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Dubai Real Estate Market February 2024 Sharply Increases Transaction Volumes
三月 5, 2024
Dubai Real Estate Market February 2024 Sharply Increases Transaction Volumes 迪拜
By   Internet
  • 都市报
  • Dubai housing market
  • Dubai real estate
  • property transactions
  • housing market trends
Abstract: The Dubai real estate market showed strong growth momentum in February. According to research from the property portal, Property Finder, property sales transaction volumes in February increased by 27% compared to the same period last year, rising from 9,371 transactions to 11,900 transactions, highlighting the sustained prosperity of this year's market.

Sherief Sofi, Chief Revenue Officer of Property Finder, stated, "Building on the positive trends seen in 2023, transaction values in February experienced a significant rise, reaching nearly AED 36.6 billion, a 35% increase compared to the same period last year, highlighting the strength and vitality of the real estate market."


The research also found that two-bedroom apartments emerged as the most popular rental choice, constituting 35% of total search volumes, followed by one-bedroom apartments at 33%.


In January 2024, the Dubai real estate market also performed well, with total sales reaching a record AED 35.4 billion. This indicates a positive outlook for the Dubai real estate market in 2024, as last year's momentum continues, and demand for off-plan properties continues to grow. January's transaction value increased by 27% compared to January 2023, breaking historical records and demonstrating a trend of sustained growth in recent years.


In February, existing property transaction volumes increased by approximately 23% year-on-year, with transactions exceeding 5,500. Property Finder's report indicated that the value of these transactions surged by 46% year-on-year, reaching AED 23.5 billion, compared to AED 16 billion in February 2023.


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Meanwhile, off-plan demand has also been increasing, with existing property transaction volumes growing by 31% year-on-year, reaching 6,385 transactions. The value of these transactions increased by approximately 18.5% year-on-year, reaching around AED 13 billion, compared to AED 11 billion in February 2023.


Sherief Sofi noted that February continued the development momentum from January, indicating an optimistic outlook for the entire year of 2024. He pointed out that February saw a significant surge in the real estate market, with transaction volumes and values both experiencing substantial growth. This once again demonstrates the resilience and vitality of the industry, reflecting positive trends and bringing great opportunities for investors and homebuyers. It is worth noting that while transaction volumes and values for existing properties soared, demand for off-plan transactions was even higher, with a greater year-on-year increase in transaction volumes.


According to Property Finder's data, approximately 59% of buyers are searching for apartments, while 41% are searching for villas/townhouses. Conversely, in the rental market, about 80% of tenants are searching for apartments, while the remaining 20% are looking for villas/townhouses.


Among tenants searching for apartments, about 60.7% prefer furnished properties, while 36.6% are looking for unfurnished properties. In contrast, tenants capable of renting villas/townhouses have different preferences, with approximately 55.5% preferring unfurnished units and 42.6% preferring furnished units.


According to the report, about 36% of tenants are searching for one-bedroom units, 31% prefer two-bedroom apartments, and 22% are looking for studios. As for villas/townhouses, 42% of tenants primarily seek three-bedroom units, while 35% are looking for four-bedroom units or larger.


The most popular areas with apartments include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. Meanwhile, Dubai Hills Estate, Al Furjan, Arabian Ranches, Palm Jumeirah, and Mohammed Bin Rashid City are the most sought-after areas for villas/townhouses. In the rental market, the main areas include Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira. Dubai Hills Estate, Damac Hills 2, Jumeirah, Al Barsha, and Umm Suqeim are the most popular areas for villa/townhouse rentals.

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Dubai Real Estate Market February 2024 Sharply Increases Transaction Volumes
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