Dubai's property market soars: Sales transactions surge by 45.11% YoY to AED 32 billion, says Property Finder
58% of interested buyers were looking for an apartment, while 42% were searching for villas/townhouses - Property Finder
Dubai: Property Finder, the premier property portal in the MENA region, has unveiled its market performance highlights for April 2024, providing significant insights into the real estate sector.
During April 2024, there was a year-on-year surge of over 45.11% in recorded sales transactions, totaling 11,607 compared to 7,999 in April 2023. This robust growth trajectory persisted into the first quarter of 2024, with transaction values experiencing a notable upswing, reaching nearly AED 32 billion. This figure represents a substantial increase of 21.13%.
What does the data highlight?
The discernible escalation in the demand for apartments warrants attention. Property Finder's proprietary data indicates that a substantial 58% of individuals inquiring about residential properties for purchase are specifically interested in apartments, while 42% are exploring options in villas or townhouses. Moreover, an impressive 79% of prospective tenants are actively seeking apartments, with 21% expressing interest in villas or townhouses. This observed trend underscores a notable surge in the preference for apartments, signaling a departure from previous months where villas held greater appeal.
Consistent momentum in villa demand
Demand for villas continues to show consistent growth, particularly for three-bedroom units, while 37% of property seekers are interested in four-bedroom or larger options for rent. Among potential villa owners, 41% are seeking three-bedroom units, while 45% are searching for larger options.
Thriving demand for furnished properties
Around 64% of apartment-seeking tenants prefer furnished properties with ready interiors, compared to 33% who opt for unfurnished options. Conversely, among those seeking villa or townhouse rentals, approximately 55% prefer unfurnished units, while 44% prefer furnished options.
Sustained preference for larger units
Among apartment renters, 36% are interested in one-bedroom units, 32% prefer two-bedroom apartments, and 21% are looking for studios. Conversely, among property buyers, 33% prefer one-bedroom units, 36% prefer two-bedroom apartments, and 14% are interested in studios.
New areas of focus
Recent announcements regarding airport operations have sparked increased interest in areas such as Dubai South (Dubai World Central) for villa ownership. Popular areas for apartment ownership include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. Top rental areas for apartments are Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira, while popular rental areas for villas or townhouses include Dubai Hills Estate, Damac Hills 2, Jumeirah, Al Barsha, and Dubai Land.
Continued market support
Existing property transactions have witnessed a year-on-year increase of approximately 6.45% in volume, with 4,404 transactions recorded, totaling approximately AED 18.1 billion in value.
Interest in off-plan properties
Remains strong, offering attractive returns on investments. Year-on-year, there has been a significant 86.51% increase in transaction volume, totaling 7,203 transactions. Additionally, there has been a notable surge of 77.09% year-on-year in transaction value, reaching approximately AED 13.9 billion compared to AED 7.8 billion in April 2023.
Cherif Sleiman, Chief Revenue Officer at Property Finder, said:
“It is promising to see the continued spike in interest in off-plan options, given the diversity of choice, the robust pipeline in place, and the potential high return on investment. We expect the market will remain dynamic following announcements such as the shift of operations from Dubai International Airport to Al Maktoum International Airport, sparking renewed demand across developing areas. To help navigate these changes, through our comprehensive tools and features we will continue to better inform the market and guide property seekers on their home search journey."
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