Dubai’s Real Estate Transactions Jump 27% in February

Dubai’s real estate market showcased impressive growth in February, with a significant 27% increase in sales transactions, reaching 11,900, up from 9,371 in the same month the previous year. This growth reflects the market’s continuous vitality into the current year.

Property Finder, a prominent property portal in the MENA region, highlighted an impressive rise in transaction values, soaring to nearly AED 36.6 billion, a 35% hike from February of the prior year. This surge underscores the real estate sector’s robustness and energy.

The report revealed a high demand for two-bedroom apartments, making up 35% of total search queries, with one-bedroom apartments following closely at 33%. The trend persisted from January 2024, when the market experienced a record-breaking AED 35.4 billion in sales, indicating positive momentum for the year, driven by strong demand for off-plan properties and a continuation of the previous year’s growth.

February’s figures showed a notable 23% year-on-year increase in transactions for existing properties, exceeding 5,500 deals, and a 46% jump in their value, reaching AED 23.5 billion. The demand shifted slightly more towards off-plan properties, yet existing property transactions also enjoyed substantial growth, with a 31% increase in volume.

Cherif Sleiman, Chief Revenue Officer at Property Finder, commented on the sustained market momentum, reflecting a robust and dynamic real estate landscape that promises attractive opportunities for investors and house hunters, with a notable preference for off-plan properties over existing properties in transaction volumes and values.

The company’s research indicated a split in market interest, 59% of potential buyers were eyeing apartments, while 41% were interested in villas or townhouses. Rental market data showed an 80% inclination towards apartments, contrasting with a 20% interest in villas or townhouses, highlighting diverse preferences across the board.

In detailing tenant preferences, the portal noted a significant interest in one and two-bedroom apartments, alongside a notable demand for three-bedroom villas or larger units. The data also reflected varying preferences for furnished versus unfurnished properties, with a considerable number of tenants leaning towards furnished apartments, especially in the villa and townhouse segments.

The research further outlined the most popular areas for apartment and villa/townhouse acquisitions and rentals, showcasing preferences for locations like Dubai Marina, Downtown Dubai, and Palm Jumeirah, among others, indicating the market’s dynamic and varied landscape.

Original article reference: Khaleej Times

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