This reflects a demand for apartments and one of the reasons for greater supply is that they guarantee higher returns annually. As per Dubizzle, affordable units in areas like Dubai Sports City and Silicon Oasis offer more than 8 percent ROI, which is higher than the average return in Dubai. On the other, other forms of property like villas and townhouses in Al Furjan and Damac Hills offer up to 7 percent return annually.
The demand for apartments has also pushed up prices. DLD recorded an increase in apartments sales volume by 3.42 percent from 2022. In the second quarter of 2023, Dubai Hills Estate sold apartments at Dh1940 per square feet, which is 27 percent higher compared to the same period in 2022. Industry experts predict that property prices will continue to soar, and this is evident in the 18.1 percent rise in average prices till July 2023.
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