billion.

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