Dubai’s real estate market has hit new heights with a record-breaking performance in July 2024.
Overview
Over 17,000 transactions worth Dh55.5 billion were recorded, marking the highest monthly figures ever for the city. This impressive growth underscores Dubai’s resilience and the increasing appeal of its property market.
Market Performance: A Surge in Transactions and Values
According to the latest data from Property Finder, July 2024 saw a staggering 59% increase in the number of transactions and a 57% rise in transaction value compared to July 2023. This month’s figures not only reflect a robust recovery but also align with the peak transaction values recorded earlier this year in May.
In terms of transaction volume, the market recorded a historic 8,400 transactions in July, a 27% increase from May 2024’s 6,606 transactions. The total value of these transactions reached Dh36 billion in the ready market, surpassing the June 2024 peak by 23%. The off-plan market also experienced substantial growth, with a 77% YoY increase in transaction volume, reaching approximately 9,300 transactions. The value of off-plan transactions saw a notable 54% YoY rise, totaling around Dh19.4 billion.
Ownership Trends: What Buyers are Looking For
When it comes to property ownership, 59% of buyers are focused on apartments, while 41% are interested in villas or townhouses. Among those searching for apartments, 33.6% are looking for one-bedroom units, 35.2% prefer two-bedroom options, and 13.7% are interested in studios. For villas and townhouses, 39.8% seek three-bedroom units, and 44.9% are looking for four-bedroom or larger options.
Popular areas for apartment ownership include Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah. Meanwhile, Dubai Hills Estate, Al Furjan, Palm Jumeirah, and Akoya by Damac are the top choices for villa and townhouse buyers.
Rental Trends: Preferences and Popular Areas
In the rental market, 80% of tenants are looking for apartments, with 60% preferring furnished properties and 38% opting for unfurnished ones. Among those seeking villas and townhouses, 57% are interested in unfurnished units, while 42% prefer furnished options.
For apartment rentals, 37% of tenants are looking for one-bedroom units, 31.7% prefer two-bedroom apartments, and 20.9% are interested in studios. Rental seekers for villas and townhouses show a balanced preference, with 43.1% searching for three-bedroom units and 35.4% looking for four-bedroom or larger options.
Top rental areas for apartments include Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira. Popular choices for renting villas and townhouses are Jumeirah, Al Barsha, Dubai Hills Estate, Akoya Damac Hills, and Umm Suqeim.
Looking Ahead: A Bright Future for Dubai Real Estate
Cherif Sleiman, Chief Revenue Officer at Property Finder, highlights the exciting phase Dubai’s real estate market is experiencing. As the UAE moves towards its ‘We the Emirates 2031’ vision, there is a clear upward trend in both transaction volume and value. The market is not only thriving in established areas but also seeing increasing interest in newer developments outside the central city locations.
The continuous innovation and commitment to transparency in the real estate sector are driving this growth. Property Finder remains dedicated to supporting this dynamic market, enhancing the property search experience with trust, technology, and transparency.
Dubai’s real estate market is thriving, with record-breaking figures and a promising future. Whether you’re looking to buy, sell, or rent, the market’s vitality presents exciting opportunities for all stakeholders. Stay tuned for more updates and insights as we continue to track and analyze Dubai’s ever-evolving property landscape.
