Property Finder, a leading real estate platform in the Middle East and North Africa, has shared key market highlights for August 2024, shedding light on the dynamic trends in Dubai's property sector.
August marked a critical point in the year for real estate, with transaction values matching the highest levels seen in May. A total of 16,163 transactions were recorded, representing a 37% increase compared to the same period last year. The overall value of these deals surged by 38%, reaching AED 47.2 billion.
Rental Market Trends
- A significant majority (79%) of tenants searched for apartments, while 21% showed interest in villas or townhouses.
- Furnished apartments were the choice for 63% of tenants, while 36% preferred unfurnished options. Conversely, 57% of villa/townhouse seekers opted for unfurnished units, with 42% selecting furnished properties.
- For apartment rentals, 35% of tenants sought one-bedroom units, 33% wanted two bedrooms, and 21% were looking for studio apartments.
- Tenants looking for villas and townhouses showed strong demand for larger units, with 41% searching for three-bedroom homes and 38% seeking four or more bedrooms.
- Top areas for apartment rentals included Dubai Marina, Jumeirah Village Circle, and Downtown Dubai, while Dubai Hills Estate and Al Barsha were favoured for villa and townhouse rentals.
Ownership Trends
- Among potential property buyers, 59% were interested in apartments, while 41% looked at villas and townhouses.
- In terms of unit size, 32% of apartment buyers preferred one-bedroom units, with 36% favouring two bedrooms. For villas and townhouses, 47% searched for properties with four or more bedrooms.
- Popular locations for apartment ownership included Dubai Marina and Palm Jumeirah, while villas and townhouses were most sought after in areas like Dubai Hills Estate and Al Furjan.
Off-Plan vs. Existing Properties
- The existing property market saw its highest-ever volume and value of transactions in August, with 5,684 deals recorded, marking a 14% increase from the same month last year.
- The off-plan market also experienced a notable boost, with transaction volumes growing by 53% year-on-year, totaling 10,479 deals.
- The total value of off-plan sales rose 40% year-on-year, reaching AED 23.3 billion, compared to AED 16.7 billion in August 2023.
Commenting on the market’s performance, Property Finder’s Chief Revenue Officer, Cherif Sleiman, noted the continued demand across various segments. August was an exciting month with numerous developments fueling Dubai’s growing real estate sector. They are seeing increased interest from both younger families seeking affordable, community-based housing and ultra-high-net-worth individuals attracted to luxury properties.
He also highlighted the Dubai Land Department’s recent launch of the 6005AQARI video call platform, aimed at providing international investors with direct access to real estate professionals. This aligns with Property Finder’s mission to enhance transparency and trust, offering data-driven solutions like DataGuru to both international investors and local buyers.
Original article reference: Zawya.
