Bayut, the leading property portal in the UAE, has recently published its Dubai Property Market Report for the third quarter of 2023, Invest-Gate reports.
This report reveals the most highly sought-after areas within Dubai’s real estate sector. Building on the success of their groundbreaking AI-based property search assistant, BayutGPT, Bayut has once again furnished property seekers with a valuable data repository through this report. It aims to facilitate informed decision-making and provide deeper market intelligence.
According to the search trends on the platform, property prices in Dubai have continued their upward trajectory, creating a favorable environment for sellers and landlords. This sustained price increase aligns with the observed trends of the past 18 months, which have seen a surge in demand and an influx of new residents, leading to unprecedented growth.
Moreover, the property market in Dubai experiences a slowdown during the summer months, as many residents travel overseas.
However, in 2023, activity remained robust, even during the hottest months of July and August. In fact, the volume of transactions in the last three months alone neared an astounding AED 100 bn, a figure previously unheard of even over an entire year.
Furthermore, while double-digit growth in rental transactions has become less frequent, the demand for rental units continues to rise. This is particularly evident as more individuals relocate to the UAE for better career prospects and a safer lifestyle.
For his part, Haider Ali Khan, the CEO of Bayut and Head of Dubizzle Group MENA, shared his thoughts on the findings, stating, “It has been a true pleasure to observe and comment on the real estate trends in the UAE market, especially in Dubai, over the past few years. The results from Q3 2023 reinforce the fact that this market shows no signs of slowing down.”