Stabilising sales prices and landlord-friendly conditions continue to drive demand for Dubai property
Dubai, UAE: The UAE’s leading property portals Bayut & dubizzle have published their combined Dubai Property Market Reports for Q3 2022. Based on the data collected by these powerhouse portals, prices in Dubai’s property sector have continued to appreciate across popular neighbourhoods in the emirate. This sustained growth in rent and sale prices is testament to the healthy demand for affordable and luxury properties in Dubai.
Properties for Sale
Apartments:
Dubai Marina has continued to top the popularity charts for luxury apartment sales in Dubai.
Villas:
Based on the data collected by Bayut & dubizzle, the average sale prices for luxury villas in Dubai have increased in most of the popular neighbourhoods during Q3 2022.
Rental Yields in Dubai
Off-plan Projects in Dubai
Properties for Rent
Apartments:
According to the search trends on Bayut & dubizzle, Jumeirah Village Circle has remained the top favourite for tenants interested in affordable apartment rentals in Q3 2022.
Tenants in search of luxury apartments for rent in Dubai have continued to prefer the properties in Dubai Marina during Q3 2022.
Villas:
For affordable villa rentals, DAMAC Hills 2 has emerged as the most popular area among prospective tenants, during Q3 2022.
According to Bayut & dubizzle’s combined market report, popular villa communities in the luxury segment have seen a general uptrend in rental costs in Q3 2022.
Commenting on the findings, Haider Ali Khan, the CEO of Bayut & dubizzle and the Head of EMPG MENA said:
We are at a pivotal point in the Dubai real estate market with more transparency coming into the market thanks to the recent announcements from DLD and RERA. Whether it’s recording the number of occupants in a property or introducing digital forms to authorise agents listing properties, such consolidations are important as we continue our successful journey to become a more global market attracting investments from around the world.
The volume and value of transactions in Dubai have been on an upward trajectory since 2021 and as per data released by DLD, August recorded the highest performance ever in a month in the last 10 years. This is a clear indication that demand is high for real estate in Dubai, which can only be sustained by creating better, digitised systems. We too have introduced various solutions to support this with our recent launches; Search 2.0, SmartShare and Dubai Transactions.”
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Note: For an accurate representation of price changes, this report compares the average price-per-square-foot in an area to analyse sales trends for villas and apartments in Q3 2022 to those observed in Q2 2022. These prices are however subject to change, based on the building, amenities, developer and other deciding factors. For the rental properties, the report compares the average cost for individual unit types between the two periods, in popular Dubai neighbourhoods.
Disclaimer: The above report is based on prices advertised by real estate agencies on behalf of their clients on Bayut.com and dubizzle.com, and not representative of actual real estate transactions conducted in Dubai except for instances where the DLD has been quoted.
About Bayut
Bayut is the UAE’s most trusted property website for buying, selling and renting homes. Bayut provides detailed insights, extensive content resources and updated statistics allowing end-users to make the best decision when searching for properties in the UAE.
Since Bayut was established in 2008, the company has seen accelerated growth, increasing not only the number of real estate partners it works with, but also obtaining substantial traffic growth over the past few years. Haider Ali Khan joined Bayut in 2014 as the CEO and the company has continued to showcase very high growth over the past five years including closing multiple rounds of funding from top Venture Capital firms such as Naspers, KCK, Exor, and other notable names. To further expand their reach in this region, Bayut also launched Bayut.sa in 2019, with its headquarters in Riyadh.
Bayut is a part of the Emerging Markets Property Group (EMPG) which also operates the largest property classified sites in Pakistan, Bangladesh and Morocco. In April 2020, the group merged with the Netherlands-based OLX group in certain key markets, and was valued at $1 Billion, giving it the coveted unicorn status. The group now also owns and operates Dubizzle in the UAE, OLX Pakistan, OLX Egypt and OLX Lebanon, in addition to several other OLX platforms in the broader Middle East region including Bahrain, Oman, Kuwait and Qatar.
About dubizzle:
dubizzle is the leading classifieds platform for users in the United Arab Emirates. Since its launch in 2005, dubizzle has become the number one platform for users to buy, sell, or find anything in their community. A community where underused goods are redistributed to fill a new need, and become wanted again, where non-product assets such as space, skills, and money are exchanged and traded in new ways that don’t always require centralized institutions or ‘middlemen’.
For further information, please contact:
Stephen Nixon
Media lead
Stephen.nixon@dubizzle.com
© Press Release 2022
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