Dubai Records 45.11% Yoy Increase In Sales Transactions, Reaching Aed 32bln In Value 

Dubai Records 45.11% Yoy Increase In Sales Transactions, Reaching Aed 32bln In Value 

Are you looking for a suitable location to buy or rent a house in Dubai? Now you are not alone in this war. Due to the constant and rapid increase in the current real estate market, many people are currently facing similar challenging conditions.

In April 2024, Dubai experienced an impressive increase in sales transactions, marking a 45.11% increase year-on-year (YoY). This notable growth resulted in AED 32 billion in transaction value, indicating a strong and vibrant real estate market.

Dubai Records 45.11% Yoy Increase In Sales Transactions, Reaching Aed 32bln In Value 

Growth In Sales Transactions

The city recorded a significant rise in the number of transactions from 7,999 in April 2023 to 11,607 in April 2024. This increase in transaction volume indicates that there is high demand in the real estate market, drawing interest from both local and international buyers.

The substantial growth in transaction value, which reached almost AED 32 billion, highlights the appeal of Dubai’s real estate market to investors.

Demand For Apartments And Villas

Buying Patterns

 58% of property seekers looking to purchase a home were focusing on apartments, while 42% were interested in villas or townhouses. This indicates a shift in preferences towards apartments, which have become more popular in recent months compared to villas.

The changing buying patterns reflect an evolving market, with more people opting for apartment living due to the variety of choices available.

Renting Patterns

On the rental side, the data showed that 79% of tenants were looking for apartments, while only 21% were interested in villas or townhouses. This suggests a stronger preference for apartment living, which can be attributed to factors such as affordability and convenience.

The shift in rental preferences could also be due to the rise in newly constructed apartment buildings in key locations across the city.

Dubai Records 45.11% Yoy Increase In Sales Transactions, Reaching Aed 32bln In Value 

Interest In Various Property Sizes

Villa Sizes

For those seeking to purchase villas, three-bedroom units remained the most popular choice. Around 41% of villa buyers were searching for three-bedroom options, while 45% were interested in four-bedroom or larger units. This demonstrates that buyers are looking for spacious homes, possibly for larger families or to accommodate future needs.

When it comes to renting villas, three-bedroom units were also the top choice, attracting 37% of property seekers. Similarly, 37% of renters were interested in larger villas, such as those with four or more bedrooms. This trend may be due to the desire for additional space and amenities in villas.

Also Read: Dubai: Property Service Charges May Rise After Record Rains

Apartment Sizes

For apartment renters, 36% of tenants were interested in one-bedroom units, while 32% preferred two-bedroom apartments. Studios were less popular, with only 21% of renters expressing interest in them. The preference for one- and two-bedroom apartments may be related to the needs of young professionals, couples, or small families.

Among those looking to own an apartment, the demand for two-bedroom units was slightly higher (36%), followed closely by one-bedroom units (33%). Studios were the least popular, with just 14% of buyers expressing interest. This suggests that people looking to purchase apartments are prioritizing more living space for long-term use.

Preferences For Furnished And Unfurnished Properties

Furnished Apartment Rentals

Approximately 64% of tenants looking to rent apartments preferred furnished properties with ready interiors. This trend is likely because furnished apartments offer convenience for tenants who don’t want the hassle of purchasing furniture and other items themselves.

On the other hand, 33% of tenants were searching for unfurnished options. This group may prefer to furnish their homes according to their tastes and preferences or may already own furniture they wish to use.

Villa And Townhouse Rentals

The preferences of tenants seeking villa and townhouse rentals were somewhat different. Around 55% were interested in unfurnished units, while 44% looked for furnished options.

This difference might be due to tenants who want the freedom to decorate their living spaces as they wish, or perhaps those who already own furniture suitable for larger living areas.

Focus On New Real Estate Areas

Dubai South And Other Emerging Areas

A recent shift in airport operations has sparked increased interest in areas such as Dubai South (Dubai World Central) for those seeking to own villas. The potential growth in this region is likely driving interest in purchasing homes here.

Additionally, other areas like Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, and Al Furjan have also seen a rise in attention from potential buyers.

Popular Locations For Apartments

Those looking to own apartments have continued to show interest in locations such as Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah

These areas are known for their modern amenities, excellent connectivity, and vibrant lifestyles, making them attractive choices for buyers.

The top areas searched to rent apartments were Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira. This shows a consistent preference for popular areas with good infrastructure and proximity to work, entertainment, and shopping centers.

Sustained Market Support For Existing Properties

Growth In Existing Property Transactions

In terms of existing property transactions, there was an increase of approximately 6.45% year-on-year, with 4,404 transactions recorded. This shows that demand for existing properties remains strong, highlighting the appeal of already-built homes in established neighborhoods.

Value Of Existing Property Transactions

The value of these existing property transactions was around AED 18.1 billion. This high transaction value reflects the continued appeal of Dubai’s property market to both local and international investors. 

It also suggests that people are willing to invest substantial sums in established areas, confident in the market’s stability.

Dubai Records 45.11% Yoy Increase In Sales Transactions, Reaching Aed 32bln In Value 

Off-Plan Transactions On The Rise

Promising Returns On Investment

Off-plan transactions have gained traction, promising good returns for investors. The volume of these transactions increased by around 86.51% year-on-year, with a total of 7,203 transactions recorded in April 2024.

The increased interest in off-plan transactions is a sign of confidence in future developments and the potential for good returns on investment.

Value Of Off-Plan Transactions

The value of off-plan transactions surged by 77.09% year-on-year, reaching approximately AED 13.9 billion. This substantial increase in value suggests that buyers are willing to invest in new projects, and confident in the prospects of the future property market.

Conclusion

Dubai’s real estate market is showing strong growth and remains an attractive destination for buyers, investors, and renters. 

The consistent rise in sales transactions, coupled with a strong demand for various property types, suggests that Dubai’s real estate market will continue to thrive in the coming months.

This robust growth may bring both opportunities and challenges, especially for those looking to navigate the market and find the right property to meet their needs.

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