Dubai property transactions grew by nearly 19 percent last month compared to November 2023.
Cranes stand at a construction site in Dubai, with off-plan transactions showing a year-on-year value increase of around 30 percent. — Reuters file
The off-plan segment continued to drive the Dubai real estate market in November 2024, with transaction volumes rising approximately 46 percent year-on-year, totaling about 8,548 transactions, according to the data.
Overall, Dubai property transactions climbed by 19 percent compared to November 2023. Data from Property Finder, a leading real estate portal in the MENA region, revealed more than 14,479 transactions, with values reaching Dh43 billion, a 1.6 percent rise from last year.
Approximately 33 percent of those looking to own or invest in properties were interested in one-bedroom units, 35 percent in two-bedroom apartments, and 15 percent in studios. For villas and townhouses, 37 percent sought three-bedroom units, while 50 percent preferred four-bedroom or larger options. Popular areas for apartment ownership included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah. For villas and townhouses, Dubai Hills Estate, Palm Jumeirah, Al Furjan, Dubai Land, and Mohammed Bin Rashid City were the most desired locations.
Off-plan vs. Ready Market
Off-plan transactions saw a 30 percent year-on-year increase in value, reaching Dh18.2 billion compared to Dh14 billion in November 2023.
The ready market recorded 5,931 transactions, reflecting a six percent drop in volume. In terms of value, ready market transactions totaled Dh24.8 billion, a 12.22 percent decrease compared to November 2023’s Dh28.3 billion.
Cherif Sleiman, Chief Revenue Officer at Property Finder, commented, “As we wrap up an exceptional 2024, the sector is well-positioned for significant growth in 2025. At the Property Finder Awards, we observed a notable shift, with professionals fostering trust and transparency across the region. A growing number of female and Gen Z investors are also entering the market, broadening our audience and creating opportunities for success in the year ahead.”
Tenancies
Around 65 percent of tenants seeking apartments preferred furnished units, while 34 percent opted for unfurnished ones. For villas and townhouses, 51 percent of tenants favored unfurnished properties, while 48 percent chose furnished options.
Among apartment seekers, 35 percent looked for one-bedroom units, 31 percent preferred two-bedroom apartments, and 24 percent searched for studios. For villas, 40 percent of tenants sought three-bedroom options, while 38 percent were interested in four-bedroom or larger properties. Top areas for renting apartments included Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Deira. For villa rentals, Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim were popular choices.
