Dubai property market continues to soar in H1-2023: Bayut

Dubai property market continues to soar in H1-2023: Bayut

Dubai: The property market in Dubai has shown no signs of slowing down as prices continue to skyrocket, according to the H1-2023 Dubai Property Market Report released by Bayut. The report highlights significant increases in rents, with key areas experiencing a surge of up to 70 per cent. Additionally, sales transactions in the first-half of 2023 reached a whopping Dh170 billion. This continued boom in property prices has been fueled by strong demand among local and overseas property seekers for luxury and affordable properties in Dubai. The report reveals that the strong demand for luxury and affordable properties in Dubai has driven the surge in property prices. Popular districts have recorded price increases ranging from 1 per cent to 17 per cent for both villas and apartments. Jumeirah Village Circle (JVC), Jumeirah Lake Towers, DAMAC Hills 2, and Al Furjan have emerged as top choices for investors seeking affordable properties. On the other hand, Dubai Marina, Downtown Dubai, Arabian Ranches, and Dubai Hills Estate have attracted high net-worth investors in search of luxury properties. Rental prices have also experienced significant upticks, with affordable apartments in popular districts witnessing increases of up to 17 per cent. Luxury apartment rents have surged