Bayut – Dubai Property – Sales and Rental Market Report for Q3 2023

TITLE: Property Boom Continues into Q3 says Bayut, UAE’s market-leading property portal 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. While historic trends have generally indicated a cool-off period for property market activity during the summer months, with many residents travelling overseas, activity during 2023 remained elevated even during the hottest months of July and August. The volume of transactions in the last three months alone came close to AED 100 billion, a number previously unheard of even over a full-year period.

While double-digit growth in rental transactions has become more sporadic, demand for rental units has continued to increase, especially in light of more people moving to the UAE for better career opportunities and a safer lifestyle. 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 that is further validated by the latest transaction data from DLD.

As of today, our industry is proving resilient in a dynamic and fast-changing world. At Bayut, we are keeping close to shifting market conditions and we also recommend property seekers to make use of our various tools, including Dubai Transactions to understand the market better, make smarter decisions and provide transparency to capitalise on some of the amazing available to them. ” ENDS —- Bayut is the market leading property portal in the UAE, connecting buyers, sellers, tenants and landlords with agents.

Since Bayut was established in 2008, the company has seen accelerated growth, increasing not only the number of real estate partners it works with, but also obtaining substantial traffic growth over the past few years. Haider Ali Khan joined Bayut in 2014 as the CEO and the company has continued to showcase very high growth over the past five years including closing multiple rounds of funding from top Venture Capital firms such as Naspers, KCK, Exor, and other notable names. To further expand their reach in this region, Bayut also launched in 2019, with its headquarters in Riyadh.

Bayut is a part of the Dubizzle Group which also operates the largest property classified sites in Pakistan, Bangladesh and Morocco. In April 2020, the group merged with the Netherlands-based OLX group in certain key markets, and was valued at $1 Billion, giving it the coveted unicorn status. The group now also owns and operates in the UAE, , and .

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