Rising pricing, growing demand, and changing renter and buyer tastes all help to define Dubai's real estate market going forward. The Q3 2024 market situation also shows that the city's urban development, investor-friendly facilities, and strategic tax-free plans support Dubai's popular investment hub status even more.
With every quarter doing better than the last, Dubai's property market is clearly growing at a huge rate. Some popular brokers working in real estate said that a mix of different things drives this amazing growth like investor-friendly rules, improved financial and payment methods, a friendly smooth legal framework, and a flourishing off-plan properties.
Future projects like government residence programs and golden visas for investors have also speed up this popularity of the city, maintaining demand continuously good for both luxury and attractively priced homes in all types of housing areas in Dubai.
With an 11.19% increase in overall sales transaction volume over Q2 2024, the most current report from the Dubai Land Department showed very well to us that the market has stayed on its rising path. Looking at Dubai's real estate market more closely, there are some highlights in the reports for some of the very sought-after locations for rental or purchase.
With a fantastic average sales price of AED 17.16 million, Dubai Hills Estate has stayed as among the top choice for luxury homes. Along with this, people looking for a luxury villa have been attracted towards Al Barsha, where the average rent is AED428,000. Rich people around the world like to live in Dubai because of the serene environment and smooth connectivities.
Some luxury apartment communities like Business Bay have been doing very well in the Dubai real estate market and attracted renter and buyer tastes. Some studies by a popular company show that the average sales price in this neighbourhood is AED2.18 million and annual rent has hovered around AED 117,000.
While Dubai Creek Harbour is at the front of the luxury apartment market with an amazing 6.20% ROI in Q3 2024, Mohammed Bin Rashid City has shown the better return on investment (ROI) for luxury villas at 5.56% according the study done by a big comapny.
With an average asking price of AED1.91 million and annual rent of AED117,000, DAMAC Hills 2 where a project from Damac Property came out as the top choice for people looking for attractively priced villa in Dubai's real estate market.
With an average sales price of AED1.16 million and an attractive yearly rent of AED78,000, Jumeirah Village Circle (JVC) stayed the first choice for those looking for less priced apartments.
Apart from that, Dubai Investments Park (DIP) also presented a notable 11.18 percent ROI and won the cheap apartment group. Investors would find Jumeirah Village Circle (JVC) a hotspot since well priced villas there are giving an amazing 8.35 percent ROI.
Off-plan properties kept attracting people's interest across Dubai's real estate market in Q3 2024 where some places particularly show promise for investment. Among the prime and sought-after luxurious and attractively priced off-plan apartment sites for sale are JVC District 10, the Verdana Residence in Dubai Investment Park, 48 Parkside and Peninsula.
Violet in DAMAC Hills 2, Verdana 2 in Dubai Investment Park, and the Residential District in Dubai South are also in the race of sought-after off-plan villa sites in 2024 also. Builders like Binghatti and Danube are also making high rise buildings having modern apartments and studios to attract investors and people from other countries to buy properties from them.
We are at the quarter 4 of 2024 and locations like Dubai are still grabbing attention in the world for its growing property market. Looking at the better ROI and rental yields of the people who already have properties in prime addresses are now making other people in the world to buy a house here. There are still some properties left in some locations and a number of builders are also making new houses to fufill the increasing demand for modern properties with world-class facilities.
