Dubai’s Real Estate Market Starts 2024 with Robust Growth

Dubai’s real estate market kicks off 2024 on a high note, with Property Finder’s latest data showcasing significant growth in January. They highlighted a notable uptick in market activity, indicating a buoyant start to the year for Dubai’s dynamic property sector.

The data from Property Finder indicates a year-on-year (YoY) growth of 17% in the number of sales transactions, which soared to over 11,000 from 8,712 in January of the previous year. Furthermore, the value of these transactions experienced a remarkable 27% increase, reaching nearly AED 35 billion, up from the same period last year.

Key Insights:

  • Interest Distribution: A split in buyer interest shows 58% leaning towards apartments and 42% favouring villas and townhouses. On the rental side, 80% of tenants prefer apartments, contrasting with 20% who opt for villas or townhouses.
  • Furnishing Preferences: Among tenants, 62.2% prefer furnished apartments, while 36.1% look for unfurnished ones. Villa and townhouse renters show a preference for unfurnished properties at 57%, with 42% seeking furnished ones.
  • Sought-after Sizes: Demand trends indicate a preference for one-bedroom (36%) and two-bedroom apartments (31%), with studios at 22%. Three-bedroom villas and townhouses lead in popularity at 43%, with four-bedroom or larger properties following at 34%. Buyers’ preferences mirror this trend.
  • Location Preferences: For apartment purchases, Dubai Marina, Downtown Dubai, and Jumeirah Village Circle lead the preferences, while Dubai Hills Estate and Arabian Ranches are top picks for villas and townhouses. Rental hotspots include Dubai Marina for apartments and Dubai Hills Estate for villas and townhouses.
  • Existing Property Transactions: These saw an 8% YoY increase in volume, surpassing 5,000 transactions, with their value jumping 31% to AED 21 billion.
  • Off-plan Properties: Showed a 25% increase in transaction volume with a 21% rise in value, highlighting a growing interest in new developments.

Cherif Sleiman, Chief Revenue Officer at Property Finder, commented on the findings: “We are delighted to see January build on the great momentum from last year, revealing positive scope for sustained successes in 2024. It’s interesting to see off-plan gain further traction, promising demand for new projects. As a leading proptech portal, we continue to keep our eyes on evolving consumer choices, with an aim to empower our partners and property seekers to make more informed decisions within this thriving real estate landscape. ”

This positive start reflects the market’s resilience and growing investor confidence, hinting at a prosperous year ahead for Dubai’s real estate sector.

Original article reference: Zawya.

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