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According to a new report from the analytical publication Knight Frank, the prestigious real estate market in Dubai is experiencing active growth due to limited supply and renewed demand from key market players, such as China and India.
For key areas like Emirates Hills, Jumeirah Bay, and Palm Jumeirah, analysts predict a 5% increase in property values in 2024. In other market segments, a growth of 3.5% is forecasted.
In the third quarter of 2023, the average cost of residential properties across the emirate increased by 19% compared to the previous year and by 5% compared to the second quarter. Apartment prices in the third quarter rose by 19%, and villa prices increased by 18% compared to the previous year.
During the first nine months of the current year, housing prices rose by 15.6% on an annual basis. According to the latest data from the Dubai Land Department, there were 116,116 transactions for new homes in the first nine months of 2023, totalling around AED 429.6 billion (USD 117 billion).
A report from the consulting company ValuStrat also indicates that Dubai’s residential real estate market recorded the highest quarterly price growth in the last 10 years in the third quarter of 2023, driven by increased demand for housing.
In July of the current year, apartment rental rates in Dubai reached the highest level since February 2017, with transaction volumes growing by 33.8% on an annual basis, and prices increasing by over 36.7% during this period.
