Picture used for illustrative purpose only.
Gulf Today, Staff Reporter
Bayut, the UAE’s leading property portal, has released its Dubai Property Market Report for Q3 2023, unveiling the most sought-after areas in the emirate’s real estate sector. Following the launch of their first-of-its-kind, AI-based property search assistant BayutGPT, Bayut has once again provided property seekers an important repository of data with this new report, designed to facilitate better decision-making and deeper market intelligence.
As per the search trends on the platform, property prices in Dubai have continued their upward trend, creating an ideal environment for sellers and landlords. The sustained increase in prices is consistent with trends observed over the last 18 months, with higher demand and greater influx of new residents creating unprecedented booms.
Data from Bayut shows that sales prices for apartments and villas in Dubai’s prime neighbourhoods have risen by 2-12% in Q3 2023.
Commenting on the findings, Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group MENA said: It has been an absolute pleasure commenting on the real estate trends for the past few years for the UAE market overall and Dubai in particular, what we’re seeing in Q3 2023 reinforces the fact that this market is not showing any signs of slowing down. While major economies around the world are still struggling with the post-pandemic economic slowdown, the UAE is well on its way to breaking records with growth across major sectors including tourism, real estate and energy. Considering the level of interest Dubai is garnering these days, it’s more important than ever for us to showcase the best of Dubai real estate, highlighting authenticity and availability, which are the cornerstones of how Bayut operates..
We have seen consistent growth in platform traffic and inventory throughout the course of this year, a trend