Dubai real estate transactions climbed to $12.9bn last month, Property Finder pinpoints the key trends driving the market
The Dubai real estate sector broke records again last month as the volume of sales of existing properties reached new heights as the entire market saw transactions worth AED47.2bn ($12.9bn), according to Property Finder’s market performance highlights for August 2024.
Property Finder said its proprietary data shows August was a pivotal month for the industry, as transaction values remained at par with the highest peak recorded earlier this year, in May.
16,163 transactions were recorded, recording a 37 per cent increase compared to the same month last year. The value of these transactions increased by 38 per cent, totaling to AED47.2bn ($12.9bn).
Dubai real estate trends
In August 2024, the existing market recorded the highest volume and value of transactions ever, touching 5,684 transactions, compared to 4,976 transactions the previous year by 14 per cent.
The off-plan market, meanwhile, witnessed a year-on-year increase of approximately 53 per cent in volume, with around 10,479 transactions.
The value of these transactions experienced a notable increase of 40 per cent YoY, touching approximately AED23.3bn ($6.3bn), compared to AED16.7bn ($4.5bn) in August 2023.
Property Market data identified the most popular types of accommodation, as well as the regions most sought-out by potential investors.
59 per cent of property seekers with an interest in ownership were looking for an apartment, while 41 per cent were searching for villas/townhouses.
32 per cent investors were searching for one-bedroom units, with 36 per cent showing an inclination for two-bedroom apartments and 14 per cent for studios.
Seekers for villas/townhouses included 39 per cent searching for three-bedroom units and 47 per cent for four bedroom or larger options.
Popular areas for apartment ownership were:
- Jumeirah Village Circle
- Dubai Marina
- Downtown Dubai
- Business Bay
- Palm Jumeirah
The most desired areas to own villas/townhouses were:
- Dubai Hills Estate
- Al Furjan
- Palm Jumeirah
- Damac Hills 2
- Dubai South
Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “August was a particularly exciting month, with several project developments feeding into sustained growth in Dubai’s thriving real estate sector.
“The industry continues to see a breadth of demand, with younger families looking for community-centric living options, driving affordable housing interest; while luxury demand is also on the rise, with the influx of ultra-high-net-worth-individuals expected in the coming years.
“This month, we also saw the Dubai Land Department launch 6005AQARI, a video call platform where foreign investors can access real estate professionals to obtain more information.
“This transparency in the home seeking journey is a mandate that we align with at Property Finder, as we offer various data solutions, such as DataGuru, to support international investors and local residents alike”.
Dubai real estate rental trends
79 per cent of tenants were seeking an apartment, with the remaining 21 per cent considering villas/townhouses.
Roughly 63 per cent of tenants looking for apartments preferred furnished properties, while 36 per cent turned to unfurnished options.
Tenants who sought villas/townhouses showed a difference in preference, with around 57 per cent searching for unfurnished units and 42 per cent going for furnished properties.
When searching for apartments, 35 per cent of tenants were looking for one-bedroom units, while 33 per cent expressed a preference for two-bedroom apartments and 21 per cent for studios.
41 per cent of tenants looked for three-bedroom units and 38 per cent searched for four bedroom or larger options.
Top areas searched to rent apartments included:
- Dubai Marina
- Jumeirah Village Circle
- Downtown Dubai
- Business Bay
- Jumeirah Lakes Tower
Popular areas among those looking to rent villas/townhouses were:
- Dubai Hills Estate
- Jumeirah
- Damac Hills 2
- Al Barsha
- Umm Suqeim
