Dubai’s real estate market sets a January record with a substantial surge in sales compared to the previous year, as indicated by data from Property Finder.
In January 2024, Dubai’s real estate transactions reached AED35.4 billion ($9.6 billion), indicating a 27 percent rise from the previous year, as per data from Property Finder.
Property Finder has disclosed key market performance indicators for January 2024, signaling a positive beginning for Dubai’s dynamic real estate sector.
According to Property Finder’s exclusive data, the market experienced a 17 percent year-on-year growth in recorded sales transactions, totaling more than 11,000 compared to 8,712 in January 2023.
Continuing the momentum from 2023, January also witnessed a substantial upswing in transaction value, surpassing AED35 billion ($9.6 billion), reflecting a 27 percent increase compared to the same month in the preceding year.
The Property Finder data brought to light additional trends in the real estate market.
When it comes to the preference between Apartments and Villas/Townhouses, 58 percent of potential property buyers were in search of apartments, while 42 percent were interested in villas/townhouses. Conversely, in the rental market, 80 percent of tenants were inclined towards apartments, with the remaining 20 percent seeking villas/townhouses.
Regarding the choice between Furnished and Unfurnished properties, approximately 62.2 percent of tenants looking for apartments were observed to opt for furnished accommodations, while 36.1 percent were searching for unfurnished options.
On the flip side, tenants with the financial capacity to afford villa/townhouse rentals demonstrated a different preference, with around 57 percent seeking unfurnished units and 42 percent looking for furnished options.
Sizeable units in demand: Approximately 36 percent of tenants were in search of one-bedroom units, while 31 percent were seeking two-bedroom apartments, and 22 percent were interested in studios.
