- Popular Areas to Buy Luxury Apartments
- Top Areas to Buy Luxury Villas
- Popular Areas to Buy Affordable Apartments
- Top Areas to Buy Affordable Villas
The third quarter of 2023 concluded with yet another splendid run for Dubai’s property market. Numerous off-plan projects along with attractive payment plans have contributed to the increase in investors’ interest in the emirate’s real estate. Consequently, most areas have observed positive trends with a significant increase recorded in average sales price and rental yields.
In this report, we analyse the property sales trends observed in Dubai during the last three months. The report also presents the average sales prices and rental yields recorded for different property types in the most popular areas as per the search trends observed on dubizzle.
Key Takeaways
Here are some key takeaways from the Dubai Q3 Sales real estate market report 2023.
- As per dubizzle property search trends, Dubai Marina has emerged as the top area for buying luxury apartments, whereas Jumeirah Village Circle (JVC) gained popularity for buying affordable apartments.
- For villas, DAMAC Hills 2 (Akoya by DAMAC) has reigned supreme in the affordable segment, while Dubai Hills Estate remained the most searched area for luxury villas.
- Dubai Silicon Oasis has yielded the highest ROI of 8.79% based on rental yield among the popular affordable and luxury areas for buying apartments.
- Among affordable villas in popular areas, Jumeirah Village Circle (JVC) has the highest ROI of 9.02%, whereas, Arabian Ranches 3 stood tall in the luxury villas segment with an ROI of 6.55%.
- Liwan and Remraam have offered the best ROI (9.66%) in luxury and affordable areas for buying apartments.
- Majority of the popular areas for buying luxury and affordable apartments have witnessed an increase in the average per-square-foot price.
- The average price per square foot has increased in all the popular areas for buying villas.
- According to DLD data, Al Furjan has witnessed the most significant surge of 17.59% with villa prices reaching AED 3.56M
- For flats in Palm Jumeirah, average transaction prices as per DLD, soared to AED 5.36M – the highest hike of 14.48% among luxury and affordable apartments.
Overall, the market has observed positive growth throughout the third quarter. Availability of off-plan projects, location and amenities have contributed to the rise in interest in the popular areas.
The Dubai Q3 sales property market report 2023 provides a more in-depth analysis of how the property market fared in the third quarter.
Popular Areas To Buy Luxury Properties in Dubai in Q3 2023
Apartments and villas remained popular choices for people looking to invest in high-end properties. In the most popular areas determined by dubizzle property trends, investors can find all the luxury apartment and villa amenities – making these properties not just a worthy investment option but also an excellent choice for people seeking a high-end lifestyle.
Popular Areas for Buying Luxury Apartments in Dubai in Q3 2023
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023 | TRANSACTION PRICE Avg. PriceChange from Q2 2023 | STUDIO | 1-BED | 2-BED |
|---|---|---|---|---|---|---|
| Dubai Marina | ROI 6.70% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Business Bay | ROI 5.65% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Downtown Dubai | ROI 6.31% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Dubai Creek Harbour | ROI 6.21% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Palm Jumeirah | ROI 4.22% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| STUDIO
| 1-BED
| 2-BED
|
As per dubizzle trends, investors have shown keen interest in Dubai Marina, Business Bay and Downtown Dubai. These popular areas have different luxury apartment types on offer for home seekers and investors.
DUBAI MARINA
Dubai Marina has emerged as the top area for buying luxury apartments in Dubai. The man-made marina offers majestic views from the high-rise apartment buildings. With an average sale price of AED 2.42M and 6.70% ROI, Dubai Marina has continued to grasp investors’ interest.
- The per-square-foot price of apartments for sale in Dubai Marina has averaged AED 1,859 after a 7.13% increase.
- The average sales price of the studio,1 and 2-bed apartments in Dubai Marina has jumped to AED 1.16M, AED 1.56M and AED 2.51M, respectively.
- DLD data has shown that average transaction price increased by 1.67% for apartments for sale in Dubai Marina.
BUSINESS BAY
The charming neighbourhood of Business Bay is a top business, commercial and residential area in Dubai. Investors have shown keen interest in this popular neighbourhood. The average price for apartments for sale in Business Bay averaged AED 2.04M with a 5.65% ROI.
- After an increase of 5.18%, the average price per square foot for apartments in Business Bay has increased to AED 2,145.
- As compared to Q2 2023, the average sales price for studio,1 and 2-bed apartments has increased to AED 1.03M, AED 1.61M and AED 2.63M, respectively.
- Average prices for apartments in Business Bay have witnessed a slight increase of 0.85% as per DLD data.
DOWNTOWN DUBAI
As per dubizzle search trends, Downtown Dubai has ranked as the third most popular area for buying luxury apartments in Dubai. One of Dubai’s tourism hubs, the area is home to the iconic Burj Khalifa, among other notable places. Apartments in Downtown Dubai had an ROI of 6.31% in Q3 2023. Moreover, the average sales price for apartments for sale in Downtown Dubai has been recorded at AED 3.50M.
- Experiencing a 3.71% increase, the average per-square-foot price for apartments in Downtown Dubai has reached AED 2,825.
- The average sales price for studio apartments in Downtown Dubai has decreased to AED 1.41M after a 4.59% drop. The average sales price for 1 and 2-bed flats have increased to AED 2.04M and AED 3.68M, respectively.
- According to the Dubai Land Department transactions, the average prices of flats in Downtown Dubai increased by 3.29% in Q3 2023.
Dubai Creek Harbour has been the fourth most popular choice among investors for buying apartments. The area has offered an impressive ROI of 6.21%, and the average asking sale prices for apartments have increased to AED 2.38M during Q3 2023.
One of Dubai’s most popular areas, Palm Jumeirah, has also remained a popular choice for apartments in Dubai. DLD data reveals that after a whopping increase of 14.48%, the asking price of flats for sale in Palm Jumeirah has risen to AED 6.54M. Besides, the area has recorded a decent 4.22% ROI, garnering investor attention.
Areas With the Best ROI for Luxury Apartments During Q3 2023
| AREA | ROI |
| Al Barari | 7.80% |
| Jumeirah Golf Estates | 7.67% |
| World Trade Centre | 7.44% |
| The Hills | 7.41% |
| DIFC | 7.39% |
Al Barari has yielded the highest ROI based on rental returns. The ultra-luxury green community yielded an impressive ROI of 7.80% during the third quarter of 2023.
Following Al Barari, Jumeirah Golf Estates has remained popular with an ROI Of 7.67%, and World Trade Centre has had an impressive 7.44% ROI.
Popular Areas for Buying Luxury Villas in Dubai in Q3 2023
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023 | TRANSACTION PRICE Avg. PriceChange from Q2 2023 | 3-BED | 4-BED | 5-BED |
|---|---|---|---|---|---|---|
| Dubai Hills Estate | ROI 4.46% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| 3-BED
| 4-BED
| 5-BED
|
| DAMAC Hills | ROI 6.78% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Palm Jumeirah | ROI 3.34% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Arabian Ranches | ROI 5.75% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Arabian Ranches 3 | ROI 6.55% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| 3-BED
| 4-BED
| 5-BED
|
Investors looking for luxury villas in Dubai have shown keen interest in Dubai Hills Estate, DAMAC Hills and Palm Jumeirah. These areas have garnered great interest because of the many offerings, including world-class amenities and ideal location.
DUBAI HILLS ESTATE
Home to the popular Dubai Hills Mall and Dubai Hills Golf Club, Dubai Hills Estate has emerged as the top area for buying luxury villas in Dubai. Highly popular among investors, the area houses several off-plan projects. During Q3 2023, villas for sale in Dubai Hills Estate have yielded an ROI of 4.46%, with its sales price averaging AED 16.5M.
- The average price per square foot for villas in Dubai Hills Estate experienced an uplift of 6.53% and reached AED 2,289.
- For 3, 4 and 5-bed villas, the average sale price has increased to AED 5.70M, AED 6.35M and AED 19.5M, respectively.
DAMAC HILLS
The up and coming area of Damac Hills offers a plethora of community benefits, including schools, leisure facilities and shops. Moreover, the area has a diverse range of properties catering to different tastes and budgets. In Q3 2023, the price for villas in Damac Hills has averaged at AED 6.96M with a 6.78% ROI.
- After a 4.06% uplift, the average per-square-foot price for villas for sale in Damac Hills has increased to AED 1,357.
- The popular area has observed positive trends during the third quarter of 2023. Consequently, the average sales prices for 2, 3 and 4-bed villas have increased to AED 2.79M, AED 2.99M and AED 6.65M, respectively.
PALM JUMEIRAH
The one-of-its-kind island, Palm Jumeirah, has continued to fascinate investors with its ultimate luxury experience. In Q3 2023, the average price for villas for sale in Palm Jumeirah reached AED 38.9M with an ROI of 3.34%.
- With a formidable increase of 12.63%, the average per-square-foot price for villas in Palm Jumeirah has reached AED 5,246.
- The average price for 4-bed villas in Palm Jumeirah has increased to AED 33.5M. On the other hand, average prices for 2-bed and 5-bed villas have experienced a decline and dropped to AED 16.6M and AED 44.3M, respectively.
- DLD transactions have also shown an increase of 8.77% in average sales prices of villas in Palm Jumeirah.
Arabian Ranches has also remained a preferred option for investors in the third quarter of 2023. This popular area has offered an ROI of 5.75%, with the average sales price recorded at AED 7.28M.
Last on the list is Arabian Ranches 3, a subdivision of Arabian Ranches. During Q3 2023, villas for sale in Arabian Ranches has delivered an ROI of 6.55% with an average sales price of AED 3.06M.
Areas With the Best ROI for Luxury Villas During Q3 2023
| AREA | ROI |
| Al Barari | 8.93% |
| Pearl Jumeirah | 8.81% |
| Mohammed Bin Rashid City | 7.15% |
| Green Community | 6.78% |
| Jumeirah Golf Estates | 6.73% |
Al Barari has emerged as the area with the best ROI for luxury villas in Dubai. The affluent neighbourhood houses a plethora of villas to garner user interest. Villas in Al Barari have offered an impressive rental yield of 8.93% during Q3 2023.
According to search trends for Q3, not far behind Al Barari was Dubai’s iconic neighbourhood, Palm Jumeirah, with an ROI of 8.81%. Ranked third, Mohammed Bin Rashid City has also showcased a commendable 7.15% ROI, standing strong in the rankings.
Popular Areas For Buying Affordable Properties in Dubai in Q3 2023
Affordable villas and apartments continued to reign supreme as rather budget-friendly living and investment options. Following are the areas that have consistently remained the most popular, according to the search trends on dubizzle.
Popular Areas for Buying Affordable Apartments in Dubai in Q3 2023
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023 | TRANSACTION PRICE Avg. PriceChange from Q2 2023 | STUDIO | 1-BED | 2-BED |
|---|---|---|---|---|---|---|
| Jumeirah Village Circle (JVC) | ROI 7.57% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Dubai Silicon Oasis | ROI 8.79% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| STUDIO
| 1-BED
| 2-BED
|
| International City | ROI 7.25% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Jumeirah Lake Towers (JLT) | ROI 6.84% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Dubai Sports City | ROI 8.39% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| STUDIO
| 1-BED
| 2-BED
|
In the affordable apartment segment, dubizzle data indicated increased user interest in the neighbourhoods of Jumeirah Village Circle (JVC), Dubai Silicon Oasis and International City.
JUMEIRAH VILLAGE CIRCLE (JVC)
Jumeirah Village Circle has topped the list of the most popular affordable areas for buying apartments in Dubai. JVC is in proximity to highly popular neighbourhoods like Dubai Marina and Internet City. Moreover, JVC is a growing investment hub in the emirate.
Apartments in JVC have yielded good rental incomes with an impressive ROI of 7.57%. Additionally, the apartments for sale in JVC had an average sales price of AED 966k during Q3 2023.
- Compared to Q2 2023, the average per-square-foot price of apartments for sale in JVC increased to AED 1,154 during Q3 2023.
- The average sales prices of studio, 1 and 2-bed apartments have increased to AED 576k, AED 848k and AED 1.44M, sequentially.
- During Q3 2023, DLD transactions showed a notable 9.72% rise in average price.
DUBAI SILICON OASIS
The affluent neighbourhood of Dubai Silicon Oasis has ranked as the second most popular area for buying affordable apartments in Dubai. The vibrant and dynamic community has a whole lot to offer to residents and investors alike. Apartments in Dubai Silicon Oasis have yielded an ROI of 8.79% with an average sales price of AED 589k.
- With a slight decline of 2.35%, the average per-square-foot price has decreased to AED 699.
- The area has observed positive trends, with the average sales price of studio, 1 and 2-bed flats rising to AED 364k, AED 519k and AED 921k, respectively.
INTERNATIONAL CITY
One of the popular areas to buy non-luxury apartments in Dubai, International City has also captured investor interest in the third quarter of 2023. With numerous amenities and affordable apartments, the area offers multiple apartment options without a hefty price tag. Apartments for sale in International City have an average price of AED 511k and an impressive 7.25% ROI.
- After an increase of 8.05%, the average price per square foot has increased to AED 662.
- As compared to Q2 2023, the average sales price for studio, 1 and 2-bed flats has increased to AED 319k, AED 450k and AED 837k, sequentially.
- As per Dubai Land Department data, the average transaction price in the area has shown a significant 10.69% increase.
The fourth most searched area, Jumeirah Lake Towers (JLT), continued to capture investor interest because of all its important offerings. In Q3 2023, apartments in JLT had an average price of AED 1.71M and a 6.84% ROI.
Dubai Sports City has ranked fifth on the list of most popular areas for buying affordable apartments in Dubai. During Q3 2023, the apartment prices have averaged at AED 693k with an ROI of 8.39%.
Areas With the Best ROI for Affordable Apartments During Q3 2023
| AREA | ROI |
| Liwan | 9.66% |
| Remraam | 9.66% |
| Town Square | 8.59% |
| Motor City | 8.04% |
| DAMAC Hills 2 | 7.98% |
In the affordable apartment segment, Liwan and Remraam take the mantle for the highest ROI. Located away from the busy city life, the serene community of Liwan has yielded an ROI of 9.66%.
Similarly, Remraam offers a green lifestyle, and its ideal location makes it an area to look out for. During Q3 2023, apartments in Remraam have delivered an ROI of 9.66%. Besides Remraam, Town Square has also delivered an impressive ROI of 8.59%.
Popular Areas for Buying Affordable Villas in Dubai in Q3 2023
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023 | TRANSACTION PRICE Avg. PriceChange from Q2 2023 | 3-BED | 4-BED | 5-BED |
|---|---|---|---|---|---|---|
| DAMAC Hills 2 (Akoya by DAMAC) | ROI 6.99% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Dubailand | ROI 6.31% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Jumeirah Village Circle (JVC) | ROI 9.02% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Al Furjan | ROI 6.19% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Dubai South | ROI 5.86% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q2 2023
| TRANSACTION PRICE Avg. PriceChange from Q2 2023
| 3-BED
| 4-BED
| 5-BED
|
In the Dubai Q3 Sales Property Market Report 2023, we now look at the popular areas for buying affordable villas in Dubai. As per dubizzle search trends, investors were more inclined towards DAMAC Hills 2 (Akoya by DAMAC), Dubailand and Jumeirah Village Circle (JVC).
DAMAC HILLS 2 (Akoya by DAMAC)
Away from the city’s hustle and bustle, DAMAC Hills 2 (Akoya by DAMAC) is a serene community surrounded by green landscapes. During Q3 2023, villas in this family and investor-friendly community have yielded an ROI of 6.99% while the sales price averaged AED 1.56M.
- With a 10.41% increase, the average per-square-foot price for villas for sale in Damac Hills 2 (Akoya by DAMAC) has reached AED 763.
- Experiencing rising trends, the average sales price for 3, 4 and 5-bed villas has jumped to AED 1.4M, AED 1.68M and AED 2.18M, respectively.
- During Q3 2023, DLD transactions have shown a notable increase of 10.72% in the sales prices of villas in DAMAC Hills 2.
DUBAILAND
From top schools in Dubailand to other amenities and nearby attractions, the area has garnered investors’ interest for all the right reasons. The sales price for villas in Dubailand has averaged AED 3.38M with a 6.31% ROI.
- The average price per square foot for apartments in Remraam has jumped to AED 1,085 after a 7.78% increase in Q3 2023.
- On average, the sales price for 3-bed villas has been recorded at AED 1.99M. Whereas the 4 and 5-bedroom villa prices averaged AED 2.98M and AED 8.65M, respectively.
JUMEIRAH VILLAGE CIRCLE (JVC)
The different property types and serene living experiences make JVC a popular residential and investment option. Consequently, JVC maintained its status in the third quarter of 2023. The average sales price for villas in JVC has been recorded at AED 2.70M, with an ROI of 9.02%.
- With a 10.23% increase, the average per-square-foot price has reached AED 851.
- The average sales price for 3-bed villas in JVC has reached AED 2.35M. Meanwhile, the sales prices for 4-bed and 5-bed villas have averaged AED 2.80M and AED 2.59M, respectively.
- DLD transactions data also reveals a notable hike of 13.01% in the average sales prices of villas in JVC in Q3.
As per dubizzle search trends, investors have also shown interest in Al Furjan. The community remains among the known areas with the best ROI for villas in Dubai. That said, the average rental yields for villas in Al Furjan have amounted to an ROI of 6.19%, while the prices averaged AED 3.88M.
With an average sales price of AED 3.61M and a 5.86% ROI, Dubai South has also been popular as a top area for buying affordable villas in Dubai.
Areas With the Best ROI for Affordable Villas During Q3 2023
| AREA | ROI |
| Wasl Gate | 7.40% |
| International City | 7.33% |
| Mudon | 7.17% |
| Town Square | 7.13% |
| Reem | 6.79% |
For affordable villas in Dubai, Wasl Gate attained the top rank. The freehold master development located in the heart of Jebel Ali has presented an impressive ROI of 7.40% in Q3 2023.
Moreover, International City and Mudon have attained the third and fourth ranks among areas with the best ROIs for affordable villas in Dubai. The communities recorded 7.33% and 7.17% ROIs during the third quarter of 2023.
With this, we conclude our Dubai Q3 Sales Property Market Report 2023. The city’s real estate sector has observed rising trends in most segments. From making your property a holiday home in Dubai to receiving lucrative returns, investing in the emirate remains a likely option for all the right reasons.
Stay tuned to dubizzle’s property blog for a detailed Dubai real estate market overview and more.
Disclaimer: Except for the DLD transaction data, all prices for villas and apartments are based on transactions and searches done on the dubizzle platform. These by any means do not present an actual representation of real estate transactions in the emirate.
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