Dubai real estate trends: Most popular areas to buy and rent property in Q3 2024
Dubai’s real estate market continues to be shaped by several factors including the rise in prices, increase in demand, and evolving preferences of buyers and tenants. Dubizzle’s search trends for Q3 2024 also reveal that the city’s urban growth, investor-centric policies, and strategic tax-free framework further solidify Dubai’s position as a prime investment hub.
The latest data from the Dubai Land Department clearly shows that the market has maintained its upward trajectory, recording an 11.19 percent increase in total sales transaction volume compared to Q2 2024.
Delving further into Dubai’s real estate market, the report spotlights some of the most popular areas to buy or rent property in Dubai.
Most popular areas for luxury properties
Dubai Hills Estate has continued to reign as the premier destination for luxury villas, with an impressive average sales price of AED17.16 million. Meanwhile, luxury villa renters have gravitated towards Al Barsha, where the average rent reaches AED428,000.
As for luxury apartment communities, Business Bay has dominated Dubai’s real estate market, leading in both buyer and renter preferences. The average sales price in this area reached AED2.18 million, while annual rent has hovered around AED117,ooo, according to Dubizzle search trends.
The report also revealed that Mohammed Bin Rashid City has delivered the highest return on investment (ROI) for luxury villas at 5.56 percent, while Dubai Creek Harbour has led the luxury apartment sector with an impressive 6.20 percent ROI in Q3 2024.
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Most popular areas for affordable properties
In Dubai’s real estate market, DAMAC Hills 2 (Akoya by DAMAC) emerged as the top pick for affordable villa seekers, with an average asking price of AED1.91 million and annual rent of AED117,000.
Meanwhile, Jumeirah Village Circle (JVC) remained the go-to destination for affordable apartment seekers, with an average sales price of AED1.16 million and a competitive annual rent of AED78,000.
Besides, Dubai Investment Park (DIP) led the affordable apartment segment and offered a notable ROI of 11.18 percent. Meanwhile, affordable villas in Jumeirah Village Circle (JVC) yielded an impressive 8.35 percent ROI, making it a hotspot for investors.
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1moDubai is a neatly defined market in many aspects. A perfect example of a working system. This offers it stability and a lot of investor confidence.