Dubizzle analyzed search trends for Q3 2024, which revealed important indicators about the ever-changing real estate market in Dubai. The increase in property prices and rents reflects the growing demand in the market, which indicates the presence of a factor of confidence from buyers and tenants. The well-thought-out urban growth policies, investor trends, and flexible tax environment also enhance Dubai’s position as a leading investment hub. These developments confirm the continued growth and strength of the real estate sector in the emirate.
Dubai Hills Estate maintained its position among buyers looking for luxury villas in Dubai, with an average price of AED 17.16 million. At the same time, those looking for luxury villas for rent headed towards Al Barsha, where the average rent reached AED 428,000. Business Bay topped the list of most in-demand areas for both buyers and tenants looking for luxury apartments. According to Dubizzle’s search trends analysis, the average price of apartments in this area was AED 2.18 million, while the annual rent was AED 117,000.
Mohammed Bin Rashid City offered the highest ROI for luxury villas at 5.56%, while Dubai Creek Harbour topped the luxury apartment sector with an ROI of 6.20% in Q3 2024. Damac Hills 2 (Aquaya by Damac) emerged as the top choice for those looking to rent or buy mid-priced villas, with an average price of AED 1.91 million and an average annual rent of AED 117,000.
Jumeirah Village Circle maintained its position as a favorite among those looking for mid-priced apartments in Dubai, with an average price of AED 1.16 million and an average annual rent of AED 78,000. Dubai Park Investment Park topped the mid-range apartment segment, offering a high ROI of 11.18%, while mid-range villas in Jumeirah Village Circle achieved an ROI of 8.35%, making it a major draw for investors.
According to Dubizzle’s search trends analysis, the following areas emerged as the most in-demand areas for buying apartments and villas during Q3 2024.
Luxury Apartments Business Bay, Dubai Marina, and Downtown Dubai maintained their top three spots as the top three areas for those looking for luxury apartments for sale. It is worth noting that the increased demand for these areas is due to their proximity to Dubai’s well-known landmarks, as well as their easy access to the city’s vibrant centre.
Business Bay emerged as the most in-demand area for those looking for apartments in Dubai, with an average price of AED 2.18 million and a return on investment of 5.76%. It was followed by Dubai Marina with an average price of AED 2.56 million.
The price per square foot in Business Bay increased by 1.13% to AED 2,349, while in Dubai Marina it increased by 2.79% to AED 2,139.
Apartments in Downtown Dubai recorded an average price of AED 3.89 million, while apartments in Dubai Creek Harbour recorded an average price of AED 2.82 million, and they were the preferred choices for buyers of luxury apartments in Dubai. Dubai Creek Harbour also recorded the highest ROI of 6.2% for luxury apartments in Q3 2024. For those looking to buy mid-priced apartments, Jumeirah Village Circle, Dubai Silicon Oasis, and International City emerged as the top choices in Q3 2024.
The average price of apartments in Jumeirah Village Circle was AED 1.16 million, with a high ROI of 7.44%. Prices of studio apartments increased by 3.38%, one-bedroom apartments by 5.04%, and two-bedroom apartments in Jumeirah Village Circle increased by 3.72%. Dubai Silicon Oasis witnessed an increase of 8.45% in price per square foot, with the average selling price reaching AED 927,000. In International City, the price also increased to AED 522,000.
Dubai Sports City and Dubai Investment Park also maintained their position as favourites for those looking for mid-range apartments for sale, and for investors with limited budgets. The luxury areas of Dubai Hills Estate, Palm Jumeirah and Damac Hills captured the attention of buyers and investors, taking the top three spots in the luxury villa category during Q3 2024.
Dubai Hills Estate continues to lead the list of luxury villas for sale with an ROI of 4.50% and an average price of AED 17.16 million. The price per square foot in the area also increased by 3.40% to AED 2,545 in Q3 2024. Villas in Palm Jumeirah recorded an average price of AED 38.15 million, with an ROI of 4.25%, in Q3 of this year. While Damac Hills achieved an ROI of 5.48%, with an average price of AED 6.91 million for luxury villas. Luxury villa seekers also turned to Mohammed Bin Rashid City and Jumeirah Park, where the price per square foot increased by 3.79% and 5.9% respectively. Mohammed Bin Rashid City also took the lead with the highest ROI for luxury villas, at 5.56%, in Q3 2024.
When it comes to mid-priced villas, Damac Hills 2 (Aquaya by Damac), Al Furjan and Jumeirah Village Circle emerged as the most sought-after areas in Dubai. DAMAC Hills 2 (Aquaya by Damac) offered mid-priced villas, with an average price of AED 1.91 million, and a high ROI of 7.16%. The price per square foot also increased by 1.81%, reaching AED 871, in Q3 2024.
Al Furjan also recorded a significant increase in the price per square foot by 7.67%, reaching AED 1,342. In contrast, Jumeirah Village Circle and Dubai Land witnessed a slight decrease in the price per square foot of villas, falling to AED 1,173 and AED 1,317, respectively. The price per square foot in Dubai South recorded a significant increase, rising by 5.71%, reaching AED 1,139, in Q3 2024, confirming the area’s increasing attractiveness amid rapid developments.