Dubai’s real estate sector experienced its highest-ever volume and value of transactions last month, according to data released on Thursday.
Property Finder’s market performance highlights for May revealed a total of 17,713 transactions, marking a 53% increase from May 2023. The total value of these transactions surged by 38% to Dh46.5 billion.
The market witnessed a significant surge in transaction volume, surpassing the previous peak achieved in March 2024 by 10% and exceeding the highest value recorded in December 2023 by 30%, according to the data.
In the rental market, apartments were preferred by 78% of tenants, with villas or townhouses considered by the remaining 22%. Fifty-eight percent of apartment seekers favored furnished properties, while 40% opted for unfurnished options. For those seeking villas or townhouses, approximately 57% preferred unfurnished units, and 42% preferred furnished properties. Among apartment seekers, preferences were distributed as follows: 35% for one-bedroom units, 33% for two-bedroom apartments, and 19% for studios. Among those interested in villas or townhouses, the interest was evenly split, with 43% seeking three-bedroom units and 38% preferring four-bedroom or larger options.
Top areas for apartment rentals included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Jumeirah Lake Towers. For villas or townhouses, popular choices were Jumeirah, Dubai Hills Estate, Damac Hills 2, Umm Suqeim, and Al Barsha.
Among prospective homeowners, 59% favored apartments and 41% preferred villas or townhouses. Thirty-two percent of investors sought one-bedroom units, 36% preferred two-bedroom apartments, and 14% opted for studios. Regarding villas or townhouses, 40% of seekers wanted three-bedroom units, while 46% sought four-bedroom or larger options.
Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah were the most sought-after areas for apartment ownership. For villas or townhouses, popular choices included Dubai Hills Estate, Dubai South (Dubai World Central), Al Furjan, Arabian Ranches, and Palm Jumeirah.
