Dubai, UAE – November 8, 2024: The Dubai real estate market reached unprecedented heights in October 2024, setting new records in both transaction volumes and values. A total of 20,670 property transactions were recorded during the month, reflecting a remarkable 71% increase compared to October 2023. The total value of these transactions surged by 56%, amounting to a staggering AED 61.5 billion, according to the latest data released by Property Finder.
Off-Plan and Existing Markets Surge
The off-plan property market witnessed an extraordinary year-on-year growth of 109% in transaction volume, reaching approximately 13,530 deals in October 2024. The value of these transactions nearly doubled, increasing by 102.4% to AED 27.7 billion compared to AED 13.7 billion recorded during the same month last year.
Simultaneously, the existing property market also experienced robust growth. October 2024 recorded the highest volume of ready property transactions to date, with 7,140 deals—a 27.5% increase from October 2023. The total value of these ready property transactions reached AED 33.7 billion, surpassing the previous record set in July 2024 by 11%.
Key Trends Among Buyers and Tenants
Dubai’s residential property market continues to attract both investors and tenants, with particular interest in specific property types:
- Apartment Buyers: Demand was highest for one-bedroom units (32%), followed by two-bedroom apartments (36%) and studios (14%). Popular areas included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
- Villa/Townhouse Buyers: The majority were searching for three-bedroom units (38%) and four-bedroom or larger options (49%). Top locations for villa ownership were Dubai Hills Estate, Al Furjan, Palm Jumeirah, Dubai Land, and Mohammed Bin Rashid City.
In the rental market, furnished apartments were highly sought after, with 65% of tenants opting for them. However, when it came to villas and townhouses, unfurnished properties were slightly more popular (53%).
Top Searched Areas for Rentals
- Apartments: Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lake Towers were the most popular locations among apartment renters.
- Villas/Townhouses: Tenants primarily searched for properties in Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim.
Optimism in the Market Moving Forward
Cherif Sleiman, Chief Revenue Officer at Property Finder, expressed confidence in the market’s future growth:
“As we move into the final quarter of the year, the market remains poised for further expansion, driven by both local and international investor confidence. October has highlighted the resilience of both off-plan and existing properties, continuing the upward trend across volume and value of transactions seen year-on-year,” he noted.
Sleiman also emphasized the impact of recent government initiatives, such as the Dubai Real Estate Sector Strategy 2033, which aims to double the sector’s contribution to GDP through enhanced knowledge-sharing and transparency.
“At Property Finder, we remain committed to supporting Dubai’s real estate ambitions by leveraging advanced data tools to empower our users and enrich the overall market landscape,” Sleiman added.
A Bright Future Ahead
With increasing investor confidence and the ongoing support from Dubai’s leadership, the real estate market appears well-positioned for continued growth. The data for October 2024 not only underscores the resilience of the sector but also sets a strong foundation as the year draws to a close.
Dubai’s focus on transparency, strategic initiatives, and leveraging technology is paving the way for a more dynamic and sustainable real estate market in the years to come.
Source: Khaleej Times
