An aerial view of Dubai Marina. In October 2024, the market saw unprecedented transaction volumes and values, reaching 7,140 deals. — File photo
October marked a remarkable month for Dubai's real estate sector, with record-high values recorded for the month. A total of 20,670 transactions were documented, reflecting a 71% surge compared to October 2023. The value of these transactions rose by 56%, amounting to Dh61.5 billion.
According to Property Finder's data released on Wednesday, 32% of prospective buyers and investors are looking for one-bedroom units, while 36% are interested in two-bedroom apartments and 14% in studios. Among villa/townhouse seekers, 38% are searching for three-bedroom units and 49% for four-bedroom or larger options.
Popular areas for apartment ownership include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. Dubai Hills Estate, Al Furjan, Palm Jumeirah, Dubai Land, and Mohammed Bin Rashid City are the most sought-after locations for villa/townhouse ownership.
In October 2024, the market achieved its highest transaction volume and value ever, with 7,140 deals, a 27.5% increase from the 5,598 transactions recorded in October 2023. In terms of value, the ready market saw transactions worth around Dh33.7 billion, surpassing the previous peak in July 2024 by 11%.
The off-plan market experienced a year-on-year volume increase of approximately 109%, with around 13,530 transactions. The value of these transactions saw a significant year-on-year increase of 102.4%, reaching approximately Dh27.7 billion, compared to Dh13.7 billion in October 2023.
Among tenants, roughly 65% of apartment seekers preferred furnished properties, while 34% opted for unfurnished options. Villa/townhouse tenants showed different preferences, with around 53% looking for unfurnished units and 46% for furnished properties.
When searching for apartments, 35% of tenants were interested in one-bedroom units, 32% in two-bedroom apartments, and 23% in studios. A total of 41% of tenants sought three-bedroom villas, and 38% searched for four-bedroom or larger options.
Top areas for renting apartments included Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lake Towers. Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim were popular among those looking to rent villas/townhouses.
Cherif Sleiman, chief revenue officer at Property Finder, noted: “As we enter the final quarter of the year, the market is poised for further growth, fueled by both local and international investor confidence. October has underscored the resilience of both off-plan and existing properties, maintaining the upward trajectory in transaction volume and value year-on-year. Recent initiatives by the nation’s leadership, including the Dubai Real Estate Sector Strategy 2033, are a testament to this progress. We are on course to double the real estate sector’s contribution to GDP, particularly through enhanced knowledge-sharing for greater transparency. At Property Finder, we are committed to advancing Dubai’s ambitions, leveraging advanced data tools that empower our users and enrich the market landscape. Together, we are shaping a brighter future for Dubai’s real estate sector.”
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