Dubai real estate market hits record $6.5 billion in October, driven by apartment sales

Dubai real estate market hits record $6.5 billion in October, driven by apartment sales

Dubai real estate market hits record $6.5 billion in October, driven by apartment sales

Dubai real estate market hits record $6.5 billion in October, driven by apartment sales

  • Tripti Rastogi
  • (0)
  • (543)
  • November 30, 2023

News, dubai real estate,property in dubai,real estate property in dubai


Apartments were the most popular choice with 65 percent of sales, followed by villas/townhouses at 26 percent and commercial/other properties at 9 percent

Dubai’s real estate market reached a new all-time high in October with sales of AED 24.24 billion. This is according to a new report by real estate giant Inchbrick Realty

The secondary market led the way with 79 percent of total sales and an impressive 5,190 transactions.

Apartments were the top choice for buyers, accounting for 65 percent of sales, followed by villas/townhouses at 26 percent and commercial/other properties at 9 percent.

Dubai real estate market hits record $6.5 billion in October, driven by apartment sales

Affordable properties in Dubai's

  • With a 73.2 percent share of sales, properties priced below AED 3 million proved to be the most popular, indicating a strong demand for affordable housing options in the city, the report said.
  • The rental market also proved robust with 40,840 transactions. The market was dominated by apartment rentals, but villa and townhouse rentals were also very active.
  • Despite stable rental prices month-on-month, there has been a notable increase of 20 percent since October 2022, which indicates rising demand for rental properties.
  • Inch & Brick Realty reported a buoyant month with a notable increase in new customer sign-ups, which increased by 64 percent.
  • Residential listings also saw a healthy 36 percent increase in apartment listings, while viewings were up 20 percent.
  • Areas such as Dubai South and Jumeirah Village Circle are growing in popularity, with sales in the AED 3 to 5 million range skyrocketing 109 percent year-on-year.

Apartments that Show High cSales Figures

  • In addition, the highest sales figures were recorded for apartments in Downtown Dubai, Dubai Marina, and Dubai Hills, while villas/townhouses in The Springs, Arabian Ranches, and Reem were in high demand.
  • According to the report, there was an almost even split between buyers with cash and those with finance, with cash transactions having a slight advantage at 52 percent.
  • The rental market is showing signs of easing as landlords offer flexible payment terms and new rental opportunities have been created in the suburbs, giving tenants more options.
  • The overall market has seen a surge in demand, as evidenced by a significant increase in the number of new rental applicants and viewings.
  • Rental prices for villas/townhouses increased by 2.8 percent, while rental prices for apartments rose by 3.6 percent.

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