Property deals in Dubai broke records in July’ 24
Published Date: 27th Aug, 2024
Property deals in Dubai broke records in July’ 24
Comparing July 2023 to now, Property Finder data shows that the market continued its upward trend, with a 59% increase in sales and a 57% increase in value.
As transaction values approached the maximum peak seen earlier this year in May, July proved to be a critical month for the sector. 51 percent of the transactions took place in ten districts, which included Al Thayah Fifth, Business Bay, Jebel Ali First, Marsa Dubai, Wadi Al Safa, and Al Barsha South Fourth.
Value-wise, the ready market saw transactions of Dh36 billion, surpassing the highest peak noted in June 2024 by 23%.
There were almost 9,300 transactions in the off-plan sector, representing a YoY increase in volume of about 77%.
Ownership Perspectives
Of those who expressed interest in buying a property, 59% were seeking for an apartment, and 41% were looking for villas or townhouses. Thirty-six percent of investors indicated a preference for studios, thirty-six percent for two-bedroom flats, and thirty-six percent for one-bedroom units.
39.8% of those looking for villas or townhouses were looking for apartments with three bedrooms, and 44.9% were looking for alternatives with four bedrooms or more.
Business Bay, Palm Jumeirah, Downtown Dubai, Jumeirah Village Circle, and Dubai Marina were among the most popular places to buy real estate. The most sought-after neighborhoods for villa/townhouse ownership were Al Furjan, Dubai Hills Estate, Palm Jumeirah, and Akoya by Damac.
Trends in Renting
Eighty percent of tenants wanted apartments, while twenty percent were thinking about villas or townhouses.
About 60% of renters who were seeking for apartments favored furnished apartments, while 38% chose unfurnished ones.
There was variation in the preferences of tenants looking for villas/townhouses; approximately 57% looked for unfurnished apartments and 42% went for equipped ones.
37% of tenants said they preferred one-bedroom apartments, 20.9 percent preferred studios, and 31.7 percent preferred two-bedroom flats while looking for an apartment.
Renters eager to choose townhouses or villas appeared to be distributed fairly, with 35.4% seeking larger or four-bedroom units and 43.1% looking for units with three bedrooms.
With the UAE moving toward its vision 'We the Emirates 2031,' we are at a turning point in the nation's development journey throughout social, economic, and investment fields, and in turn - the property market," stated Cherif Sleiman, senior revenue manager at Property Finder. Realizing this, more individuals are looking for long-term rental residences in Dubai, as seen by the rising trend in transaction volume and value. Sharjah regulatory reports also show encouraging interest from investors.
Date: 27th Aug, 2024
