According to data released by Property Finder, a leading real estate portal in the Middle East and North Africa region, real estate sales transactions in Dubai surged by over 27% in February compared to the same period last year, with transaction value soaring to nearly AED 36.6 billion, marking a 35% increase over February 2023. These figures underscore the strength and vitality of the Dubai real estate market.
Specifically, two-bedroom apartments emerged as the most popular rental choice, accounting for 35% of the total searches, followed by one-bedroom apartments at 33%. Among buyers, approximately 59% showed interest in apartments, while 41% were searching for villas/townhouses. Moreover, the total value of real estate sales in Dubai reached a record AED 35.4 billion in January 2024, marking a significant 27% increase compared to the same period last year, once again highlighting the market's prosperity.
In terms of specific transaction data, existing property transaction volume in February increased by approximately 23% year-on-year, with over 5,500 units sold, while transaction value surged by 46% year-on-year, reaching AED 23.5 billion. Demand for off-plan properties also increased, with existing property transaction volume rising by 31% year-on-year, totaling 6,385 transactions, while transaction value surged by approximately 18.5%. These numbers indicate that the Dubai real estate market continues to maintain strong growth momentum amid increasing housing demand.
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Cherif Sleiman, Chief Revenue Officer of Property Finder, noted that the real estate market demonstrated significant growth in February, with both transaction volume and value seeing substantial increases. He pointed out that this once again demonstrates the resilience and vitality of the industry, reflecting positive trends and hopeful opportunities for investors and buyers alike. Interestingly, while existing real estate transaction volume and value saw significant increases, demand for off-plan transactions was even higher, with a greater year-on-year increase in transaction volume.
Furthermore, data on the rental market shows that approximately 80% of tenants are searching for apartments, while 20% are seeking villas/townhouses. In the rental market, furnished properties are preferred by approximately 60.7% of apartment-seeking tenants, while for villa/townhouse seekers, approximately 55.5% prefer units without furniture.
In terms of buyers and investors, approximately 33% are looking for one-bedroom units, 35% prefer two-bedroom apartments, and 15% are searching for studio apartments. As for villas/townhouses, 40% of buyers are primarily seeking three-bedroom units, while 44% are looking for four-bedroom or larger options.
In the Dubai real estate market, popular buying and renting areas include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah, among others. Dubai Hills Estate, Al Furjan, Arabian Ranches, Palm Jumeirah, and Mohammed Bin Rashid City are among the most sought-after villa/townhouse areas.
