Bayut & dubizzle’s Q3 2021 Dubai property sales market report: Growth and demand continues in the second half of the year
- Top Neighbourhoods in Dubai
- Affordable Apartments
- Luxury Apartments
- Affordable Villas
- Luxury Villas
- Top Off-Plan Projects
Fruitful times have been maintained for the Dubai real estate sector in the third quarter of 2021. Bayut & dubizzle’s Q3 2021 Dubai sales real estate market report provides an in-depth analysis of how Dubai property prices fared during the third quarter of the year.
For this Q3 Dubai sales real estate market report, the data engineers at Bayut & dubizzle have compared property prices in Dubai observed in the past three months to those registered in Q2 2021.
In the third quarter of 2021, sales prices in the Dubai property market have seen a general uptrend in the most popular neighbourhoods for both the affordable and luxury sectors. Based on the combined data collected by Bayut & dubizzle, the sales price-per-square-foot for affordable apartments and villas have increased between 1% to 7% in Q3. Dubai’s luxurious neighbourhoods have seen increments of up to 7% in sales price-per-square-foot for varying units.
While widespread consumer sentiment toward the need for bigger living spaces is still driving the demand for residential properties, the lower down payments and easier payment plans have also contributed to the healthy market recovery. Besides that, the favourable mortgage rates have made Dubai real estate an attractive hub for investors interested in both off-plan and ready properties for sale.
The recent announcement of lowering the required investment amount for the Investor Visa and making the Golden Visa scheme more inclusive for expats has also contributed to a widening pool of prospective investors and buyers in Dubai. According to the Dubai Land Department’s published data, property sales for the months of July and August were the highest sales recorded for these months in the past 12 years.
With regard to neighbourhood preferences, Bayut & dubizzle’s Dubai property market report for Q3 has revealed that investors with restricted budgets remain largely keen on suburban districts such as Jumeirah Village Circle (JVC), Dubai Silicon Oasis and DAMAC Hills 2 (Akoya Oxygen). Other affordable communities such as Jumeirah Lake Towers (JLT), Dubailand, The Springs and Dubai Sports City have also garnered considerable interest for small-ticket properties.
On the other hand, high-profile investors have shown a greater inclination towards the more established, upscale communities of Dubai Marina, Downtown Dubai, Arabian Ranches and Dubai Hills Estate.
For an accurate representation of Dubai property prices, our Q3 2021 sales market report compares the average price-per-square-foot for an area. Please note that these prices are subject to change based on multiple factors including amenities available, the developer involved in the project, location and other key factors.
We have also further segregated the popular areas for buying apartments and villas into ‘Affordable’ and ‘Luxury’ to offer a more tailored view of the Dubai real estate market in Q3 2021.
TOP NEIGHBOURHOODS IN DUBAI ACCORDING TO TRENDS ON BAYUT & DUBIZZLE
Search trends observed on Bayut & dubizzle have revealed that potential investors and buyers have been keen on well-established neighbourhoods like Dubai Marina, Jumeirah Village Circle and Downtown Dubai that provide convenient access to family-friendly attractions and amenities.
Suburban communities such as Dubai Hills Estate, DAMAC Hills 2 (Akoya Oxygen) and Dubailand, which offer a mix of ready and off-plan properties, have also emerged as popular choices for prospective investors.
Other integrated communities that consumers have focused their search with regard to properties for sale in Dubai in Q3 2021 include, Arabian Ranches, Business Bay, Dubai Silicon Oasis, Jumeirah Lake Towers and Palm Jumeirah.
According to public data released by the Dubai Land Department, there were 10,164 sales transactions with a collective value of AED 26.15 billion recorded between July and August 2021, with the overall average transaction value increasing by 10.14% in July alone. This could be attributed to investors upgrading to bigger properties to make the most of the buyer-friendly market.
And with that, we move on to Bayut & dubizzle’s comprehensive analysis of Dubai property prices for the sale of villas and apartments in popular residential communities throughout the emirate.
JUMEIRAH VILLAGE CIRCLE HAS REMAINED THE MOST POPULAR AREA TO BUY AFFORDABLE APARTMENTS IN DUBAI
AVERAGE SALES PRICES FOR AFFORDABLE APARTMENTS: BAYUT & DUBIZZLE DUBAI REAL ESTATE SALES MARKET REPORT Q3 2021
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021 | STUDIO | 1-BED | 2-BED |
|---|---|---|---|---|---|
| Jumeirah Village Circle (JVC) | ROI 6.37% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| STUDIO
| 1-BED
| 2-BED
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| Jumeirah Lake Towers (JLT) | ROI 6.65% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| STUDIO
| 1-BED
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| Dubai Silicon Oasis | ROI 6.57% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
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| Dubai Sports City | ROI 6.92% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
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| International City | ROI 7.37% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| STUDIO
| 1-BED
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Based on Bayut & dubizzle’s analysis of Q3 2021 Dubai property prices, Jumeirah Village Circle (JVC) has continued to be the most-searched-for community with competitively-priced flats for sale in Dubai. The average sales price-per-square-foot for apartments in JVC has slightly increased by 1.48%, going up from AED 816.1 in Q2 2021 to AED 828.2 in Q3 2021. Investors considering apartments for sale in JVC can expect to pay an average of AED 403k for studios, AED 652k for 1-beds and AED 920k for 2-bed flats.
Jumeirah Lake Towers (JLT) has also emerged as a continued favourite among investors in search of reasonably-priced apartments in Dubai. The sales price-per-square-foot for apartments in JLT has increased by 3.49% to average at AED 927.5 in Q3 2021. The average prices to buy apartments in JLT have also experienced an uptick across the board, with studio flats now priced at AED 448k, 1-bedroom apartments at AED 798k and 2-bedroom flats at AED 1.3M.
Based on the data gathered for the Bayut & dubizzle Q3 Dubai sales real estate market report, two other popular communities for affordable apartments, Dubai Silicon Oasis and International City experienced an uptick in the sales price-per-square-foot of 1.89% and 4.76% respectively. The sales price-per-square-foot of apartments in Dubai Sports City have seen a minor decline of 0.34% in Q3 2021.
International City offers the highest ROI for affordable apartments in Dubai
As per Dubai’s sales property market report by Bayut & dubizzle for the third quarter of 2021, the apartments for sale in International City have remained the most attractive investment option for affordable flats. Investors can earn a projected rental yield of 7.37% based on average returns in the area.
Our analysis of Dubai property prices for the sales market report has also revealed that apartments in Dubai Silicon Oasis and Jumeirah Lake Towers offer healthy returns of 6.92% and 6.65% respectively for those interested in affordable buy-to-let properties.
DUBAI MARINA HOLDS INVESTOR INTEREST FOR LUXURY APARTMENTS IN Q3 2021
DUBAI PROPERTY PRICES FOR LUXURY APARTMENTS FOR SALE: Q3 BAYUT & DUBIZZLE DUBAI PROPERTY SALES MARKET REPORT
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021 | 1-BED | 2-BED | 3-BED |
|---|---|---|---|---|---|
| Dubai Marina | ROI 5.56% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| 1-BED
| 2-BED
| 3-BED
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| Downtown Dubai | ROI 5.00% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| 1-BED
| 2-BED
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| Business Bay | ROI 5.32% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| 1-BED
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| Palm Jumeirah | ROI 4.65% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
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| Jumeirah Beach Residence (JBR) | ROI 5.08% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
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Bayut & dubizzle’s combined property market report for Q3 2021 has shown that Dubai Marina continued to attract the highest interest from investors and buyers. The waterfront community offers excellent views, an abundance of attractions and top-quality properties. For apartments in Dubai Marina, the average price-per-square-foot has gone up by 5.25% in Q3, to average at AED 1,360. Following the same upward trend, the prices for flats for sale in Dubai Marina have also increased, with the 1-bedroom flats now priced at AED 1.18M, while 2 and 3-bedroom apartments are averaging at AED 1.81M and AED 3.04M respectively.
Downtown Dubai has taken the second spot when it comes to the most-searched-for areas for luxury apartment sales in Dubai. The well-connected district has shown good signs of recovery, with the average sales price-per-square-foot for properties rising by 6.45%. Investors looking to buy flats in Downtown Dubai can expect to pay AED 1.53M for 1-beds, AED 3.04M for 2-beds and AED 5M for 3-bed units.
Besides Dubai Marina and Downtown Dubai, prospective investors and buyers have also shown considerable interest in historically popular communities like Palm Jumeirah, Business Bay and Jumeirah Beach Residence (JBR). Based on the combined data collected at Bayut & dubizzle for the Q3 Dubai sales property market report 2021, these areas have also seen their sales price-per-square-foot climb upwards between 3% and 7%.
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Dubai Marina yields the best ROI for luxury apartments in Dubai
Investors looking for a good return on investment in the luxury apartment sector can consider the properties in Dubai Marina. The projected ROI in the area has remained competitive at 5.56%, however, this figure may vary depending on the location of the building, its developer and the amenities it offers.
Other areas that have offered lucrative rental yields include Business Bay and JBR, where the projected ROIs stand at 5.32% and 5.08%, respectively.
DAMAC HILLS 2 (AKOYA OXYGEN) RANKS AS THE MOST POPULAR CHOICE TO BUY AFFORDABLE VILLAS IN DUBAI
AVERAGE PROPERTY PRICES IN DUBAI TO BUY AFFORDABLE HOUSES: BAYUT & DUBIZZLE DUBAI SALES MARKET REPORT Q3 2021
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021 | 3-BED | 4-BED | 5-BED |
|---|---|---|---|---|---|
| DAMAC HILLS 2 (Akoya Oxygen) | ROI 5.25% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| 3-BED
| 4-BED
| 5-BED
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| Jumeirah Village Circle (JVC) | ROI 6.34% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| 3-BED
| 4-BED
| 5-BED
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| Dubailand | ROI 5.93% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| 3-BED
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| 5-BED
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| The Springs | ROI 4.94% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| 3-BED
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| Al Furjan | ROI 5.62% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
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The trends observed in the Bayut & dubizzle Q3 Dubai sale property market report have revealed that DAMAC HILLS 2 (Akoya Oxygen) remained the top choice for investors looking at affordable villas during Q3 2021.
The villas in DAMAC HILLS 2 (Akoya Oxygen) have seen a moderate increase in sales price-per-square-foot, rising from an average of AED 570 to AED 610 in Q3. This could be attributed to the fact that properties in Akoya Oxygen are comparatively new and competitively priced, which provide good value for investments. To buy villas in DAMAC HILLS 2 (Akoya Oxygen) potential investors can expect to pay AED 1.08M for 3-bed homes, AED 1.51M for 4-bed homes and AED 1.87M for 5-bed units.
An analysis of the Dubai real estate prices have also revealed that JVC emerged as a popular option for investment in the budget villas sector. The average sales price-per-square-foot for villas in this increasingly popular community has risen by 4.77% in Q3 2021, going from AED 567 to AED 594. The asking prices for homes for sale in JVC stand at AED 1.82M for 3-bed, AED 2.13M for 4-bed and AED 2.87M for 5-bed homes.
Other communities of interest as revealed by Bayut & dubizzle’s combined data in this Dubai sale property market report include Dubailand, The Springs and Al Furjan. All three of these suburban neighbourhoods have seen the sales price-per-square-foot for affordable villas go up between 2% and 5%.
Jumeirah Village Circle yields the best rental returns in Dubai for affordable villas
Investors looking for healthy returns on their budget investments can consider properties in JVC. The budget villas in Jumeirah Village Circle offer healthy rental yields of around 6.34%. Other villa communities that offer a good ROI include Dubailand (5.93%) and Al Furjan (5.62%).
ARABIAN RANCHES HOLDS THE TOP SPOT FOR BUYING LUXURY HOMES IN DUBAI
REAL ESTATE PRICES IN DUBAI FOR LUXURY VILLAS IN POPULAR NEIGHBOURHOODS: BAYUT & DUBIZZLE DUBAI SALES MARKET REPORT Q3 2021
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021 | 4-BED | 5-BED | 6-BED |
|---|---|---|---|---|---|
| Arabian Ranches | ROI 4.96% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
| 4-BED
| 5-BED
| 6-BED
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| Dubai Hills Estate | ROI 5.26% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
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| Palm Jumeirah | ROI 5.34% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
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| The Villa | ROI 5.29% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
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| Al Barsha | ROI 3.92 % | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2021
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Bayut & dubizzle’s Dubai 2021 Q3 sales real estate market report, shows that Arabian Ranches has retained its position as the most popular community with buyers and investors interested in upscale villas in the emirate. This well-established, family-friendly development has experienced a moderate uptick in its sales price-per-square-foot, going from AED 1,154 in Q2 to AED 1,186 in Q3.
The average sale prices to buy villas in Arabian Ranches have shown increases consistent with the uptick in the average sales price-per-square-foot for the area. The average sales price for 4-bed villas in Arabian Ranches now stands at AED 3.91M, whereas the 5-bed and 6-bed villas for sale in Arabian Ranches are priced at AED 6.55M and AED 7.93M, respectively.
Ranking second, Dubai Hills Estate has also attracted considerable interest for luxury villa sales in the emirate. Based on the property price trends in Dubai, the sales price-per-square-foot for homes in Dubai Hills Estate has also increased by 4% in Q3 2021, going up from AED 1,248 to AED 1,298. The villas here are priced at AED 3.94M for 4-bed, AED 5.35M for 5-bed and AED 17.5M for 6-bed units.
In addition to this, premium villa communities such as Palm Jumeirah, The Villa and Al Barsha have also made it to the list of popular districts for buying expensive homes in Dubai. These communities have recorded an increase in average price-per-square-foot of under 5%.
Palm Jumeirah has the best return-on-investment in Dubai for luxury houses
Investors interested in lucrative returns on investment for luxury buy-to-let villas can focus their attention on the properties in Palm Jumeirah, which offer projected rental yields of 5.34%.
Our analysis of real estate prices for Dubai’s sale real estate market report has also revealed that villa properties in The Villa and Dubai Hills Estate also yield average ROIs of over 5%.
POPULAR AREAS FOR OFF-PLAN PROPERTIES IN DUBAI
For the third quarter of 2021, Dubai’s off-plan property market has also garnered considerable buyer interest. Our Q3 2021 property sale market report for Dubai reveals the communities that have gained the most momentum for the sale of off-plan apartments and villas.
TOP PROJECTS FOR OFF-PLAN APARTMENTS IN DUBAI
PROJECT | AREA | CATEGORY |
|---|---|---|
PROJECT Binghatti Mirage | AREA Jumeirah Village Circle (JVC) | CATEGORY Affordable |
PROJECT Rukan | AREA Dubailand | CATEGORY Affordable |
PROJECT Lawnz by Danube | AREA International City | CATEGORY Affordable |
PROJECT Regalia by Deyaar | AREA Business Bay | CATEGORY Luxury |
PROJECT Opera District | AREA Downtown Dubai | CATEGORY Luxury |
PROJECT Sobha Hartland | AREA Mohammed Bin Rashid City | CATEGORY Luxury |
Buyers on smaller budgets looking for off-plan apartments in Dubai have largely searched for properties in JVC, Dubailand and International City. Binghatti Mirage in Jumeirah Village Circle has been an investor favourite for off-plan apartments in the affordable segment. Apartments for sale in Binghatti Mirage come in 1 and 2-bed configurations and have a starting price of AED 474k, based on the available listings on Bayut.
Other popular projects for affordable off-plan flats include Rukan in Dubailand and Lawnz by Danube in International City.
For the luxury sector, our Dubai sales real estate market report for Q3 2021 has revealed that investors have focused their search for upscale off-plan apartments in centrally-located, developed areas of Downtown Dubai and Business Bay. Regalia by Deyaar in Business Bay has been the most popular choice for buyers looking to invest in luxury off-plan apartments. Flats for sale in Regalia by Deyaar come in studio, 1, 2, 3 and 4-bed configurations.
Other popular projects for luxury off-plan flats in Dubai include the Opera District in Downtown Dubai and Sobha Hartland in MBR City.
TOP PROJECTS FOR OFF-PLAN VILLAS IN DUBAI
PROJECT | AREA | CATEGORY |
|---|---|---|
PROJECT Amargo | AREA DAMAC HILLS 2 (Akoya Oxygen) | CATEGORY Affordable |
PROJECT Rukan | AREA Dubailand | CATEGORY Affordable |
PROJECT Green Acres | AREA DAMAC Hills | CATEGORY Affordable |
PROJECT Trump Estates | AREA DAMAC Hills | CATEGORY Luxury |
PROJECT District One | AREA Mohammed Bin Rashid City | CATEGORY Luxury |
PROJECT Harmony | AREA Tilal Al Ghaf | CATEGORY Luxury |
Buyers interested in affordable off-plan villas have remained keen on suburbs like DAMAC Hills 2 (Akoya Oxygen) and Dubailand. Amargo in DAMAC Hills 2 (Akoya Oxygen) has emerged as a favourite for budget off-plan villas in Dubai, with the community offering many amenities alongside a well-integrated, family-friendly lifestyle.
The Dubai property price trends have revealed that Green Acres in DAMAC Hills and Rukan in Dubailand are also popular for off-plan affordable villas in Dubai.
For luxury off-plan villas, master-planned communities such as DAMAC Hills and Mohammed Bin Rashid City (MBR City) are most popular with investors and buyers, as per Dubai real estate trends. Trump Estates in DAMAC Hills has been the first choice for buyers in this category. The luxury homes for sale in Trump Estates are available in 3 to 10-bedroom configurations.
In addition, prospective buyers have considered District One in MBR City and Harmony in Tilal Al Ghaf for investing in luxury off-plan villas in Dubai.
Commenting on the findings, Haider Ali Khan, the CEO of Bayut & dubizzle and the Head of EMPG MENA said:
“The trends we have observed on Bayut & dubizzle definitely confirm the overall market sentiment that there is growth in the Dubai real estate market, fuelled by multiple factors including the launch of the much awaited Expo 2020.
Other strategic reforms such as the introduction of remote work visas, expansion of the Golden Visa criteria for greater inclusivity and reduction in the amount required for an investor’s visa have also been pivotal in improving the country’s business infrastructure, attracting investors and buyers and subsequently increasing the appetite for real estate. We have seen a steady growth in traffic for Bayut & dubizzle too, generating over 22 million sessions in the last quarter alone.
Now that the global attention has turned to Dubai with the EXPO 2020, we can expect this interest to sustain and even grow further in the upcoming months, with both local and global investors, buyers and tenants wanting to take advantage of the booming market and economy in the region.”
That brings us to the end of our Dubai sales property market report for Q3 2021. To get an idea of the popular areas to rent apartments and villas and prevailing average rents in these neighbourhoods, read up on Bayut & dubizzle’s Q3 2021 Dubai rental report.
We will be releasing our Q3 2021 reports for Abu Dhabi, Sharjah and Ajman soon, so stay tuned to MyBayut!
Disclaimer: The above Dubai sales real estate market report is based on Dubai property prices advertised by real estate agencies on behalf of their clients on Bayut.com & dubizzle property (excluding room share), and not representative of actual real estate transactions conducted in Dubai.
