The Dubai real estate sector saw an increase of more than 80 per cent in the value of existing property transactions in October, compared to the year before, according to Property Finder research.
The month saw 7,128 real estate transactions worth a total of AED29.7bn ($8.1bn), recording a 17.46 per cent increase in value compared to the same month last year.
According to the latest data, 60 per cent of property buyers were looking for an apartment, while 40 per cent were interested in villas/townhouses.
Dubai real estate trends
Meanwhile, in the rental market, around 82 per cent of tenants were searching for apartments, and 18 per cent were looking for villas or townhouses.
Around 67.5 per cent tenants seeking apartments for rent favoured furnished properties, while 30.9 per cent were searching for unfurnished options.
Among the tenants who can afford to rent a villa or townhouse, 51 per cent preferred unfurnished units, while 48 per cent favoured furnished options.
Around 36 per cent of tenants were looking for one-bedroom units last month, while 30 per cent expressed a preference for two-bedroom apartments, and 24 per cent were searching for studios.
Among villas/townhouses, three-bedroom units enjoyed the highest popularity at 43 per cent, while 35 per cent of tenants were searching for four-bedroom or larger options.
According to Property Finder’s proprietary data, among the top areas searched to rent apartments in October 2023 were:
- Dubai Marina
- Jumeirah Village Circle
- Business Bay
- Downtown
- Jumeirah Lakes Towers
Dubai Hills Estate, Jumeirah, Al Barsha, Dubai Hills 2 (Akoya), and Arabian Ranches were the most popular among those seeking to rent villas/townhouses.
The list of top areas searched to own apartments included Dubai Marina, Downtown, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan, and Mohammed Bin Rashid City were among the most desired areas for property seekers looking to own villas/townhouses.
The existing property segment continued to support Dubai’s real estate market in October.
The volume of existing property sales rose by 36.8 per cent year-on-year to 5,602 transactions, compared to 4,095 in the same month last year.
This increase was reflected in the value of existing properties, which surged by 81 per cent to around AED25.7bn ($7bn), significantly surpassing the AED14.2bn ($3.9bn) in October 2022.
This marks by far the highest transaction value in this segment for the month of October in a decade.
Ten areas contributed to more than 45 per cent of the total number of transactions.
These included:
- Jumeirah Village Circle
- Business Bay
- Burj Khalifa
- Dubai Marina
- Madinat Hind 4
- Al Hebiah Fifth
- Palm Jebel Ali
- International City Phase 1
- Jumeirah Lakes Towers
- Dubai Sports City
In terms of transaction value in this segment, Palm Jebel Ali, Al Sufouh 2, Palm Jumeirah, Jumeirah Village Circle, Burj Khalifa, Al Hebiah Fifth, Business Bay, Palm Deira, Nad Al Shiba First, and Dubai Marina accounted for 54 percent.
Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “In October 2023, Dubai’s existing property market witnessed a strong uptake, recording new spikes in property preferences.
“Amid this evolving landscape, Property Finder remains committed to being a trusted partner for property seekers on their property search journey.
“We continue to leverage the latest tools to empower and guide property seekers to make the right decision, while enabling trust and transparency for the nation’s growing real estate sector.”
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