The real estate market in Dubai continues to shatter records, with July 2024 marking a historic high in terms of both transaction volume and value. According to data released on Monday, the city recorded over 17,000 transactions amounting to an astounding Dh55.5 billion, setting a new benchmark for the month of July.
Unprecedented Growth in the Market
The Dubai real estate market has been on an upward trajectory, with the latest figures showing a 59% increase in transactions and a 57% increase in value compared to July 2023. The momentum from earlier in the year, particularly in May, continued to build, with July surpassing previous records. Notably, the current market saw an increase in transactions by 27% from May 2024, with 8,400 transactions recorded—an all-time high.
Key Areas Driving the Market
Ten regions in Dubai were pivotal in driving this growth, contributing to 51% of all transactions. These areas include Al Barsha South Fourth, Business Bay, Marsa Dubai, Jebel Ali First, Wadi Al Safa, and Al Thayah Fifth. These hotspots have become the epicenter of real estate activity, attracting both investors and end-users alike.
The Ready Market and Off-Plan Boom
The ready market witnessed transactions totaling Dh36 billion, a 23% increase from June 2024. This surge reflects the growing demand for ready-to-move-in properties, as buyers seek immediate ownership amidst rising property values.
Simultaneously, the off-plan market also saw remarkable growth. With approximately 9,300 transactions, the market experienced a 77% increase in volume year-over-year. The value of these transactions saw a significant jump of 54%, rising from Dh12.6 billion in May 2023 to around Dh19.4 billion.
Ownership Trends: What Buyers Want
Data from Property Finder highlights distinct preferences among buyers in Dubai. Of those interested in purchasing property, 59% were looking for apartments, while 41% were searching for villas or townhouses. The data also shows that 36% of investors preferred studios, another 36% opted for two-bedroom apartments, and the remaining 36% sought one-bedroom units. Among those looking for villas or townhouses, 39.8% were interested in three-bedroom units, while 44.9% were drawn to properties with four bedrooms or more. The most sought-after areas for apartment ownership included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah. For villas and townhouses, Akoya by Damac, Palm Jumeirah, Al Furjan, and Dubai Hills Estate were the top choices.
Shifting Rental Trends
The rental market in Dubai has also seen significant activity, with 20% of tenants considering villas or townhouses and 80% searching for apartments. Interestingly, 60% of apartment renters favored furnished units, while 38% preferred unfurnished ones. The preferences among those renting villas or townhouses varied, with 57% opting for unfurnished units and 42% choosing furnished options. The demand for rental properties is concentrated in key areas, with Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira being the most popular for apartment rentals. Meanwhile, villa and townhouse seekers are primarily drawn to Jumeirah, Al Barsha, Dubai Hills Estate, Akoya Damac Hills, and Umm Suqeim.
A Promising Future
Cherif Sleiman, Chief Revenue Officer at Property Finder, emphasized the significance of these trends in light of the UAE's vision for 2031. As the nation continues its development journey, the real estate market remains a vital component of its economic landscape. The growth in both existing and off-plan projects, coupled with increased investor interest, suggests that Dubai's property market will remain dynamic and resilient.
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