A drop in sales of ready properties in Dubai has been balanced by significant growth in the off-plan property market.
Dubai’s Real Estate Boom
Dubai’s real estate sector recorded 14,479 transactions in November, marking a 19 per cent increase compared to November 2023, according to Property Finder data.
The value of these transactions rose by 1.6 per cent, reaching AED43bn ($11.7bn).
Trends highlighted by Property Finder showed the increasing dominance of off-plan sales and a decline in the volume and value of ready property sales.
Dubai Real Estate Trends
In November 2024, off-plan transactions saw a year-on-year volume increase of 46 per cent, totaling approximately 8,548 transactions.
The value of these transactions rose by about 30 per cent YoY to AED18.2bn ($5bn), compared to AED14bn ($3.8bn) in November 2023.
The ready market recorded 5,931 transactions, reflecting a 6 per cent drop in volume. In terms of value, transactions totaled AED24.8bn ($6.8bn), a 12.22 per cent decline compared to November 2023’s AED28.3bn ($7.7bn).
Property Finder reported that 33 per cent of buyers were searching for one-bedroom units, 35 per cent for two-bedroom apartments, and 15 per cent for studios.
For villas and townhouses, 37 per cent of seekers preferred three-bedroom units, while 50 per cent opted for four-bedroom or larger options.
Popular Areas for Ownership
Top areas for apartment ownership included:
- Dubai Marina
- Jumeirah Village Circle
- Downtown Dubai
- Business Bay
- Palm Jumeirah
Most sought-after locations for villas/townhouses included:
- Dubai Hills Estate
- Palm Jumeirah
- Al Furjan
- Dubailand
- Mohammed Bin Rashid City
Cherif Sleiman, Chief Revenue Officer at Property Finder, said, “As we end an exceptional 2024, the sector is set for significant growth in 2025. At the Property Finder Awards, we observed a shift with professionals enhancing trust and transparency across the region.
“We’re also witnessing a rise in female and Gen Z investors, broadening our audience and creating opportunities for success. Our dedication to ‘A Home for Every Life’ remains strong as we empower property seekers with the tools they need to navigate a changing market—especially with new projects launching in 2025.”
Rental Market Trends
Property Finder revealed that 65 per cent of tenants searching for apartments preferred furnished properties, while 34 per cent opted for unfurnished ones.
For villas/townhouses, preferences differed, with 51 per cent of tenants favoring unfurnished units and 48 per cent choosing furnished options.
Among apartment seekers, 35 per cent searched for one-bedroom units, 31 per cent preferred two-bedroom apartments, and 24 per cent sought studios.
For villas, 40 per cent of tenants looked for three-bedroom units, while 38 per cent opted for four-bedroom or larger properties.
Popular Areas for Rentals
Top areas for renting apartments included:
- Jumeirah Village Circle
- Dubai Marina
- Downtown Dubai
- Business Bay
- Deira
Preferred locations for villa and townhouse rentals included:
- Jumeirah
- Dubai Hills Estate
- Damac Hills 2
- Al Barsha
- Umm Suqeim
