Dubai's Real Estate Market Continues Upward Trajectory with Surge in Sales and Off-Plan Investments
Dubai real estate sales transactions increased by 45.11% year-on-year in April 2024.
The total value of transactions reached AED32bn ($8.7bn), a 21.13% increase from April 2023.
58% of buyers sought apartments, while 42% searched for villas/townhouses.
Demand for furnished properties remained high, with 64% of tenants preferring furnished apartments.
One and two-bedroom apartments were the most sought-after unit types for rentals and purchases.
Dubai Marina, Downtown Dubai, and Jumeirah Village Circle were among the top areas searched.
Existing property transactions rose by 6.45% in volume, valued at AED18.1bn ($4.9bn).
Off-plan transactions surged by 86.51% in volume and 77.09% in value compared to April 2023.
Developing areas like Dubai South gained interest due to the planned airport shift.
According to Property Finder's latest report, Dubai's real estate market continues to soar. Sales transactions witnessed a remarkable 45.11% year-on-year increase in April 2024. The total value of transactions reached an impressive AED 32bn ($8.7bn), marking a 21.13% surge compared to last year.
The report highlights a significant shift in buyer preferences, with 58% of property seekers eyeing apartments, while 42% searched for villas/townhouses. This trend contrasts with previous months when villas were in higher demand. Furthermore, furnished properties remained popular, with 64% of tenants preferring furnished apartments and 44% seeking furnished villas/townhouses.
Apartments emerged as the favored option, with one and two-bedroom units being the most sought-after for rentals and purchases. Dubai Marina, Downtown Dubai, and Jumeirah Village Circle were among the top areas searched for apartment ownership. At the same time, Dubai Hills Estate, Damac Hills 2, and Jumeirah were popular for villa/townhouse rentals.
Existing property transactions also witnessed growth, with a 6.45% year-on-year increase in volume and a total value of AED18.1bn ($4.9bn). However, the off-plan market continued to thrive, driven by the potential for high investment returns. Off-plan transactions surged by an impressive 86.51% in volume and 77.09% in value compared to April 2023, reaching 7,203 transactions valued at AED 13.9bn ($3.8bn).
Cherif Sleiman, Property Finder's Chief Revenue Officer, attributed the market's strength to the diversity of choice, a robust pipeline of off-plan projects, and regulatory changes aimed at improving the quality of supply.
As Dubai prepares to shift airport operations, areas like Dubai South (Dubai World Central) and Dubai Hills Estate witnessed a significant uptick in interest for villa ownership, indicating potential demand shifts in response to infrastructural developments.