Dubai real estate: 60% property seekers eye apartments says new report

According to the Dubai Land Department, the market witnessed a significant surge in transaction value, reaching nearly AED42 billion, marking a notable increase of 36 percent compared to the same month last year.

In terms of rental preferences, approximately 36 percent of tenants were actively seeking one-bedroom units, while 30 percent expressed a preference for two-bedroom apartments, and 24 percent were in search of studios.

“As the demand for property significantly scales, we see the demand for ownership strengthening along with some spikes in ready transactions. As December draws to an end, we expect to close the year with a positive momentum paving the way for a rewarding 2024 with sustainable performance when it comes to value and volume of transactions driven by new projects,” Cherif Sleiman, Chief Revenue Officer at Property Finder.

When it came to villas/townhouses, 42 percent of tenants were primarily looking for three-bedroom units, while 35 percent had their sights set on four-bedroom or larger options.

The data also revealed that 66 percent of tenants were in search of furnished properties, while 32 percent preferred unfurnished options.

However, when it came to villa/townhouse rentals, 51 percent of tenants leaned towards unfurnished units, compared to 48 percent considering furnished properties.

Dubai’s Ready Property Market Soars

The ready properties market played a significant role in supporting the emirate’s real estate market uptrend in November, accounting for 52 percent of total sales transactions and 67 percent of the total transaction value.

There was a 10 percent year-on-year increase in the volume of ready property sales, with approximately 6,335 transactions recorded, compared to 5,749 in November 2022.

The value of ready properties also experienced significant growth, increasing by almost 60 percent to touch AED28 billion compared to AED17 billion in November 2022.

Interestingly, only ten areas, namely Palm Jabal Ali, Me’Aisem Second, Burj Khalifa, Palm Jumeirah, Business Bay, Madinat Dubai Almelaheyah, Madinat Al Mataar, Jumeirah Village Circle (JVC), Dubai Marina (Marsa Dubai), and Falcon City of Wonders, contributed to almost 53 percent of the total sales value and 41 percent of the total transactions.

Apartment and Villa Trends: November 2023 Insights

The top areas searched for owning apartments in November 2023 included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.

For owning or renting villas/townhouses, the most desired areas were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya by Damac), and Mohammed Bin Rashid City.

When it came to apartment rentals, the popular areas were Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Jumeirah Lake Towers. For villa/townhouse rentals, Dubai Hills Estate, Jumeirah, Al Barsha, Damac Hills 2 (Akoya), and Arabian Ranches were the sought-after locations.