Driven by robust demand, a steady supply of new inventory and Dubai’s growing allure for high-net-worth individuals.
Dubai Real Estate Trends 2024: Bayut Highlights the Most-Searched Areas
Dubai, UAE – Renowned as the UAE’s leading real estate portal, Bayut has released its detailed report on Dubai’s most-searched property hotspots for 2024. The findings reveal a steady increase in property values across key neighborhoods, fueled by strong demand, ongoing development of new properties, and Dubai’s appeal to high-net-worth individuals drawn by its thriving economy and tax-friendly policies.
Insights into Dubai’s Property Buying Trends
Bayut’s analysis shows a remarkable rise in prices for both apartments and villas across sought-after areas. For instance, villa prices in Arabian Ranches surged by an impressive 56%.
- Affordable Property Trends: Buyers with limited budgets are gravitating toward areas such as Dubai Silicon Oasis, Dubai Sports City, DAMAC Hills 2, and Dubailand.
- Mid-Range Segment: Popular choices include Jumeirah Village Circle, Business Bay, Al Furjan, and The Springs.
- Luxury Investments: Prestigious areas like Dubai Marina, Downtown Dubai, Dubai Hills Estate, and DAMAC Hills dominate the interest of high-end buyers.
Transaction data reveals significant price increases across categories:
- Affordable apartment prices rose by up to 26%, while villa prices skyrocketed over 100%, with Dubailand leading this growth.
- Mid-range properties saw transactional price hikes of 7% to 40%, particularly in Jumeirah Lake Towers (JLT), where apartments are being sold at premium rates due to their central location.
- Luxury property prices grew by 7% to 31%, with Dubai Hills Estate experiencing the steepest hikes. However, apartment prices on Palm Jumeirah decreased slightly by 8.4%, according to Dubai Land Department (DLD) data.
The overall real estate market recorded over 169,000 property sale transactions worth AED 488 billion until December 10, 2024. These included more than 67,000 ready transactions valued at AED 274 billion and 102,000 off-plan transactions worth AED 213 billion.
Return on Investment (ROI) Trends
Bayut’s data highlights lucrative ROI opportunities across Dubai:
- Affordable Apartments: Communities like Dubai Investments Park, Discovery Gardens, and Liwan offered the highest rental yields of 9% to 11%.
- Mid-Range Properties: Areas such as Living Legends, Motor City, and Al Furjan recorded yields above 8.7%.
- Luxury Apartments: Rental yields of 7% to 9% were reported in Al Sufouh, Green Community, and Al Barari.
For villa investments:
- Affordable Villas: Dubai Industrial City, International City, and DAMAC Hills 2 showed ROIs above 6%.
- Mid-Range Villas: Popular communities like Jumeirah Village Circle, Al Furjan, and Jumeirah Village Triangle offered returns between 6% and 8%.
- Luxury Villas: The Sustainable City, Al Barari, and Tilal Al Ghaf recorded yields exceeding 6%.
Rental Market Insights
The rental market witnessed substantial price growth across all segments:
- Affordable Apartments: Rental prices surged by up to 48%, with the highest increase reported for 2-bedroom units in Deira.
- Mid-Tier Apartments: Demand for centrally located properties, particularly in JLT, drove rental price increases of up to 41%.
- Luxury Apartments: Rental prices rose by 5% to 25%.
For villa rentals:
- Affordable Villas: Rent prices climbed by up to 44%, with DAMAC Hills 2 and Mirdif leading this segment.
- Mid-Tier Villas: Town Square recorded a 45% increase in rents for 4-bedroom units due to growing demand for suburban, self-sustaining communities.
- Luxury Villas: High-end villa rentals saw a 60% increase, with Jumeirah recording the sharpest rise for 6-bedroom units.
Transactional rental prices rose by 5% to 19% for affordable properties, while mid-tier and luxury segments saw increases of up to 16%.
Driving Factors Behind Dubai’s Real Estate Growth
Dubai’s booming real estate market is propelled by favorable government policies, a strong economy, and rising interest from global investors. The city’s focus on sustainability and technological innovation has further strengthened its appeal. Affordable housing, high-demand off-plan projects, and luxury properties offer exceptional opportunities for rental yields and long-term capital growth.
Bayut’s Role in Shaping Dubai’s Property Market
Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group MENA, remarked:
“Dubai’s real estate market is thriving, and it’s easy to see why. Luxury properties in areas like Palm Jumeirah and Dubai Hills Estate are setting records, while emerging locations like Dubai South and Dubai Creek Harbour are gaining traction due to improved infrastructure.
With an estimated 4 million expats expected to reside in Dubai by 2025, the demand for housing will continue to rise, creating exciting opportunities for the industry. Dubai is solidifying its position as a global hub for lifestyle and investment.”
Bayut is leading this transformation with innovative tools such as TruBrokerTM, which connects buyers with trusted agents, Dubai Transactions, offering market transparency, and TruEstimateTM, ensuring accurate property valuations.
About Bayut
Since its founding in 2008, Bayut has emerged as a top-tier real estate portal in the UAE. With over 4000+ real estate agencies as partners and 87.2 million annual visits, Bayut has revolutionized property searches with technology-driven solutions.
Bayut is part of the Dubizzle Group, a unicorn company operating across MENA and South Asia. With advanced tools and data-driven insights, Bayut empowers users to make well-informed property decisions.
Disclaimer: Data in this report is based on Bayut’s advertised prices and Dubai Land Department statistics. Actual prices may vary based on factors such as location, amenities, and developer.
