Dubai's rental market remained strong in October with 42,076 leasing transactions recorded. Although this was a 15% decrease year-over-year, demand is still high with a notable shift towards renewals. New contracts made up 41% of leases while renewals accounted for 59%. Popular areas for rentals include Al Sufouh (average apartment rent of AED 125,200), Motor City (villas at AED 316,600) and Dubai South (townhouses).
Top Rental Communities for Apartments
Dubai Marina
Business Bay
Jumeirah Lake Towers
Source: Deposit Photos & Booking.com & Tripadvisor
Top Rental Communities for Villas
Arabian Ranches 3
Damac Hills
Dubai Hills 2
Average rental prices in top communities were AED 120,000 for apartments, AED 159,000 for townhouses and AED 401,000 for villas. In the sales market, October saw a surge with 19,413 transactions, up 77% from last year totaling AED 50.28 billion. The average price per square foot rose by 17% to AED 1,473. Off-plan properties made up 67% of sales reflecting strong buyer confidence in future developments.
Popular Areas for Apartment Sales
Dubai Marina
Jumeirah Village Circle
Dubai Hills Estate
Source: Conde Nest Traveller & Arabian Business & Bayut
Popular Areas for Villa Sales
Jumeirah Village Circle
Dubai Land
Arabian Ranches
Source: Bayut & Nakheel
Average sale prices were AED 1.69 million for apartments, AED 2.96 million for townhouses and AED 13.54 million for villas.
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