Dubai, UAE – 16 October 2024 – An all-encompassing platform that continues to shape the UAE’s real estate landscape, dubizzle remains the number one destination for home buyers, investors and renters exploring property options in Dubai. As the pioneering division of the esteemed Dubizzle Group, the leading online marketplace plays a pivotal role in connecting people with the dynamic real estate sector.
An in-depth analysis of dubizzle’s search trends for Q3 2024 provides valuable insights into the ever-evolving Dubai property market. The rise in both property prices and rents underscores the increasing demand, hinting at the continued confidence of buyers and tenants. Additionally, the city’s well-executed urban growth, investor-centric policies and strategic tax-free framework further solidify Dubai’s position as a prime investment hub. The progressive market dynamics reflect sustained growth and resilience in the real estate sector.
Commenting on the latest market trends, the CEO of dubizzle and Head of Dubizzle Group MENA, Haider Ali Khan, said: “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. Forward-thinking initiatives such as golden visas for investors and government-backed residency programs have also accelerated this growth, keeping demand consistently high for both luxury and affordable properties across top neighbourhoods. This can also be seen from the latest data from the Dubai Land Department, which clearly shows the market has maintained its upward trajectory, recording an 11.19% increase in total sales transaction volume compared to Q2 2024.
At dubizzle, we attract a high volume of potential property seekers, specifically in the rental and off-plan segments. By providing essential insights in a simple, user-friendly format, we will continue to enable investors, buyers, and renters to capitalise on one of the world’s most sought-after property markets and take advantage of the unique offerings that Dubai has to offer.”
Let’s go through some of the key highlights from Dubai’s property market for Q3 2024.
Top Luxury Villa Community: Dubai Hills Estate has continued to reign as the premier destination for luxury villas, with an impressive average sales price of AED 17.16M. Meanwhile, luxury villa renters have gravitated towards Al Barsha, where the average rent has been recorded at AED 428k
Top Luxury Apartment Community: Business Bay has dominated the luxury apartment market, leading in both buyer and renter preferences. The average sales price in this sought-after area has been AED 2.18M, while annual rent has hovered around AED 117k, according to dubizzle search trends.
High Investment Returns for Luxury Properties: Mohammed Bin Rashid City has delivered the highest ROI for luxury villas at 5.56%, while Dubai Creek Harbour has led the luxury apartment sector with an impressive 6.20% ROI in Q3 2024.
Top Affordable Villa Community: DAMAC Hills 2 (Akoya by DAMAC) has emerged as the top pick for affordable villa seekers, with an average asking price of AED 1.91M and annual rent of AED 117k.
Top Affordable Apartment Community: Jumeirah Village Circle (JVC) has remained the go-to destination for affordable apartment seekers, with an average sales price of AED 1.16M and a competitive annual rent of AED 78K.
High Investment Returns for Affordable Properties: Dubai Investment Park (DIP) has led the affordable apartment segment and offered a notable ROI of 11.18%. Meanwhile, affordable villas in Jumeirah Village Circle (JVC) yielded an impressive 8.35% ROI, making it a hotspot for savvy investors.
Properties for Sale in Dubai:
According to dubizzle search trends analysis, the following areas have surfaced as the most popular ones for buying apartments and villas in Dubai during Q3 2024.
- Apartments for Sale in Dubai
- Business Bay, Dubai Marina and Downtown Dubai have continued to lead as the top three destinations for luxury apartment buyers. The immense popularity of these neighbourhoods is driven by proximity to iconic landmarks in the heart of Dubai and convenient access to the vibrant city centre.
- Business Bay has secured the top spot with an average asking price of AED 2.18M and a ROI of 5.76%. Dubai Marina has followed closely, offering an average sales price of AED 2.56M.
- Price per square foot has risen by 1.13% in Business Bay and 2.79% in Dubai Marina, reaching AED 2,349 and AED 2,139, respectively.
- Downtown Dubai, with an average sales price of AED 3.89M and Dubai Creek Harbour, at AED 2.82M, have remained preferred choices for luxury apartment buyers. Whereas Dubai Creek Harbour also recorded the highest ROI (6.2%) for luxury apartments in Q3 2024.
- For those seeking affordable apartments, Jumeirah Village Circle (JVC), Dubai Silicon Oasis (DSO) and International City have emerged as the top choices in Q3 2024.
- An average sales price of AED 1.16M was recorded for apartments in JVC, with an attractive ROI of 7.44%. Prices for studios, 1 and 2-bedroom units in JVC have increased by 3.38%, 5.04% and 3.72%, respectively.
- Dubai Silicon Oasis has witnessed an 8.45% increase in per-square-foot prices, with the average sales price reaching AED 927K. In International City, prices have climbed to AED 522K.
- Dubai Sports City and Dubai Investment Park (DIP) have also continued to capture the attention of affordable apartment buyers and budget-savvy investors, marking their spots among sought-after neighbourhoods in the property market.
- Villas for Sale in Dubai
- High-end villa communities such as Dubai Hills Estate, Palm Jumeirah and DAMAC Hills have captured the attention of buyers and investors, securing the top three spots in the luxury villa segment during Q3 2024.
- Dubai Hills Estate has continued to top the list with an ROI of 4.50% and an average sales price of AED 17.16M. The per-square-foot price in the area has risen by 3.40%, reaching AED 2,545 in Q3 2024.
- Palm Jumeirah‘s luxury villas have commanded an average price of AED 38.15M, delivering an ROI of 4.25% in Q3 this year. Meanwhile, DAMAC Hills has recorded a 5.48% ROI with an average price of AED 6.91M for luxury villas.
- Luxury villa seekers have also favoured Mohammed Bin Rashid City and Jumeirah Park, where per-square-foot prices have increased by 3.79% and 5.9%, respectively. Mohammed Bin Rashid City also took the lead with the highest return for luxury villas, posting a 5.56% ROI in Q3 2024.
- For affordable villa options, DAMAC Hills 2 (Akoya by DAMAC), Al Furjan and Jumeirah Village Circle (JVC) also emerged as the most-searched areas.
- DAMAC Hills 2 (Akoya by DAMAC) has offered affordable villas with an average price of AED 1.91M and an impressive ROI of 7.16%. The per-square-foot price has increased by 1.81%, reaching AED 871 in Q3 2024.
- Al Furjan has recorded a notable 7.67% increase in per-square-foot prices, reaching AED 1,342. On the other hand, Jumeirah Village Circle (JVC) and Dubailand have seen a slight decrease in per-square-foot villa prices, dropping to AED 1,173 and AED 1,317, respectively.
- Dubai South has experienced a significant price increase, with per-square-foot rates climbing 5.71% to AED 1,139 in Q3 2024, highlighting the area’s growing appeal amid rapid development.
Properties for Rent in Dubai
According to dubizzle’s Q3 2024 search trend analysis, most areas in Dubai have experienced a rise in property demand. The following communities have consistently garnered the attention of renters seeking both apartments and villas.
- Apartments for Rent in Dubai
- Business Bay, Dubai Marina and Downtown Dubai have emerged as the top choices for luxury apartment renters in the emirate.
- In Business Bay, the average yearly rent for luxury apartments has been around AED 117k.
- Dubai Marina‘s rental market has seen a slight dip of 4.03%, with the average annual rent recorded at AED 143k.
- Downtown Dubai has seen a notable increase of 6.54% in rent prices, pushing the average asking rent to AED 228k in Q3 2024.
- Dubai Creek Harbour and Palm Jumeirah have also remained high in searches, with the rent averaging AED 167k and AED 224k, respectively.
- For affordable rentals, Jumeirah Village Circle (JVC), International City and Deira topped the list of the most-searched areas.
- Jumeirah Village Circle (JVC) has led the list with an average annual rent of AED 78k.
- International City witnessed a significant 6.98% rise in average yearly rent, reaching AED 46k in Q3 2024.
- Deira has also seen growing demand, where the average yearly rent reached AED 91k in the third quarter.
- Bur Dubai and Al Nahda also remained popular among affordable apartment seekers, with the annual rent price recorded at AED 90k and AED 59k, respectively.
- Villas for Rent in Dubai
- Tenants searching for luxury villas have inclined towards Al Barsha, Jumeirah and Dubai Hills Estate as these areas remained the top three choices.
- The average asking rent for luxury villas in Al Barsha has been recorded at AED 428k.
- Villas in Jumeirah have been rented out for AED 427k on average.
- A noteworthy increase of 15.65% has been observed in the yearly rent for villas in Dubai Hills Estate averaging AED 436k, respectively.
- For DAMAC Hills, the average annual rent has been observed at AED 324k after a slight decrease of 0.31% in Q3 2024.
- The average yearly rent in Umm Suqeim has reached AED 387k after a jump of 4.59%.
- DAMAC Hills 2 (Akoya by DAMAC), Mirdif and Dubailand have emerged as the top three go-to choices for renters searching for affordable villas in Dubai
- The average yearly rent for villas in DAMAC Hills 2 (Akoya by DAMAC) has recorded a 3.54% jump, reaching AED 117k.
- The rent for affordable villas in Mirdif has averaged AED 156k per year after recording a noticeable rise of 8.33%.
- The annual rent for villas in Dubailand has averaged AED 196K after a 3.16% rise.
- Recording a standout 13.01% surge, the average rent for villas in Dubai South has reached AED 139k. This reflects the growing significance of Dubai South as an emerging area.
- JVC has also made the list of the most popular areas for affordable rental villas in Dubai, with the average yearly rent recorded at AED 217k in Q3 2024.
Off-plan Properties for Sale in Dubai
In Q3 2024, off-plan properties continued to capture buyer interest across Dubai, with some areas standing out for their investment potential. Here are the most sought-after luxury and affordable areas with off-plan apartments and villas for sale.
- Off-plan Apartments for Sale in Dubai
- Investors have inclined towards the off-plan development of JVC District 10, a gated community comprising terraced villas and townhouses. The average sales price in the project has been recorded at AED 1.15M.
- Dubai Investment Park’s Verdana Residence has also witnessed a rise in popularity. The project is envisioned to bring a host of affordable properties with an average price tag of AED 538k
- In Arjan, 48 Parkside has garnered attention for its affordable offerings, The serene beachfront housing development has an average price of AED 1.47M for villas.
- Peninsula has emerged as the most searched project in the vibrant Business Bay area, offering centrally located off-plan luxury apartments with an average price of AED 2.17M.
- The Cove II at Dubai Creek Harbour has been a top choice for buyers interested in luxury waterfront apartments, with an average price of AED 2.51M in Q3 2024.
- With an average price of AED 2.38M, Dubai Hills Estate’s Ellington House has remained a preferred destination for off-plan apartment buyers in the luxury area.
- Off-plan Villas for Sale in Dubai
- Violet in DAMAC Hills 2 (Akoya by DAMAC) has been a top choice for affordable villa investors. In addition to offering an attractive average price of AED 1.9M, the off-plan project is envisioned to offer a tranquil lifestyle amid a range of top-notch amenities.
- Verdana 2 in Dubai Investment Park (DIP) has gained traction among investors seeking budget-friendly villas with an average price of AED 1.24M.
- The Residential District in Dubai South has emerged as a hotspot for affordable villa investments, with average sales prices reaching AED 4.45M, reflecting growing interest in the area.
- Portofino in DAMAC Lagoons brings a range of Mediterranean-inspired units that have caught the attention of luxury villa investors, with an average price tag of AED 2.49M.
- Rivana in The Valley by Emaar and June in Arabian Ranches have emerged as the favourites among luxury villa buyers, with average prices of AED 3.98M and AED 4.42M, respectively, in Q3 2024.
