Dubai Real Estate Market Roundup: October 2024

Betterhomes releases its October 2024 Monthly Roundup, highlighting significant trends and insights in Dubai's leasing and sales markets.

Leasing Market Trend Dubai's rental market saw a total of 42,076 leasing transactions in October. While slightly down by 15% year-over-year, the city's appeal remains undiminished, with notable shifts in tenant preferences. New contracts made up 41% of leases, and renewals took the lead at 59%. Al Sufouh, Motor City, and Dubai South emerged as growth champions for apartments, villas, and townhouses, respectively, showcasing rental demand hotspots with Al Sufouh's average apartment rent at AED 125.2K and Motor City villas at AED 316.6K.

Top rental communities are equally enticing. Dubai Marina, Business Bay, and Jumeirah Lake Towers are favourites for apartment seekers, while Arabian Ranches 3, DAMAC Hills, and Dubai Hills 2 lead villa popularity. Betterhomes also saw a remarkable 61% year-over-year increase in tenant leads, underscoring the draw of these communities.
Snapshot of Average Rents:
- Apartments: AED 120K
- Townhouses: AED 159K
- Villas: AED 401K

Sales Market Surge October sizzled with 19,413 sales transactions, rocketing up by 77% from last year. The total transaction value reached AED 50.28 billion, with the average price per square foot jumping by 17% to AED 1,473. Off-plan properties led the charge, comprising 67% of total sales-a compelling choice for buyers looking to secure a stake in Dubai's future developments.
Community-wise, Dubai Marina, Jumeirah Village Circle, and Dubai Hills Estate drew the most apartment sales, while villas found their sweet spot in Jumeirah Village Circle, Dubai Land, and Arabian Ranches.

Average Sale Prices:
- Apartments: AED 1.69M
- Townhouses: AED 2.96M
- Villas: AED 13.54M

With investor activity at 77% and end-users at 23%, the sales market reflects both local and international confidence in Dubai's growth.

42nd Floor, Vision Tower, Business Bay

Betterhomes, is Dubai's leading and most trusted real estate agency renowned for its extensive range of property services and profound market knowledge. Dedicated to providing outstanding client experiences, Betterhomes consistently upholds the highest standards in the real estate sector. With a team of over 300 dedicated and professional agents across the UAE, Betterhomes has facilitated the sale of over 30,000 homes, manages more than 8,500 properties, and boasts a comprehensive database of over 750,000 contacts.

This release was published on openPR.