The surge in May’s real estate activity surpassed the previous volume peak of March 2024 by 10% and exceeded December 2023’s highest value by 30%. The off-plan market contributed significantly to this growth, recording 11,107 transactions worth Dh22.7 billion, a 13% increase from the previous high in April 2009 and a 25% rise in value from September 2023.
In the rental market, 78% of tenants sought apartments, with 58% preferring furnished units. Villas and townhouses attracted 22% of renters, with a preference for unfurnished units at 57%. Popular rental areas for apartments included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Jumeirah Lake Towers. For villas and townhouses, Jumeirah, Dubai Hills Estate, Damac Hills 2, Umm Suqeim, and Al Barsha were the top choices.
Ownership interest also saw significant activity, with 59% of property seekers looking for apartments and 41% for villas/townhouses. One and two-bedroom apartments were most popular, while three and four-bedroom units dominated villa/townhouse preferences. Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah were the most sought-after areas for apartment ownership, while Dubai Hills Estate, Dubai South, Al Furjan, Arabian Ranches, and Palm Jumeirah topped the list for villas/townhouses.
Cherif Sleiman, Chief Revenue Officer at Property Finder, highlighted the resilience and growth of Dubai’s real estate sector, stating, “May 2024 has once again proven that real estate growth in the UAE is here to stay. We have seen a remarkable spike this month in volume and value of transactions not just from a YoY perspective but also exceeding pre-pandemic numbers.”
The existing market also showed robust performance, with a year-on-year increase of 8.8% in transaction volume, reaching 6,606 transactions valued at approximately Dh23.8 billion—a 21% rise from May 2023.
This record-breaking growth reflects a sustained demand for community-centric living and long-term investments, driven by diverse new projects catering to various price points. As Dubai’s real estate market continues to evolve, Property Finder remains committed to supporting consumers with comprehensive information for sound decision-making in their home-seeking journey.
Source: Khaleej Times
