As a holistic platform that empowers UAE’s real estate with its wide-ranging user-centric features, Dubizzle has been a go-to choice for home seekers, investors and renters searching for properties in Dubai. The leading online marketplace is a progressive wing of the Dubizzle Group.
Analysis of Dubizzle’s search trends in H1 2024 has painted an all-inclusive picture of Dubai’s real estate market during the first half of the year. Moreover, the official DLD data has also hinted at unwavering market growth as total sales transaction volume increased by 12.2% compared to H2 2023.
With a steady rise in property prices and ballooning scope of rental properties across the city, the upward trends have reflected strong demand and heightened confidence of buyers and renters. Furthermore, people-centric urban developments, investor-friendly policies and an appealing tax-free environment are among the key factors driving a consistent investment inflow in Dubai, future-proofing its real estate market.
Dubai property market H1 2024
- Top Luxury Villa Community: Dubai Hills Estate has been the top choice for luxury villas with an average sales price of Dh 15.99M.
- Top Luxury Apartment Area: According to search trends on dubizzle, Dubai Marina garnered the top position for both buying and renting luxury apartments, with an average sales price of Dhs 2.54M and annual rent of Dhs 153k.
- High Investment Returns for Luxury Properties: Arabian Ranches 3 has the highest ROI of 6.42% for luxury villas, whereas luxury apartments in Dubai Creek Harbour yielded an ROI of 6.49% during H1 2024.
- Top Affordable Villa Community: DAMAC Hills 2 (Akoya by DAMAC) has appeared as the most preferred option among affordable villa communities in Dubai, with an average asking price of Dhs 1.93M.
- Top Affordable Apartment Community: Jumeirah Village Circle and International City have remained the most favoured destinations for affordable apartment seekers in Dubai. For budget-friendly rental apartments, Deira and International City have outperformed other areas in H1 2024.
- High Investment Returns for Affordable Properties: Dubai Silicon Oasis (DSO) has sought the attention of investors interested in affordable apartments by delivering the highest ROI at 9.19%. As for affordable villas, DAMAC Hills 2 (Akoya by DAMAC) have generated the highest ROI of 7.25%.
Properties for sale in Dubai
According to Dubizzle search trends analysis, the following have been the most popular areas for buying apartments and villas in H1 2024.
Apartments for Sale in Dubai
Dubai Marina, Business Bay and Downtown Dubai have been the top three communities for buying luxury apartments in Dubai. The presence of iconic landmarks and short commutes to the city centre has contributed to these upticks in popularity.
- With an average asking price of Dhs 2.54M and ROI of 6.43%, Dubai Marina has been in the lead. Business Bay has secured the second spot, with an average sales price of Dhs 2.05M.
- Dubai Marina and Business Bay have seen per-square-foot prices appreciate by 5.89%, reaching Dhs 2,038 and Dhs 2,281, respectively.
- With an average sales price of Dhs 3.8M and Dhs 6.47M, Downtown Dubai and Palm Jumeirah have also remained popular among buyers seeking luxury apartments.
- Dubai Creek Harbour has recorded the highest 7.96% jump in the per-square-foot price.
Buyers seeking affordable apartments have mostly looked up JVC, International City and Dubai Silicon Oasis.
- With an average sales price of Dhs 1.09M, apartments in JVC have yielded an estimated ROI of 7.91%. The asking price of studio, 1 and 2-bedroom apartments in the area have gone up by 7.5%, 8.76% and 3.27%, respectively.
- A noteworthy increase of 11.58% has been observed in the per-square-foot price of apartments in Dubai Silicon Oasis.
- The average price in International City and Dubai Silicon Oasis has also increased, recorded at Dhs 463K and Dhs 714k, respectively.
- Apartments in Dubai Sports City and Jumeirah Lake Towers have also remained popular among investors.
Villas for sale in Dubai
Upscale villa communities like Dubai Hills Estate, Palm Jumeirah and DAMAC Hills have piqued buyers’ interest and secured the top three spots.
- Villas in Dubai Hills Estate generated an ROI of 4.64% with an average sales price of Dhs 15.99M. The per-square-foot price of the area has also increased by 4.95%, jumping to Dhs 2,404 in H1 2024.
- Palm Jumeirah has recorded a 6.93% increase in the prices of 5-bed villas and 6.78% in the prices of 6-bed villas.
- The per-square-foot price has been increased by 9.26% for villas in DAMAC Hills, reaching Dhs 1,506 in H1 2024.
- Luxury villa buyers favoured Damac Lagoons and Arabian Ranches 3, where the per-square-foot price increased by 6.71% and 6.99%, respectively.
For affordable villas, DAMAC Hills 2 (Akoya by DAMAC), Dubailand and JVC have been the three most-searched areas.
- With an average price tag of Dhs 1.93M, villas in DAMAC Hills 2 (Akoya by DAMAC) generated an estimated ROI of 7.25%. The price per square foot in the area has increased by 5.71%, increasing to Dhs 763 in H1 2024.
- The per-square-foot price has also hiked in Dubailand, Al Furjan and JVC. In Dubailand, it has increased by 11.36%, reaching Dhs 1,242. In Al Furjan, it has been observed at AED 1,138 after an increase of 9.78%. JVC recorded an Dhs 1,100 price per square foot after a 16.44% jump, which also has been the highest.
- The price per square foot in Dubai South jumped to AED 980, increasing by 6.78% in H1 2024.
Properties for rent in Dubai
As per dubizzle’s H1 2024 data analysis, most areas in dubai have witnessed an increase in average. Here are the areas that have remained on top searches by tenants seeking both apartments and villas.
Apartments for Rent in Dubai
To rent luxury apartments, tenants have preferred Dubai Marina, Business Bay and Downtown Dubai.
- The rent of luxury apartments in Dubai Marina has marked an increase of 1.32%, averaging Dhs 153k.
- The average annual rent of apartments in Business Bay is Dhs 123k after a slight 0.82% increase. For 1-bed apartments in Business Bay, the rent has gone up by 6.25%, a nominal 3.38% rise has been observed in the rent for 2-bed and a 2.19% rent increase for 3-bed apartments.
- Similarly, the average asking rent for apartments in Downtown Dubai has also observed a slight dip of 3.6%, bringing it to Dhs 214k in H1 2024.
- Dubai Creek Harbour and Palm Jumeirah have also remained sought-after for rental luxury apartments with rent averaging Dhs 169k and Dhs 217k, respectively.
For affordable apartment rentals, Deira, International City, Al Nahda (Dubai), JVC and Bur Dubai, have secured the highest ranks in searches. Note that due to soaring popularity, the average rental price in the affordable apartment category has increased throughout.
- With an average annual rent of Dhs 62k, Deira has topped the list, followed by International City with an asking rent of Dhs 41k per year, after a noteworthy 13.89% jump.
- Recorded at Dhs 51k, the average annual rent for affordable apartments In Al Nahda has increased by 13.33%,
- Affordable rental apartments in JVC and Bur Dubai have also garnered high search volume with the annual rent increased by 12.68% and 14.29%, averaging Dhs 80k and Dhs 88k for H1 2024, respectively.
Villas for rent in Dubai
Tenants in search of luxury villas have inclined towards Al Barsha, Dubai Hills Estate and Jumeirah as these areas remained the top three choices.
- The average asking rent for luxury villas in Al Barsha has increased by 7.71% to Dhs 447k.
- A noteworthy increase of 12.08% and 12.75% has also been observed in the yearly rent for villas in Dubai Hills Estate and Jumeirah, averaging Dhs 399k and Dhs 451k, respectively.
- For Umm Suqeim, the average annual rent has reached Dhs 391k after a slight increase of 2.62%.
- The average yearly rent in DAMAC Hills has hiked to Dhs 352k after a significant jump of 18.52% in H1 2024.
DAMAC Hills 2 (Akoya by DAMAC), Mirdif, and Dubai South have been the three most searched areas for renting affordable villas.
- The annual rent of villas in DAMAC Hills 2 (Akoya by DAMAC) has witnessed a nominal 2.75% jump, averaging Dhs 112k.
- The yearly luxury villa rent in Mirdif averaged Dhs 144k after an increase of 2.13%.
- The asking rent for affordable villas in Dubai South has appreciated by 8.18%, averaging Dhs 119k a year.
- Dubailand and JVC have also made the list of the most popular areas for affordable rental villas where the annual rent was recorded at Dhs 187k and Dhs 207k in H1 2024, respectively.
Commenting on the latest market trends, the CEO of Bayut & Dubizzle and Head of Dubizzle Group MENA, Haider Ali Khan, said: “Dubai’s property market has yet again witnessed a period of remarkable growth. We continue to see an upward trend driven by a variety of factors including enhanced investor facilitation, transparent property transactions, and the introduction of new off-plan projects amongst others.
“Dubai has always remained an attractive city globally, but the new resident visas introduced by the government may have encouraged an even higher influx of new residents. The city has welcomed more than 25,000 new residents in just the first quarter of 2024, which has predominantly fueled the demand for property. Projects such as the new airport in Dubai South, new metro stations and Etihad Railway also seem to have bolstered buyers’ interest in nearby areas. Similarly, the launch of new off-plan projects, availability of ready projects, provision of top-notch amenities, and overall investor convenience have all positively impacted Dubai’s real estate market. All these factors have led to a surge in searches for both luxury and affordable properties across popular areas, reflecting consistent growth month after month.
“At dubizzle, we’re dedicated to helping our users make the most of this dynamic and diverse property market. Our detailed data analysis of the latest market trends and property developments provides invaluable insights for investors, buyers, and renters alike, helping them capitalise on the potential of a highly in-demand and diverse property market.”
tanvir@dubainewsweek.com
