Dubai’s real estate market soared to new heights in October, achieving AED24.24 billion in property sales, crossing the annual all-time high, according to a new report by real estate giant Allsopp & Allsopp.
The secondary market took the lead, accounting for 79 percent of the total sales, with an impressive 5,190 transactions.
Apartments emerged as the top choice for buyers, constituting 65 percent of sales, followed by villas/townhouses at 26 percent, and commercial/other properties at 9 percent.
Affordable properties in Dubai ‘most popular’
Properties priced under AED3 million proved to be the most popular, the report said, making up a significant 73.2 percent of sales, showing a strong demand for affordable housing options in the city.
The rental market also displayed resilience, with 40,840 transactions taking place. Apartment rentals dominated the market, while villa and townhouse rentals also experienced substantial activity.
Despite stable month-on-month rental prices, there has been a noteworthy 20 percent increase since October 2022, indicating a rising demand for rental properties.
Allsopp & Allsopp reported a bustling month, with a remarkable surge in new client registrations, witnessing a substantial 64 percent increase.
Residential listings also saw a healthy rise of 36 percent, while viewings climbed by 20 percent.
Areas such as Dubai South and Jumeirah Village Circle have gained popularity, with sales in the AED3-5 million range skyrocketing by 109 percent year-on-year.
Downtown Dubai, Dubai Marina, Dubai Hills apartments show high sales
Additionally, the highest sales for apartments were observed in Downtown, Dubai Marina, and Dubai Hills, whereas villas/townhouses saw strong demand in The Springs, Arabian Ranches, and Reem.
According to the report, there was an almost equal distribution between cash and finance buyers, with cash transactions having a slight edge at 52 percent.
The rental market has shown signs of relief, with landlords offering flexible payment terms and the introduction of new rental inventory in suburban areas, providing tenants with more options.
The overall market has witnessed a surge in demand, as demonstrated by a significant increase in new rental applicants and viewings.
Rental prices for villas/townhouses rose by 2.8 percent, while apartment rental prices increased by 3.6 percent.
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