Record-breaking real estate performance in Dubai
May 2024 records new all time peak for Dubai’s real estate sector with transactions worth 46.5 bn AED
Dubai: Property Finder, the MENA region's leading property portal, shares remarkable data showcasing Dubai's real estate sector reaching unparalleled heights in May 2024.
Record-breaking performance:
According to Property Finder's exclusive data, May 2024 witnessed a historic pinnacle in Dubai's real estate domain, boasting the highest volume and value of transactions ever recorded. With a staggering total of 17,713 transactions, representing a remarkable 53% surge compared to May 2023, the market saw an influx of activity. These transactions accumulated to a monumental value of 46.5 billion dirhams, marking a 38% increase, and setting a new benchmark for the industry.
Rental revelations:
Delving deeper into rental trends, Property Finder's insights reveal intriguing preferences among tenants. An overwhelming 78% sought apartments, while 22% considered villas and townhouses. The allure of furnished properties captivated 58% of apartment seekers, contrasting with the 40% opting for unfurnished options. Meanwhile, villa and townhouse hunters displayed a balanced preference, with 57% leaning towards unfurnished units and 42% favoring furnished properties.
Ownership insights:
Ownership aspirations showcased a similar trend, with 59% of property seekers eyeing apartments and 41% exploring villas and townhouses. The breakdown further revealed a demand for one-bedroom units among 32% of investors, while 46% expressed interest in larger four-bedroom options for villas and townhouses.
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Hot spots and preferences:
The allure of Dubai Marina, Jumeirah Village Circle, and Downtown Dubai remained strong among renters and potential property owners alike. For villas and townhouses, areas like Jumeirah, Dubai Hills Estate, and Al Furjan emerged as sought-after destinations, reflecting evolving preferences and lifestyle aspirations.
Off-plan vs. existing market:
In a significant revelation, the off-plan market witnessed unprecedented growth, recording the highest volume and value of transactions in history. With 11,107 transactions valued at 22.7 billion dirhams, this sector solidifies its position as a promising avenue for long-term investment. Meanwhile, the existing market continued to thrive, with a notable year-on-year increase of 8.8% in volume and a remarkable 21% surge in value, showcasing Dubai's resilience and enduring appeal in the real estate landscape.
Image Credit: Supplied