Bayut’s report highlighted the performance of Dubai’s real estate sector during the third quarter of 2024, with data showing strong demand and a steady rise in property prices in the most sought-after areas.
Based on search trends on Bayut, Dubai has maintained its attractiveness to investors thanks to its many features, with demand for various types and categories of properties increasing, supported by an influx of more home seekers, in addition to the launch of a range of new projects that attract investors from around the world.
According to Bayut’s data, the most sought-after areas in Dubai witnessed varying increases in apartment and villa prices, with villa prices in Arabian Ranches increasing by 13% during the third quarter of 2024.
For properties in the low-priced category, data showed a noticeable demand from investors to purchase properties in International City, Dubai South, Damac Hills 2, and Dubai Land. In contrast, mid-priced property seekers showed a strong interest in the areas of Jumeirah Village Circle, Jumeirah Lakes Towers, Al Furjan and Reem Dubai. In addition, luxury property seekers preferred to invest in Dubai Marina, Business Bay, Damac Hills and Dubai Hills Estate during Q3 2024.
Overall, the purchase prices of apartments in the lower price category in the most sought-after areas witnessed a decrease of about 11%, while the purchase prices of villas in the same category recorded a significant increase, supported by the growing demand, especially in the Dubai Land area, which achieved a price increase of about 20%.
In terms of properties in the middle price category, apartment and villa prices witnessed an increase of about 8%. As for the luxury property category, most areas witnessed an increase in sale prices ranging between 3% and 31%, with Dubai Hills Estate recording the highest increase of all areas.
It remains to be noted that according to the Dubai Land Department, the number of real estate sales transactions in the emirate during the third quarter of 2024 amounted to more than 48,000 real estate deals, with a total value exceeding AED 120 billion; including 16,000 deals for ready properties worth AED 51 billion, in addition to 32,000 deals for properties under construction or on the plan, with a value exceeding AED 70 billion.