According to the latest data, the Dubai real estate market exhibited unprecedented growth in September 2023, continuing to capture the attention of global investors.

A report released by Valustrat indicates that the monthly capital yield for the apartment sub-market reached 1.6%, with an annual growth rate hitting an all-time high of 11%, signifying a rapid recovery in the real estate market.

The Price Index for September 2023 (VPI) data shows a consistent upward trend in Dubai's property market. The VPI increased by 2.1% monthly and reached a year-over-year growth of 15.1%, with an overall index score of 96.6.

The apartment price index stands at 79.7, while the villa price index is as high as 123.6. Compared to the peak price index of 100 in January 2014, the apartment price index has dropped by an average of 29.2%, indicating that it's currently a very profitable time to buy.

In addition to high-end properties, mid-range affordable properties have also seen an uptick in valuation. This suggests that the real estate market's growth is not limited to luxury residences, and more people can afford to purchase homes.

Meanwhile, Dubai's existing property transaction volumes have also shown a rapid increase, which is a positive sign.

However, residential sales volumes have decreased by 29.7% monthly and 10.9% annually. Off-plan transaction volumes have also declined, with a monthly drop of 55.7% and an annual decrease of 37.5%.

Nevertheless, existing property transaction volumes have increased by 15.5% monthly and 24.4% annually. This indicates that the growth in the Dubai real estate market primarily comes from existing property transactions, as investors prefer to buy ready-made properties.

In the apartment market, notable performers include Jumeirah Palm Island, Greens, Discovery Gardens, Motor City, and Jumeirah Beach Apartments, with annual growth rates of 20%, 17.8%, 17.1%, 15.2%, and 11.6%, respectively.

In the villa market, Jumeirah Islands, Dubai Hills Estate, Jumeirah Palm Island, and UAE Hills stand out, with annual growth rates of 26.3%, 24.4%, 24.2%, and 21.8%, respectively.

Dubai, as an international city, has been considered a safe haven by global investors due to its stability, transparency, and long-term visa options linked to real estate. This trend is expected to continue, attracting more investors to the Dubai real estate market.

In summary, the Dubai real estate market exhibited strong growth in September 2023, with property prices and investment returns on the rise.

However, it's worth noting that there are still some challenges in the market, such as the decline in residential sales volumes and off-plan transaction decreases. In this context, the Dubai government may need to continue introducing measures to attract more homebuyers and investors to ensure the sustainable development of the real estate market.