The majority of buyers opted for apartments, comprising 65% of sales, while villas/townhouses made up 26%, and commercial/other properties accounted for 9%.

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In October, Dubai's real estate market reached a record-breaking AED24.24 billion in property sales, surpassing the annual peak, as per a report from dv Property International. The secondary market led with 79% of total sales and 5,190 transactions. Apartments were the preferred choice, comprising 65% of sales, followed by villas/townhouses at 26%, and commercial/other properties at 9%.

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Properties priced below AED3 million were the most sought-after, constituting 73.2% of sales, indicating a strong demand for affordable housing. The rental market remained resilient with 40,840 transactions, witnessing a 20% increase since October 2022. Apartment rentals dominated, and villa/townhouse rentals also saw substantial activity.

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Despite stable month-on-month rental prices, there was a notable 20% increase since October 2022, reflecting growing demand for rental properties. Allsopp & Allsopp reported a busy month, with new client registrations surging by 64%. Residential listings increased by 36%, and viewings climbed by 20%.

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Areas like Dubai South and Jumeirah Village Circle gained popularity, with sales in the AED3-5 million range skyrocketing by 109% year-on-year. Downtown Dubai, Dubai Marina, and Dubai Hills witnessed high apartment sales, while villas/townhouses had strong demand in The Springs, Arabian Ranches, and Reem.

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The report highlighted an almost equal distribution between cash and finance buyers, with cash transactions having a slight edge at 52%. The rental market showed signs of relief, with landlords offering flexible payment terms and new rental inventory in suburban areas, providing tenants with more options.

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The overall market experienced a surge in demand, evident in a significant increase in new rental applicants and viewings. Rental prices for villas/townhouses rose by 2.8%, while apartment rental prices increased by 3.6%.

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