The most recent data highlights the remarkable growth taking place in Dubai's real estate market. According to Chestertons MENA's latest research, residential property sales prices in certain areas of Dubai have witnessed a staggering 34% year-on-year increase, with commercial property prices surging by 29%. Furthermore, the study also reveals the latest trends in sales and rental prices in Dubai's most popular living and working districts.
The report indicates that the Dubai Marina area has seen the most substantial growth in prices for apartments and villas, with the Mohammed bin Rashid City witnessing an impressive year-on-year increase in apartment prices. In the commercial sector, sales prices have risen by 28%, while rental prices have surged by 36%, demonstrating the vigorous growth of the commercial property market in the region.
Nick Witty, CEO of Chestertons MENA, stated, "Dubai's real estate industry continues to flourish, with significant demand for both residential and commercial properties." He highlighted that villas and apartment prices in the Dubai Marina area have shown the strongest growth momentum, reflecting the high demand and mature development in the community.
Simultaneously, the commercial property sector has demonstrated strong growth, with significant increases in both sales prices and rents.
Within the detailed scope of the survey, Chestertons MENA conducted a comprehensive investigation of existing properties in various areas of Dubai, including Jumeirah Palm Island, Downtown Dubai, Dubai Marina, Mohammed bin Rashid City, and Dubai Harbour. Additionally, in-depth analyses were carried out for commercial spaces such as Jumeirah Lake Towers, Business Bay, Barsha Heights, and Dubai Investment Park.
The report also indicates significant growth in sales transactions in areas like Jumeirah Lake Towers and Business Bay. The prime location, modern architecture, and excellent parking facilities in areas like Jumeirah Lake Towers and Business Bay have been identified as crucial factors attracting investors.
Furthermore, in Dubai Investment Park, an industrial hub, the growing demand for warehousing due to the continuous expansion of e-commerce businesses has led to a sustained increase in rental prices. The report shows a 22% year-on-year rental price increase in the third quarter of 2023, representing a 10% rise compared to the same period last year.
