Recent data reveals that Dubai's rental market experienced 42,076 leasing transactions in October.
According to Betterhomes, a real estate consultancy, while this figure is 15 per cent lower than the previous year, the city's allure remains strong, with significant changes in tenant preferences. New contracts accounted for 41 per cent of leases, while renewals dominated at 59 per cent. Al Sufouh, Motor City, and Dubai South emerged as leaders in apartment, villa, and townhouse rentals, respectively, highlighting areas of high rental demand. Al Sufouh's average apartment rent stands at Dh125,200, and Motor City villas at Dh316,600.
Popular rental communities include Dubai Marina, Business Bay, and Jumeirah Lake Towers for apartments, and Arabian Ranches 3, Damac Hills, and Dubai Hills 2 for villas. Betterhomes reported a 61 per cent year-over-year increase in tenant inquiries, reflecting the appeal of these areas. Average apartment rents in top communities are around Dh120,000, while townhouses average Dh159,000 and villas Dh401,000.
In the sales market, October saw 19,413 transactions, a 77 per cent increase from the previous year. The total transaction value reached Dh50.28 billion, with the average price per square foot rising 17 per cent to Dh1,473. Off-plan properties made up 67 per cent of total sales, a popular choice for those looking to invest in Dubai's future developments. Dubai Marina, Jumeirah Village Circle, and Dubai Hills Estate attracted the most apartment sales, while Jumeirah Village Circle, Dubai Land, and Arabian Ranches were top choices for villas.
Average sale prices were Dh1.69 million for apartments, Dh2.96 million for townhouses, and Dh13.54 million for villas, according to Betterhomes data. "With investor activity at 77 per cent and end-users at 23 per cent, the sales market reflects both local and international confidence in Dubai's growth," a Betterhomes statement noted.
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