Bayut & dubizzle Dubai property market report for Q3 2020
The last few months have been an interesting period for all stakeholders in Dubai’s real estate sector, with commercial activity returning to normal levels, new announcements being made regarding the emirate’s retirement visa scheme and the new dates of the EXPO being announced. For Bayut and dubizzle’s combined Q3 2020 market report, we have evaluated the real estate market’s performance and analysed property prices in Dubai over the last three months to understand how the prevailing conditions have impacted interest in the city’s growing real estate industry.
Our data engineers have studied the evolution of real estate prices in Dubai in the third quarter of 2020 on Bayut and dubizzle (excluding room share), compared to prices from the second quarter, to identify consumer preferences in the city’s impressive property portfolio. Find out how the Dubai real estate market has fared between July to September 2020 in our detailed report, using the latest data released by Bayut and dubizzle.
While Dubai was predictably impacted in the first half of 2020 by the COVID-19 restrictions on movement and travel, real estate activity has been on the rise once again in Q3 2020. The data released by the Dubai Land Department has also revealed that property transactions in Dubai have increased in Q3 2020 when compared to the previous quarter.
Dubai has also continued to remain a buyer’s and tenant’s market, as sales and rental prices in popular neighbourhoods have largely seen minor decreases under 5%. Prospective buyers and investors remain keen on well-integrated communities such as Jumeirah Village Circle (JVC), Arabian Ranches, Dubai Marina and Dubailand. Potential tenants also favour similar areas with family-friendly amenities such as Mirdif, Jumeirah Village Circle, Dubai Marina and Jumeirah.
For an accurate representation of Dubai property prices, our Q3 2020 Market Report compares the average price-per-square-foot for an area when it comes to properties for sale. 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.
When it comes to the average prices for rental apartments and villas, our Dubai real estate market report compares the annual asking rents for Q3 2020 to Q2 2020.
Take a look at the highlights from our Q3 2020 report, or continue reading below for the full analysis of the Dubai property market.
Property transactions according to DLD in the top neighbourhoods in Dubai
Area |
No. of Property Transactions in Q2 2020 |
Value of Transactions in AED for Q2 2020 |
No. of Property Transactions in Q3 2020 |
Value of Transactions in AED for Q3 2020 |
---|---|---|---|---|
Area
Jumeirah Village Circle (JVC)
|
No. of Property Transactions in Q2 2020
418
|
Value of Transactions in AED for Q2 2020
363.48M
|
No. of Property Transactions in Q3 2020
593
|
Value of Transactions in AED for Q3 2020
408.72M
|
Area
Dubai Marina
|
No. of Property Transactions in Q2 2020
568
|
Value of Transactions in AED for Q2 2020
1.29B
|
No. of Property Transactions in Q3 2020
611
|
Value of Transactions in AED for Q3 2020
1.01B
|
Area
Dubailand
|
No. of Property Transactions in Q2 2020
76
|
Value of Transactions in AED for Q2 2020
69.17M
|
No. of Property Transactions in Q3 2020
79
|
Value of Transactions in AED for Q3 2020
195.87M
|
Area
Palm Jumeirah
|
No. of Property Transactions in Q2 2020
195
|
Value of Transactions in AED for Q2 2020
512.05M
|
No. of Property Transactions in Q3 2020
317
|
Value of Transactions in AED for Q3 2020
1.04B
|
Area
Downtown Dubai
|
No. of Property Transactions in Q2 2020
211
|
Value of Transactions in AED for Q2 2020
725.19M
|
No. of Property Transactions in Q3 2020
340
|
Value of Transactions in AED for Q3 2020
980.82M
|
Area
Arabian Ranches
|
No. of Property Transactions in Q2 2020
36
|
Value of Transactions in AED for Q2 2020
115.41M
|
No. of Property Transactions in Q3 2020
84
|
Value of Transactions in AED for Q3 2020
257.07M
|
Area
Dubai Hills Estate
|
No. of Property Transactions in Q2 2020
256
|
Value of Transactions in AED for Q2 2020
664.12M
|
No. of Property Transactions in Q3 2020
254
|
Value of Transactions in AED for Q3 2020
2.05B
|
Area
Dubai Silicon Oasis
|
No. of Property Transactions in Q2 2020
96
|
Value of Transactions in AED for Q2 2020
73.71M
|
No. of Property Transactions in Q3 2020
167
|
Value of Transactions in AED for Q3 2020
185.08M
|
Area
DAMAC Hills (Akoya by DAMAC)
|
No. of Property Transactions in Q2 2020
117
|
Value of Transactions in AED for Q2 2020
163.84M
|
No. of Property Transactions in Q3 2020
147
|
Value of Transactions in AED for Q3 2020
231.44M
|
Area
Business Bay
|
No. of Property Transactions in Q2 2020
438
|
Value of Transactions in AED for Q2 2020
593.28M
|
No. of Property Transactions in Q3 2020
502
|
Value of Transactions in AED for Q3 2020
778.19M
|
According to the property search trends on Bayut and dubizzle, well-integrated communities such as Jumeirah Village Circle (JVC), Dubai Marina, Dubailand and Palm Jumeirah have remained popular with consumers in the Dubai real estate market in Q3 2020. Other developing neighbourhoods such as Dubai Hills Estate and DAMAC Hills (Akoya by DAMAC) have also captured the interest of property seekers in the emirate.
As per Dubai Land Department’s Dubai REST application, 8,137 transactions were recorded in the Dubai property market in the third quarter of 2020, amounting to a total value of AED 17.07B. This is a significant increase from the 5,557 transactions registered in Q2 2020, totalling AED 11.02B. This points to further recovery in the Dubai real estate market after the lifting of the movement restrictions in the emirate due to the COVID-19 pandemic.
The increased transactions in the real estate market in Dubai can also be attributed to affordable property prices across popular neighbourhoods in Dubai. Notable property developers such as Dubai South Properties, Bloom Properties and Reportage Properties are also offering rent-to-own schemes in Dubai and reductions on service charges, which has opened up the possibility of homeownership to a wider pool of buyers. This, in addition to the new five-year residence visa in Dubai for expat retirees, has led to continued interest and confidence in Dubai’s property sector.
The Dubai REST application reveals that Dubai Hills Estate, which has risen in popularity with Bayut and dubizzle’s users for both off-plan and ready properties, recorded the highest value of transactions in Q3 2020, registering sales worth AED 2.05B. This was followed by the historically-popular areas of Palm Jumeirah and Dubai Marina, which recorded sales transactions worth AED 1.04B and AED 1.01B respectively.
Next, our real estate market report for Q3 2020 discusses the evolution of property prices in Dubai for apartments and villas for sale and rent, as per trends seen on Bayut and dubizzle.
Jumeirah Village Circle ranks first for buying apartments in Dubai
Property prices in Dubai for apartments for sale
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020 | STUDIO | 1-BED | 2-BED |
---|---|---|---|---|---|
Jumeirah Village Circle (JVC) | ROI 6.0% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| STUDIO
| 1-BED
| 2-BED
|
Dubai Marina | ROI 6.0% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| STUDIO
| 1-BED
| 2-BED
|
Downtown Dubai | ROI 4.9% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| STUDIO
| 1-BED
| 2-BED
|
Dubai Silicon Oasis | ROI 7.7% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| STUDIO
| 1-BED
| 2-BED
|
Jumeirah Lake Towers (JLT) | ROI 7.3% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| STUDIO
| 1-BED
| 2-BED
|
Business Bay | ROI 5.8% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| STUDIO
| 1-BED
| 2-BED
|
Palm Jumeirah | ROI 5.1% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| STUDIO
| 1-BED
| 2-BED
|
International City | ROI 8.1% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| STUDIO
| 1-BED
| 2-BED
|
Dubai Sports City | ROI 7.5% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| STUDIO
| 1-BED
| 2-BED
|
Jumeirah Beach Residence (JBR) | ROI 5.1% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| STUDIO
| 1-BED
| 2-BED
|
According to consumer interest for properties advertised on Bayut and dubizzle, Jumeirah Village Circle has claimed the top spot as the most popular area with apartments for sale in Dubai in Q3 2020. JVC is known for its affordable properties, good connectivity and upcoming amenities such as the Circle Mall.
The average price-per-square-foot to buy apartments in JVC has marginally declined by 2.4% in Q3 2020, dropping from AED 852 to AED 832, as per current property price trends in Dubai.
The asking sales prices for apartments in JVC have also declined in Q3 2020, from AED 439k to AED 420k for studio flats and AED 662k to AED 640k for 1-bedroom apartments. Similarly, 2-bedroom apartments in JVC have also seen prices reduce from AED 1.05M to AED 954k, according to our Dubai property market report for Q3 2020.
The luxury, waterfront neighbourhood of Dubai Marina has also retained its popularity with those keen on buying apartments in Dubai. The flats for sale in Dubai Marina have also seen the average price-per-square-foot decline by 5.5% in Q3 2020, going from AED 1,202 to AED 1,136.
This could be attributed to sellers keeping sales prices in Dubai Marina competitive as affordable communities such as JVC gain more popularity with buyers. Prospective buyers can expect to pay an average of AED 600k for studio flats, AED 961k for 1-bedroom apartments and AED 1.54M for 2-bedroom flats in Dubai Marina.
Other popular neighbourhoods such as Dubai Silicon Oasis and Jumeirah Beach Residence have seen the average price-per-square-foot remain largely stable over the last quarter, as per price trends for property investments in Dubai.
Similarly, suburbs such as International City and Dubai Sports City, as well as upscale neighbourhoods such as Downtown Dubai, Jumeirah Lake Towers, Palm Jumeirah and Business Bay have all seen minor decreases under 5%.
International City offers the best ROI in Dubai for apartments
Our report on Dubai property trends has also revealed that International City is the best option for investors keen on purchasing apartments with high return-on-investment. This affordable suburb has been offering an average ROI of 8.1% in Q3 2020, based on projected rental yields. Prospective buyers should note that the prices to purchase studio flats in International City have also become extremely competitive and currently average at AED 220k.
Dubai Silicon Oasis and Dubai Sports City, have been the other healthy options for investors to consider offering average returns of 7.7% and 7.5% respectively.
Jumeirah Village Circle is the most popular area for apartment rentals in Q3 2020
Dubai property prices for renting apartments
POPULAR AREAS | STUDIO Avg. Yearly RentChange from Q2 2020 | 1-BED Avg. Yearly RentChange from Q2 2020 | 2-BED Avg. Yearly RentChange from Q2 2020 |
---|---|---|---|
Jumeirah Village Circle (JVC) | STUDIO Avg. Yearly RentChange from Q2 2020
| 1-BED Avg. Yearly RentChange from Q2 2020
| 2-BED Avg. Yearly RentChange from Q2 2020
|
Dubai Marina | STUDIO Avg. Yearly RentChange from Q2 2020
| 1-BED Avg. Yearly RentChange from Q2 2020
| 2-BED Avg. Yearly RentChange from Q2 2020
|
Bur Dubai | STUDIO Avg. Yearly RentChange from Q2 2020
| 1-BED Avg. Yearly RentChange from Q2 2020
| 2-BED Avg. Yearly RentChange from Q2 2020
|
Al Nahda | STUDIO Avg. Yearly RentChange from Q2 2020
| 1-BED Avg. Yearly RentChange from Q2 2020
| 2-BED Avg. Yearly RentChange from Q2 2020
|
Dubai Silicon Oasis | STUDIO Avg. Yearly RentChange from Q2 2020
| 1-BED Avg. Yearly RentChange from Q2 2020
| 2-BED Avg. Yearly RentChange from Q2 2020
|
International City | STUDIO Avg. Yearly RentChange from Q2 2020
| 1-BED Avg. Yearly RentChange from Q2 2020
| 2-BED Avg. Yearly RentChange from Q2 2020
|
Business Bay | STUDIO Avg. Yearly RentChange from Q2 2020
| 1-BED Avg. Yearly RentChange from Q2 2020
| 2-BED Avg. Yearly RentChange from Q2 2020
|
Deira | STUDIO Avg. Yearly RentChange from Q2 2020
| 1-BED Avg. Yearly RentChange from Q2 2020
| 2-BED Avg. Yearly RentChange from Q2 2020
|
Jumeirah Lake Towers (JLT) | STUDIO Avg. Yearly RentChange from Q2 2020
| 1-BED Avg. Yearly RentChange from Q2 2020
| 2-BED Avg. Yearly RentChange from Q2 2020
|
Dubai Sports City | STUDIO Avg. Yearly RentChange from Q2 2020
| 1-BED Avg. Yearly RentChange from Q2 2020
| 2-BED Avg. Yearly RentChange from Q2 2020
|
Not available due to low/no historical inventory or influx of off-plan properties |
Similar to investors, prospective renters have also favoured Jumeirah Village Circle as their area of choice for renting apartments in Dubai, thanks to family-friendly amenities such as parks, schools and supermarkets at hand.
As per our report on Dubai real estate prices, rental costs for apartments in JVC have experienced minor declines between 4% to 6% across the board, in line with the current market trends. The average asking rents for studio apartments in JVC have gone from AED 30k to AED 28k in Q3 2020, while 1-bedroom flats have gone from AED 45k to AED 43k and 2-bedroom apartments for rent in JVC have gone from AED 67.9k to AED 65k.
Dubai Marina has also remained a popular choice when it comes to apartment rentals in Dubai, experiencing moderate decreases in average rents in Q3 2020. The 1-bed flats for rent in Dubai Marina saw the most significant price change, reducing from an average of AED 65k to AED 60k. Potential renters can also benefit from competitive prices for studios and 2-bedroom flats which have averaged at AED 42.5k and AED 90k respectively.
As per our report on property prices in Dubai 2020, older areas such as Bur Dubai and Al Nahda have seen average asking rents remain steady over Q3 2020.
Dubai Silicon Oasis, International City, Deira, Dubai Sports City and Jumeirah Lake Towers have also stayed popular with tenants interested in apartments for rent in Dubai, reporting moderate declines of under 10%.
Arabian Ranches remains the first choice for buying villas in Dubai
Dubai property price trends for villa sales
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020 | 3-BED | 4-BED | 5-BED |
---|---|---|---|---|---|
Arabian Ranches | ROI 5.7% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| 3-BED
| 4-BED
| 5-BED
|
Dubailand | ROI 5.9% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| 3-BED
| 4-BED
| 5-BED
|
Palm Jumeirah | ROI 3.5% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| 3-BED
| 4-BED
| 5-BED
|
Dubai Hills Estate | ROI 5.0% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| 3-BED
| 4-BED
| 5-BED
|
The Villa | ROI 4.8% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| 3-BED
| 4-BED
| 5-BED
|
DAMAC Hills (Akoya by DAMAC) | ROI 5.4% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| 3-BED
| 4-BED
| 5-BED
|
The Springs | ROI 5.4% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| 3-BED
| 4-BED
| 5-BED
|
Akoya Oxygen | ROI 5.7% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| 3-BED
| 4-BED
| 5-BED
|
Jumeirah Village Circle (JVC) | ROI 5.8% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| 3-BED
| 4-BED
| 5-BED
|
Jumeirah Park | ROI 5.5% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2020
| 3-BED
| 4-BED
| 5-BED
|
Not available due to low/no historical inventory or influx of off-plan properties |
As per Bayut and dubizzle’s combined data, Arabian Ranches has continued to hold the interest of buyers and investors keen on purchasing villas in Dubai. The average price-per-square-foot to buy villas in Arabian Ranches has seen a minor decline of 1.9%, dropping from AED 886 to AED 869 in Q3 2020, adding to the appeal of the area.
When it comes to the asking prices in Arabian Ranches, 3-bedroom villas for sale have seen an uptick in prices, going from AED 2.15M to AED 2.25M. On the other hand, 4-bedroom villas have seen sale prices decrease from AED 3.3M to AED 3.2M and 5-bedroom villas in Arabian Ranches have declined from AED 4.69M to AED 4.38M.
According to real estate trends in Dubai, Dubailand has risen in popularity for villa sales, ranking second amongst the most sought-after areas in Q3 2020. The massive, suburban development not only offers a diverse choice of affordable properties but is also close to attractions such as Global Village, Cityland Mall and IMG Worlds of Adventure.
The average sales price-per-square-foot for villas in Dubailand has declined marginally by 2.2%, going from AED 641 to AED 627. However, the prices for buying villas in Dubailand have remained steady in Q3 2020, averaging at AED 1.26M for 3-bed villas, AED 1.6M for 4-bedroom homes and AED 2.7M for 5-bed villas, which could be the result of larger units entering the market.
Newer developments such as Dubai Hills Estate, DAMAC Hills (Akoya by DAMAC) and The Villa, along with established communities like The Springs and Jumeirah Park have also made it to the list of popular areas to buy villas in Dubai.
Dubailand offers the highest rental yield in Dubai for villas
In Q3 2020, Dubailand has emerged as the area with the highest return-on-investment for villa properties, as per our Dubai real estate market report. Investors can expect an average ROI of 5.9% for villas in Dubailand, although this can vary depending on the sub-community.
Jumeirah Village Circle (JVC) also offers a healthy average ROI of 5.8% while Arabian Ranches and Akoya Oxygen offer rental returns of 5.7%.
Mirdif continues to hold the top spot for villa rentals in Dubai
Dubai real estate prices for renting villas
POPULAR AREAS | 3-BED Avg. Yearly RentChange from Q2 2020 | 4-BED Avg. Yearly RentChange from Q2 2020 | 5-BED Avg. Yearly RentChange from Q2 2020 |
---|---|---|---|
Mirdif | 3-BED Avg. Yearly RentChange from Q2 2020
| 4-BED Avg. Yearly RentChange from Q2 2020
| 5-BED Avg. Yearly RentChange from Q2 2020
|
Jumeirah | 3-BED Avg. Yearly RentChange from Q2 2020
| 4-BED Avg. Yearly RentChange from Q2 2020
| 5-BED Avg. Yearly RentChange from Q2 2020
|
Akoya Oxygen | 3-BED Avg. Yearly RentChange from Q2 2020
| 4-BED Avg. Yearly RentChange from Q2 2020
| 5-BED Avg. Yearly RentChange from Q2 2020 N/A |
The Springs | 3-BED Avg. Yearly RentChange from Q2 2020
| 4-BED Avg. Yearly RentChange from Q2 2020 N/A | 5-BED Avg. Yearly RentChange from Q2 2020 N/A |
Al Barsha | 3-BED Avg. Yearly RentChange from Q2 2020
| 4-BED Avg. Yearly RentChange from Q2 2020
| 5-BED Avg. Yearly RentChange from Q2 2020
|
Arabian Ranches | 3-BED Avg. Yearly RentChange from Q2 2020
| 4-BED Avg. Yearly RentChange from Q2 2020
| 5-BED Avg. Yearly RentChange from Q2 2020
|
Umm Suqeim | 3-BED Avg. Yearly RentChange from Q2 2020
| 4-BED Avg. Yearly RentChange from Q2 2020
| 5-BED Avg. Yearly RentChange from Q2 2020
|
Jumeirah Village Circle (JVC) | 3-BED Avg. Yearly RentChange from Q2 2020
| 4-BED Avg. Yearly RentChange from Q2 2020
| 5-BED Avg. Yearly RentChange from Q2 2020
|
Dubai Hills Estate | 3-BED Avg. Yearly RentChange from Q2 2020
| 4-BED Avg. Yearly RentChange from Q2 2020
| 5-BED Avg. Yearly RentChange from Q2 2020
|
Reem | 3-BED Avg. Yearly RentChange from Q2 2020
| 4-BED Avg. Yearly RentChange from Q2 2020
| 5-BED Avg. Yearly RentChange from Q2 2020 N/A |
Not available due to low/no historical inventory or influx of off-plan properties |
Our Dubai property market analysis for Q3 2020 has revealed that prospective tenants continue to favour Mirdif for villa rentals in Dubai. The average rental cost for 4-bedroom villas in Mirdif has become more affordable, going from AED 110k in Q2 2020 to AED 100k in Q3 2020. On the other hand, 3-bedroom and 5-bedroom houses for rent in Mirdif have seen costs remain steady in Q3 2020, averaging at AED 88k and AED 115k.
One of Dubai’s established and upscale districts, Jumeirah, has also continued to hold the attention of tenants for rental villas in Dubai. The rental costs for villas in Jumeirah have also remained stable overall in Q3 2020, averaging at AED 150k for 3-bedroom homes, AED 180k for 4-bedroom houses and AED 220k for 5-bedroom villas.
Similarly, the villas in Umm Suqeim and Reem have also seen average asking rents hold steady over the last quarter.
Other areas such as Akoya Oxygen, The Springs, Al Barsha, Arabian Ranches and Jumeirah Village Circle have also continued to be firm favourites with tenants interested in villas for rent in Dubai. The average rental costs across these popular neighbourhoods have also remained steady for 4-bedroom villas, while other bed-types have seen minor declines under 5%, as per our Dubai real estate market report.
Most popular off-plan projects in Dubai
AREA | PROJECT | PROPERTY TYPE |
---|---|---|
AREA Dubailand | PROJECT Rukan | PROPERTY TYPE Apartments, Villas & Townhouses |
AREA Akoya Oxygen | PROJECT Aknan Villas | PROPERTY TYPE Villas |
AREA Jumeirah Village Circle (JVC) | PROJECT Pantheon Elysee | PROPERTY TYPE Apartments |
AREA Downtown Dubai | PROJECT Downtown Views II | PROPERTY TYPE Apartments |
AREA Mohammad Bin Rashid City | PROJECT Sobha Hartland | PROPERTY TYPE Plots, Apartments, Villas & Townhouses |
AREA Dubai South | PROJECT EMAAR South | PROPERTY TYPE Apartments, Villas & Townhouses |
AREA Dubai Hills Estate | PROJECT Golf Place | PROPERTY TYPE Villas |
AREA Tilal Al Ghaf | PROJECT Elan | PROPERTY TYPE Villas & Townhouses |
AREA Business Bay | PROJECT Paramount Towers | PROPERTY TYPE Apartments |
AREA DAMAC Hills (Akoya by DAMAC) | PROJECT Golf Vita | PROPERTY TYPE Apartments |
With waivers on service charges and post-handover payment plans, the diverse off-plan property market in Dubai has become increasingly popular with seasoned investors and first-time buyers.
In the third quarter of 2020, Rukan in Dubailand has dominated the attention of investors for off-plan properties in Dubai. This upcoming development offers apartments, villas and townhouses, situated near Arabian Ranches and The Sustainable City.
This has been followed by Aknan Villas in Akoya Oxygen, which offers affordable, contemporary villas situated around a golf course.
For off-plan apartments in Dubai, upcoming projects such as Pantheon Elysee in Jumeirah Village Circle, Downtown Views II in Downtown Dubai and Paramount Towers in Business Bay have also been sought-after by buyers. Paramount Towers has been recently completed but buyers can still purchase the property with a payment plan.
On the other hand, Tilal Al Ghaf has caught the attention of prospective buyers for off-plan villas in Dubai while Elan has been the most popular sub-community. This off-plan development boasts luxury townhouses and villas around a man-made lagoon with post-handover payment plans.
Other areas such as Mohammed Bin Rashid City and Dubai Hills Estate have also retained the attention of buyers keen on off-plan villas in Dubai.
Commenting on the trends, Haider Ali Khan, CEO of Bayut and dubizzle, said:
“Over the last three months, we’ve seen several encouraging signs of recovery in Dubai’s real estate sector with things opening up and economic activity gradually returning to successful levels. Transactions and interest in the property market have been on the rise, many processes have been digitised by the DLD and new regulations such as the Retire in Dubai scheme have come into place, further enhancing the appeal of Dubai’s property market. This has also re-affirmed the UAE’s appeal not just as an ideal global investment and entrepreneurial hub, but also as a place for families to build their forever home. We’ve also seen this sentiment echoed on Bayut and dubizzle, with the combined traffic on both portals reaching well over 22 million during the period from July to September.”
That concludes our Dubai property market analysis for Q3 2020. We hope our report helps you to understand the average property prices in Dubai post the COVID-19 lockdown. Use our report to take advantage of affordable sales prices and high ROI as well as lock in on great rental offers.
You can also find out other popular communities to buy affordable villas in Dubai, as well as average prices for properties in these areas. Tenants can take a look at the most popular residential buildings in Dubai to rent apartments.
Follow the Market Trends section on MyBayut for our analysis on Abu Dhabi, Sharjah and Ajman real estate markets.
Disclaimer: The above report is based on Dubai property prices advertised by real estate agencies on behalf of their clients on Bayut.com and dubizzle property (excluding room share), and not representative of actual real estate transactions conducted in Dubai.