Cranes tower over a bustling construction site in Dubai, symbolizing the city's ongoing development. The off-plan property market in Dubai continued to bolster the real estate sector in November 2024, with transaction volumes surging by approximately 46 percent year-on-year, totaling around 8,548 deals, according to recent data.
Overall, Dubai's property transactions rose by nearly 19 percent in November 2024 compared to the same month in 2023. Property Finder, a prominent property portal in the Middle East and North Africa (Mena) region, reported that the market sustained a robust upward trajectory, with over 14,479 transactions valued at Dh43 billion, marking a 1.6 percent increase from the previous year.
Data revealed that about 33 percent of prospective buyers and investors were seeking one-bedroom units, while 35 percent preferred two-bedroom apartments and 15 percent were interested in studios. Among villa/townhouse seekers, 37 percent looked for three-bedroom units, and 50 percent aimed for four-bedroom or larger options. Popular areas for apartment ownership included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah. Dubai Hills Estate, Palm Jumeirah, Al Furjan, Dubai Land, and Mohammed Bin Rashid City were the most sought-after locations for villa/townhouse ownership.
In the off-plan market, transaction values saw a significant year-on-year increase of around 30 percent, reaching approximately Dh18.2 billion, up from Dh14 billion in November 2023. Meanwhile, the ready market recorded 5,931 transactions, a six percent decline in volume. In terms of value, the ready market transactions amounted to around Dh24.8 billion, a 12.22 percent decrease compared to November 2023, which had transactions worth Dh28.3 billion.
Cherif Sleiman, Chief Revenue Officer at Property Finder, commented, “As we wrap up an extraordinary year in 2024, we are excited to be part of a sector that is set for substantial growth in 2025. At our recent Property Finder Awards, we observed a significant shift in the industry, with professionals driving trust and transparency across the region. Notably, we are seeing a rise in female and Gen Z investors, broadening our audience and opening new avenues for real estate success in the coming year.”
In the rental market, approximately 65 percent of apartment tenants preferred furnished properties, while 34 percent opted for unfurnished options. Villa/townhouse tenants showed different preferences, with around 51 percent seeking unfurnished units and 48 percent choosing furnished properties. When searching for apartments, 35 percent of tenants were interested in one-bedroom units, 31 percent in two-bedroom apartments, and 24 percent in studios. Among villa seekers, 40 percent looked for three-bedroom units, and 38 percent searched for four-bedroom or larger options. Top areas for renting apartments included Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Deira. Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim were popular among those looking to rent villas/townhouses.
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