Bayut’s Dubai Sales Market Report for H1 2024
- At a Glance
- Affordable Apartments
- Mid-Tier Apartments
- Luxury Apartments
- Affordable Villas
- Mid-Tier Villas
- Luxury Villas
- Highest ROI
- Top Off-Plan Projects
With the first half of the year wrapped up, it’s time to examine property prices for apartments and villas in Dubai’s most sought-after districts. Contrary to forecasts of a slowdown, the Dubai real estate market sustained its remarkable growth. Bayut’s Sales Market Report Dubai for H1 2024 provides valuable insights into the property price trends observed throughout the first six months of the year.
We have segregated popular areas for buying apartments and villas into ‘Affordable,’ ‘Mid-tier’ and ‘Luxury’ to offer a more tailored view of the Dubai property market in H1 2024.
AT A GLANCE: DUBAI PROPERTY SALES MARKET H1 2024
This report compares and analyses property sales prices in Dubai for H1 2024 against those recorded in H2 2023.
The data confirms an upward trend in property prices for both villas and apartments across luxury, mid-tier and affordable segments in Dubai during H1 2024. Bayut’s analysis of property price trends reveals:
- In the affordable segment, property prices in Dubai rose by up to 17% in H1 2024.
- Mid-tier properties saw price increases ranging from 5% to 16%.
- The average sales price-per-square-foot for luxury properties surged by up to 15%.
- As per the data collected for Bayut’s Dubai real estate sales market report H1 2024, investors preferred areas including International City, Jumeirah Village Circle and Dubai Marina for affordable, mid-tier and luxury apartments.
- Those interested in buy-to-let villas focused their interests on DAMAC Hills 2 for affordable, JVC for mid-tier and Arabian Ranches for luxury properties.
Data from Dubai Transactions indicates a total of 43,075 sales transactions for ready properties (residential and commercial), collectively valued at AED 122.9 billion, took place during H1 2024.
For an accurate representation of Dubai property price trends, our H1 2024 sales market report compares the average price-per-square-foot for an area to the previous time period. 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.
INTERNATIONAL CITY IS THE MOST POPULAR AREA TO BUY AFFORDABLE APARTMENTS IN DUBAI
AVERAGE SALES PRICES FOR AFFORDABLE APARTMENTS: BAYUT ANNUAL DUBAI REAL ESTATE SALES MARKET REPORT H1 2024
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023 | TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023 | STUDIO | 1-BED | 2-BED |
|---|---|---|---|---|---|---|
| International City | ROI 8.37% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Dubai South | ROI 8.15% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Dubai Production City (IMPZ) | ROI 8.89% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
- Those looking for affordable apartments for sale in Dubai, showed a greater inclination towards International City, Dubai South and Dubai Production City.
- The price-per-square-foot for apartments in these popular districts witnessed upticks of between 1% and 5%.
- While the sales history for apartments in International City showed an overall price increase of 7.86%, the transactional prices in Dubai South and Dubai Production City declined by 13.5% and 17.4%, respectively.
JUMEIRAH VILLAGE CIRCLE HAS REMAINED THE MOST POPULAR AREA TO BUY MID-TIER APARTMENTS IN DUBAI
AVERAGE SALES PRICES FOR MID-TIER APARTMENTS: BAYUT ANNUAL DUBAI REAL ESTATE SALES MARKET REPORT H1 2024
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023 | TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023 | STUDIO | 1-BED | 2-BED |
|---|---|---|---|---|---|---|
| Jumeirah Village Circle | ROI 8.65% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Jumeirah Lake Towers | ROI 8.20% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Dubai Silicon Oasis | ROI 9.28% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
- Based on Bayut’s Dubai sales market report H1 2024, Jumeirah Village Circle continues to be the top choice for investors interested in buying apartments in the mid-tier segment. Jumeirah Lake Towers and Dubai Silicon Oasis also captured considerable buyer interest.
- The price-per-square-foot for sale apartments in JVC, Jumeirah Lake Towers and DSO surged by between 5% and 12%.
- The average transaction values for properties in these areas reported appreciations of 12% to 40%. The most prominent price movement was recorded in JLT, where transaction history shows a number of commercial and residential plots being sold for further construction in the area.
DUBAI MARINA HOLDS INVESTOR INTEREST FOR LUXURY APARTMENTS IN H1 2024
DUBAI PROPERTY PRICES FOR LUXURY APARTMENTS FOR SALE: BAYUT DUBAI SALES MARKET REPORT H1 2024
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023 | TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023 | 1-BED | 2-BED | 3-BED |
|---|---|---|---|---|---|---|
| Dubai Marina | ROI 6.82% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 1-BED
| 2-BED
| 3-BED
|
| Business Bay | ROI 6.66% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 1-BED
| 2-BED
| 3-BED
|
| Downtown Dubai | ROI 6.25% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 1-BED
| 2-BED
| 3-BED
|
- Dubai Marina, Business Bay and Downtown Dubai remained popular among home buyers and investors looking for luxury apartments during H1 2024.
- Apartments for sale in these popular luxury districts have reported price appreciations of between 3% and 7%. Historic data for sales transactions in the area also report similar increases of 5% to 14%.
- STUDIO
- |
- 1 BATH
- |
- 440 SQFT
- 2 BEDS
- |
- 2 BATHS
- |
- 918 SQFT
- STUDIO
- |
- 1 BATH
- |
- 478 SQFT
- 1 BED
- |
- 2 BATHS
- |
- 739 SQFT
- 1 BED
- |
- 1 BATH
- |
- 1019 SQFT
- 2 BEDS
- |
- 3 BATHS
- |
- 1699 SQFT
DAMAC HILLS 2 RANKS AS THE MOST POPULAR CHOICE FOR BUYING AFFORDABLE VILLAS IN DUBAI
AVERAGE PROPERTY PRICES IN DUBAI TO BUY AFFORDABLE HOUSES: BAYUT DUBAI ANNUAL SALES MARKET REPORT H1 2024
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023 | TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023 | 3-BED | 4-BED | 5-BED |
|---|---|---|---|---|---|---|
| DAMAC Hills 2 | ROI 6.97% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 3-BED
| 4-BED
| 5-BED
|
| The Valley by Emaar | ROI 6.24% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Dubailand | ROI 6.29% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 3-BED
| 4-BED
| 5-BED
|
Based on the data collected for Bayut’s 2024 H1 Dubai Sales Market Report, investors in search of affordable houses showed a preference for the villas in DAMAC Hills 2, The Valley by Emaar and Dubailand.
The sales price-per-square-foot for villas in these areas have increased by 6% to 17%, with The Valley by Emaar reporting the most notable surge. The exponential growth in residential rents across the emirate has led a large number of expats to consider buying property, consequentially inflating the demand for affordable houses for sale.
The transaction history in Dubailand revealed an increase in the number of residential plot purchases, clearly signifying a diversified investor interest in customisable real estate.
JUMEIRAH VILLAGE CIRCLE RANKS AS THE MOST POPULAR CHOICE FOR BUYING MID-TIER VILLAS IN DUBAI
AVERAGE PROPERTY PRICES IN DUBAI TO BUY MID-TIER HOUSES: BAYUT DUBAI ANNUAL SALES MARKET REPORT H1 2024
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023 | TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023 | 3-BED | 4-BED | 5-BED |
|---|---|---|---|---|---|---|
| Jumeirah Village Circle | ROI 7.25% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Al Furjan | ROI 6.23% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 3-BED
| 4-BED
| 5-BED
|
| The Springs | ROI 5.40% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 3-BED
| 4-BED
| 5-BED
|
- In the mid-tier segment, prospective home buyers and investors mostly gravitated towards the villas in Jumeirah Village Circle, Al Furjan and The Springs.
- The price-per-square-foot for houses in these popular districts experienced surges ranging between 8% and 16%. Given their ever-growing demand amongst investors, villas for sale in Jumeirah Village Circle reported the highest price hikes during H1 2024.
- A similar trend was evident in the overall transaction price averages as per the DLD, with increases of between 4% to 23% reported.
ARABIAN RANCHES HOLDS THE TOP SPOT FOR BUYING LUXURY HOMES IN DUBAI
REAL ESTATE PRICES IN DUBAI FOR LUXURY VILLAS IN POPULAR NEIGHBOURHOODS: BAYUT DUBAI ANNUAL SALES MARKET REPORT H1 2024
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023 | TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023 | 4-BED | 5-BED | 6-BED |
|---|---|---|---|---|---|---|
| Arabian Ranches | ROI 4.90% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 4-BED
| 5-BED
| 6-BED
|
| Dubai Hills Estate | ROI 4.93% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 4-BED
| 5-BED
| 6-BED
|
| DAMAC Hills | ROI 5.91% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| TRANSACTION PRICE Avg. Transaction PriceChange from H2 2023
| 4-BED
| 5-BED
| 6-BED
|
- According to the searched-for trends observed during the first half of 2024, Arabian Ranches, Dubai Hills Estate and DAMAC Hills emerged as the preferred areas for luxury buy-to-let villas.
- The sale price-per-square-foot for villas in these areas recorded general upticks of 9% to 15%. The most noticeable price hike was observed for villas in Arabian Ranches, owing to the heightened interest in larger family-oriented residences in the market.
- This general increase in sales prices in these areas was corroborated by DLD data, with similar surges of 7% to 24% in transactional sale prices being recorded.
- 6 BEDS
- |
- 6 BATHS
- |
- 6041 SQFT
- 5 BEDS
- |
- 5 BATHS
- |
- 4498 SQFT
- 4 BEDS
- |
- 5 BATHS
- |
- 4345 SQFT
- 5 BEDS
- |
- 6 BATHS
- |
- 6207 SQFT
AREAS WITH THE BEST ROIS FOR APARTMENTS AND VILLAS IN DUBAI
HIGHEST RENTAL YIELDS FOR APARTMENTS IN DUBAI
AREA | SEGMENT | ROI |
|---|---|---|
AREA Dubai Investment Park (DIP) | SEGMENT Affordable | ROI 10.8% |
AREA Dubai Sports City | SEGMENT Mid-tier | ROI 9.47% |
AREA Green Community | SEGMENT Luxury | ROI 8.89% |
Based on Bayut’s Sales Market Report Dubai H1 2024, the areas that recorded the most promising ROIs based on projected rental yields for apartments, included Dubai Investment Park (affordable), Dubai Sports City (mid-tier) and Green Community (luxury).
Other neighbourhoods that offered high rental returns comprise:
- Affordable:
- Discovery Gardens: 10.1%
- Remraam: 9.20%
- Mid-Tier:
- Dubai Silicon Oasis: 9.28%
- Motor City: 9.06%
- Luxury:
- Al Sufouh: 8.78%
- DAMAC Hills: 8.01%
HIGHEST RENTAL YIELDS FOR VILLAS IN DUBAI
AREA | SEGMENT | ROI |
|---|---|---|
AREA International City | SEGMENT Affordable | ROI 7.53% |
AREA Jumeirah Village Triangle | SEGMENT Mid-tier | ROI 7.37% |
AREA The Sustainable City | SEGMENT Luxury | ROI 7.11% |
Investors looking for the most lucrative options to invest in villas can consider International City (affordable), Jumeirah Village Triangle (mid-tier) and The Sustainable City (luxury).
Other districts that recorded high rental yields for villas include:
- Affordable:
- DAMAC Hills 2: 6.97%
- Wasl Gate: 6.50%
- Mid-Tier:
- Jumeirah Village Circle: 7.25%
- Mudon: 6.53%
- Luxury:
- Tilal Al Ghaf: 6.42%
- Al Barari: 6.37%
The projected ROIs for apartments and villas in Dubai may vary depending on the location of the building/unit, its developer and the amenities offered.
POPULAR AREAS FOR OFF-PLAN PROPERTIES IN DUBAI
TOP PROJECTS FOR OFF-PLAN APARTMENTS IN DUBAI
PROJECT | AREA | SEGMENT |
|---|---|---|
PROJECT Verdana Residence 2 | AREA Dubai Investment Park | SEGMENT Affordable |
PROJECT Rukan | AREA Dubailand | SEGMENT Affordable |
PROJECT AG Square | AREA Dubai Residence Complex | SEGMENT Affordable |
PROJECT JVC District 10 | AREA Jumeirah Village Circle | SEGMENT Mid-tier |
PROJECT The Central Downtown | AREA Arjan | SEGMENT Mid-tier |
PROJECT Sobha Verde | AREA Jumeirah Lake Towers | SEGMENT Mid-tier |
PROJECT Jumeirah Living Business Bay | AREA Business Bay | SEGMENT Luxury |
PROJECT Mercedes Benz Places by Binghatti | AREA Downtown Dubai | SEGMENT Luxury |
PROJECT Armani Beach Residences | AREA Palm Jumeirah | SEGMENT Luxury |
Based on data from Bayut’s 2024 H1 Dubai sales market report, property buyers seeking affordable off-plan apartments in Dubai primarily favoured suburban communities:
- Verdana Residence 2 in Dubai Investment Park
- Rukan in Dubailand
- AG Square in Dubai Residence Complex
For mid-tier off-plan apartments, investors mainly gravitated towards master-planned districts:
- District 10 in Jumeirah Village Circle
- The Central Downtown in Arjan
- Sobha Verde in Jumeirah Lake Towers
Those seeking luxury off-plan apartments to enhance their portfolio showed a preference for centrally located districts:
- Jumeirah Living Business Bay
- Mercedez Benz Places by Binghatti in Downtown Dubai
- Armani Beach Residences in Palm Jumeirah
TOP PROJECTS FOR OFF-PLAN VILLAS IN DUBAI
PROJECT | AREA | SEGMENT |
|---|---|---|
PROJECT Reportage Village | AREA Dubailand | SEGMENT Affordable |
PROJECT Azizi Venice | AREA Dubai South | SEGMENT Affordable |
PROJECT Verdana 2 | AREA Dubai Investment Park | SEGMENT Affordable |
PROJECT Murooj Al Furjan | AREA Al Furjan | SEGMENT Mid-tier |
PROJECT June | AREA Arabian Ranches 3 | SEGMENT Mid-tier |
PROJECT Nad Al Sheba Gardens | AREA Nad Al Sheba 1 | SEGMENT Mid-tier |
PROJECT Elysian Mansions | AREA Tilal Al Ghaf | SEGMENT Luxury |
PROJECT District One | AREA Mohammed Bin Rashid City | SEGMENT Luxury |
PROJECT Cavalli Estates | AREA DAMAC Hills | SEGMENT Luxury |
According to the data gathered for our Sales Market Report Dubai H1 2024, potential investors looking for affordable off-plan villas predominantly showed interest in suburban properties:
- Reportage Village in Dubailand
- Azizi Venice in Dubai South
- Verdana 2 in Dubai Investment Park
Prospective investors interested in mid-range villas focused on off-plan developments in master-planned suburbs:
- Murooj Al Furjan in Al Furjan
- June in Arabian Ranches 3
- Nad Al Sheba Gardens in Nad Al Sheba 1
For those seeking high-end off-plan villas in Dubai, the focus was mainly on master-planned communities:
- District One in Mohammed Bin Rashid City
- Cavalli Estates in DAMAC Hills
Commenting on the findings, Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group MENA said:
“Amidst the global economic slowdown and rising interest rates, we have noticed a pattern of investors worldwide turning to wealth-preserving assets. Contrary to earlier predictions of a slowdown, Dubai’s real estate sector has emerged as a standout choice in this climate, with prices and consumer interest continuing to rise even after a 24-month period of continuous growth.
At such an interesting time in Dubai’s evolution as a globally popular property investment hub, one of the key components that will make a big difference is data-backed transparency in the real estate industry. To support the needs of the growing property-seeking population, we have recently introduced several innovative products on Bayut, including TruEstimate™, a cutting-edge tool developed in collaboration with the Dubai Land Department (DLD), designed to provide precise property valuations, so all our users have the power to make well-informed decisions. I think we are at a unique point in Dubai real estate history and I can’t wait to see how we continue to push boundaries and create more remarkable success stories. ”
This concludes our Dubai Real Estate Sales Market Report H1 2024. If you’re curious about current rental trends, check out all the statistics in Bayut’s H1 2024 Dubai Rental Market Report. For additional detailed information, you can use Dubai Transactions to keep up with transaction values and trends in your chosen areas of interest.
Stay connected with MyBayut, as we will be releasing our H1 2024 real estate market reports for Abu Dhabi later this week.
Disclaimer: The above Dubai sales real estate market report (MKTRPTH12024) is based on prices for ready properties advertised by real estate agencies on behalf of their clients on Bayut.com (excluding room share), and is not representative of actual real estate transactions conducted in Dubai, unless specified as based on DLD data.
