This growth in real estate is evident in the rise of sales transactions and rental prices, underscoring robust market demand and investor confidence
Dubai’s real estate market has shown exceptional growth in the first half of 2024, according to data from dubizzle, a leading online property marketplace. This growth is reflected in increased sales transactions and rental prices, highlighting strong market demand and confidence. The analysis reveals that total sales transactions have risen by 12.2% compared to the second half of 2023.
Haider Ali Khan, CEO of Bayut & dubizzle and Head of Dubizzle Group MENA, highlighted:
“Dubai’s property market has yet again witnessed a period of remarkable growth. We continue to see an upward trend driven by enhanced investor facilitation, transparent transactions, and new off-plan projects.”
He noted, “The new resident visas introduced by the government may have encouraged an even higher influx of new residents, with over 25,000 new residents in the first quarter of 2024. Projects like the new airport and metro stations have bolstered buyers’ interest. Dubizzle’s data shows rising searches for both luxury and affordable properties, reflecting strong and consistent market expansion.”
Key Market Insights:
- Dubai Hills Estate has emerged as the top luxury villa community with an average sales price of AED 15.99M.
- Dubai Marina leads as the top luxury apartment area, with an average sales price of AED 2.54M and an annual rent of AED 153k.
- Arabian Ranches 3 offers the highest ROI for luxury villas at 6.42%, while luxury apartments in Dubai Creek Harbour yield an ROI of 6.49%.
- Among affordable villa communities, DAMAC Hills 2 (Akoya by DAMAC) stands out with an average asking price of AED 1.93M and a high ROI of 7.25%.
- Jumeirah Village Circle and International City are top choices for affordable apartments, with Dubai Silicon Oasis delivering the highest ROI of 9.19% for affordable apartments.
Properties for Sale:
- Dubai Marina, Business Bay, and Downtown Dubai are the most popular areas for buying luxury apartments.
- Dubai Marina’s average sales price is AED 2.54M with an ROI of 6.43%, and per-square-foot prices have increased by 5.89% to AED 2,038.
- Business Bay follows with an average price of AED 2.05M.
- Downtown Dubai and Palm Jumeirah remain attractive for luxury apartments, with average prices of AED 3.8M and AED 6.47M, respectively. Dubai Creek Harbour has seen a 7.96% increase in per-square-foot price.
- For affordable apartments, Jumeirah Village Circle (JVC), International City, and Dubai Silicon Oasis are popular.
- JVC’s average price is AED 1.09M, with an ROI of 7.91%. The area saw price increases of 7.5% for studios, 8.76% for 1-bedroom apartments, and 3.27% for 2-bedroom apartments.
- Dubai Silicon Oasis observed an 11.58% increase in per-square-foot prices, with average prices of AED 714k.
- International City’s average price is AED 463k. Dubai Sports City and Jumeirah Lake Towers also remain popular for affordable apartments.
- For villas, upscale communities like Dubai Hills Estate, Palm Jumeirah, and DAMAC Hills are top choices.
- Dubai Hills Estate villas have an average sales price of AED 15.99M, an ROI of 4.64%, and a 4.95% increase in the per-square-foot price to AED 2,404.
- Palm Jumeirah has seen a 6.93% increase in 5-bed villa prices and a 6.78% increase in 6-bed villas.
- DAMAC Hills villas have experienced a 9.26% increase in per-square-foot price, reaching AED 1,506.
- For affordable villas, DAMAC Hills 2 (Akoya by DAMAC), Dubailand, and JVC are popular.
- DAMAC Hills 2 (Akoya by DAMAC) villas have an average price of AED 1.93M and a ROI of 7.25%, with a 5.71% increase in per-square-foot price to AED 763.
- Dubailand and Al Furjan saw increased per-square-foot prices by 11.36% and 9.78%, respectively. JVC recorded the highest increase of 16.44%, reaching AED 1,100.
Properties for Rent:
- Dubai Marina, Business Bay, and Downtown Dubai remain top choices for luxury apartments.
- The average rent in Dubai Marina is AED 153k, up by 1.32%. Business Bay has an average rent of AED 123k, with slight increases across various apartment sizes.
- Downtown Dubai’s rent has decreased slightly to AED 214k. Dubai Creek Harbour and Palm Jumeirah have average rents of AED 169k and AED 217k, respectively.
- For affordable apartments, Deira, International City, Al Nahda, JVC, and Bur Dubai are top-ranked.
- Deira’s average rent is AED 62k. International City’s rent has increased by 13.89% to AED 41k. Al Nahda has an average rent of AED 51k, up by 13.33%.
- JVC and Bur Dubai saw annual rent increases of 12.68% and 14.29%, averaging AED 80k and AED 88k, respectively.
- For luxury villas, Al Barsha, Dubai Hills Estate, and Jumeirah are the most preferred.
- Al Barsha’s average rent is AED 447k, up by 7.71%. Dubai Hills Estate and Jumeirah have seen rent increases of 12.08% and 12.75%, averaging AED 399k and AED 451k, respectively.
- Umm Suqeim’s average rent has reached AED 391k, and DAMAC Hills has seen a notable increase to AED 352k, up by 18.52%.
- For affordable villas, DAMAC Hills 2 (Akoya by DAMAC), Mirdif, and Dubai South are popular.
- DAMAC Hills 2 (Akoya by DAMAC) has an average rent of AED 112k, up by 2.75%. Mirdif’s average rent is AED 144k, with a 2.13% increase.
- Dubai South’s average rent is AED 119k, up by 8.18%. Dubailand and JVC also saw rents of AED 187k and AED 207k, respectively.
In summary, Dubai’s real estate market has demonstrated impressive growth, driven by solid demand across luxury and affordable segments, enhanced investor facilitation, and significant urban developments.