Fri 8 Mar 2024

Dubai's real estate market witnessed a surge in sales amounting to $10 billion in February

with Property Finder data revealing a 35 percent year-on-year increase in sales. The report also unveils the prime neighborhoods and preferred property types in demand.

Dubai's iconic towers in a breathtaking distant panorama best places to live in Dubai for families.

According to a report by Property Finder, the Dubai real estate sector experienced a year-on-year rise of over 27 percent in recorded sales transactions last month.

In February 2024, the number of sales transactions exceeded 11,900, marking a notable increase from 9,371 transactions recorded in February 2023.

Building upon the positive momentum seen in 2023, there was a notable uptick in transaction values, nearly reaching AED36.6 billion ($10 billion), representing a substantial 35 percent increase compared to the same month in the previous year. This underscores the resilience and dynamism of the real estate market.

Dubai real estate trends

  • In the realm of property preferences, apartments stand out as the choice for 59 percent of potential homebuyers, while 41 percent lean towards villas or townhouses. Looking at rentals, around 80 percent of tenants are on the hunt for apartments, leaving the remaining 20 percent in search of villa or townhouse rentals.
  • Furnished vs Unfurnished: Roughly 60.7 per cent of tenants seeking apartments prefer furnished properties, while 36.6 per cent are searching for unfurnished options. In contrast, tenants who able to afford villa/townhouse rentals have different preferences, with about 55.5 per cent seeking unfurnished units and 42.6 per cent looking for furnished options.
  • Regarding ownership, roughly 33 percent of home seekers or investors were interested in one-bedroom units, while 35 percent favored two-bedroom apartments, and 15 percent were seeking studios. In the Villas/Townhouses category, 40 percent of home seekers were primarily interested in three-bedroom units, while 44 percent were in search of four-bedroom or larger options.
  • Supported by the current market conditions, property transactions demonstrated a significant year-on-year surge of approximately 23 percent in volume, amounting to over 5,500 transactions. Additionally, the value of these transactions experienced a noteworthy 46 percent year-on-year increase, reaching AED23.5 billion ($6.4 billion), compared to AED16 billion ($4.4 billion) recorded in February 2023.
  • The demand for off-plan properties is on the rise, evident in a year-on-year increase of approximately 31 percent in transaction volume, with 6,385 recorded transactions in existing properties. Furthermore, the value of these transactions surged by around 18.5 percent year-on-year, reaching approximately AED13 billion ($3.5 billion), compared to AED11 billion ($3 billion) in February 2023.
the-futuristic-skyscrapers-of-dubai-2023-11-27-05-26-32-utc

Top Searched Apartment Ownership Areas in Dubai:

  • Dubai Marina
  • Downtown Dubai
  • Jumeirah Village Circle
  • Business Bay
  • Palm Jumeirah

 

The most desired areas to own villas/townhouses were:

  • Dubai Hills Estate
  • Al Furjan
  • Arabian Ranches
  • Palm Jumeirah
  • Mohammed Bin Rashid City

 

Leading areas for rentals were:

  • Dubai Marina
  • Jumeirah Village Circle
  • Downtown Dubai
  • Business Bay
  • Deira

 

The most popular searches to rent villas/townhouses were:

  • Dubai Hills Estate
  • Damac Hills 2
  • Jumeirah
  • Al Barsha
  • Umm Suqeim

 

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Aveline Residences, JVC’s latest development by Citi Developers, offers luxurious living in the heart of Dubai. With meticulously crafted apartments and townhouses, modern amenities, and a prime location, Aveline Residences is the epitome of contemporary living in JVC.

 

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Dubai’s real estate surged to $10 billion in February.

Fri 8 Mar 2024 Facebook Youtube Whatsapp Linkedin Instagram Dubai’s real estate market witnessed a surge in sales amounting to $10 billion in February with Property Finder data revealing a 35 percent year-on-year increase in sales. The report also unveils the prime neighborhoods and preferred property types in demand. According to a report by Property Finder, the Dubai real estate sector experienced a year-on-year rise of over 27

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