Off-plan demonstrated a surge in demand, registering a year-on-year increase of around 25%.
In January 2024, Dubai’s real estate market experienced a significant surge, achieving record-breaking sales amounting to Dh35.4 billion. This indicates a positive outlook for the sector in 2024, driven by sustained momentum from the previous year and an increasing demand for off-plan properties.
Comparing to January 2023, January 2024 saw a noteworthy 27 percent increase in sales, reaching Dh35.4 billion, continuing the consistent upward trend observed in recent years.
In January 2024, Dubai’s real estate market experienced an impressive surge, achieving record-breaking sales amounting to Dh35.4 billion. This signals a positive outlook for the sector in 2024, driven by sustained momentum from the previous year and an increasing demand for off-plan properties.
Compared to January 2023, the sales in January 2024 saw a significant rise of 27 percent, reaching Dh35.4 billion, indicating a consistent upward trend in recent years.
In 2023, Dubai experienced significant growth, driven by a thriving tourism sector that led to increased demand for homes, resulting in a sales value of Dh160.46 billion. This marked a substantial 72.3 per cent growth compared to the Dh93 billion sales values observed in 2022.
Data from Property Finder indicated that 58 per cent of potential property buyers were interested in apartments, while 42 per cent were looking for villas/townhouses. On the rental side, 80 per cent of tenants were in search of apartments, with the remaining 20 per cent seeking villas/townhouses.
Property Finder’s research unveiled that approximately 62.2 per cent of tenants seeking apartments preferred furnished properties, while 36.1 per cent were interested in unfurnished options. Conversely, among tenants able to afford villa/townhouse rentals, 57 per cent were looking for unfurnished units, and 42 per cent were interested in furnished options.
About 36 per cent of tenants focused their search on one-bedroom units, 31 per cent on two-bedroom apartments, and 22 per cent on studios. For villas/townhouses, 43 per cent of tenants sought three-bedroom units, while 34 per cent looked for options with four bedrooms or more. In terms of ownership, 33 per cent were seeking one-bedroom units, 36 per cent were searching for two-bedroom apartments, and 14 per cent were interested in studios. Concerning Villas/Townhouses, 40 per cent were primarily looking for three-bedroom units, while 44 per cent were searching for four-bedroom or larger options.
Top areas for those searching to own apartments were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. For villas/townhouses, Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan, and Damac Hills were the most sought-after areas. Popular areas for rentals included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira. When it came to searches for renting villas/townhouses, Dubai Hills Estate, Al Barsha, Damac Hills 2, Jumeirah, and Umm Suqeim were in high demand.
The data indicates a year-on-year rise of around 8.0 percent in the volume of existing property transactions, totaling over 5,000 transactions. The value of these transactions experienced a 31 percent year-on-year surge, reaching Dh21 billion, as opposed to Dh15.7 billion in January 2023.
