Dubai Real Estate Market Update: August 2024
Record-Breaking Transactions
Dubai’s real estate sector has achieved another milestone, with transactions reaching AED 47.2 billion ($12.9 billion) in August 2024, according to Property Finder. This impressive figure represents a 37% increase in transaction volume compared to August 2023 and a 38% rise in transaction value.
Market Trends
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Overall Market Performance:
- Existing Properties: The market saw a record 5,684 transactions for existing properties in August, up 14% from the previous year.
- Off-Plan Properties: Off-plan transactions also surged, with a 53% increase in volume, totaling around 10,479 transactions. The value of off-plan transactions rose 40% YoY to AED 23.3 billion ($6.3 billion).
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Popular Property Types:
- Apartments: 59% of property seekers were interested in apartments, with a notable preference for one-bedroom units (32%), two-bedroom apartments (36%), and studios (14%).
- Villas/Townhouses: 41% were looking for villas or townhouses, with 39% preferring three-bedroom units and 47% seeking four-bedroom or larger options.
Top Neighborhoods for Property Ownership
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Apartments:
- Jumeirah Village Circle
- Dubai Marina
- Downtown Dubai
- Business Bay
- Palm Jumeirah
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Villas/Townhouses:
- Dubai Hills Estate
- Al Furjan
- Palm Jumeirah
- Damac Hills 2
- Dubai South
Rental Market Insights
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Tenant Preferences:
- Apartments: 79% of tenants were looking for apartments, with 63% preferring furnished properties. For apartment seekers, one-bedroom units were most popular (35%), followed by two-bedroom apartments (33%).
- Villas/Townhouses: 21% of tenants sought villas or townhouses, with 57% preferring unfurnished units. The demand was higher for three-bedroom (41%) and four-bedroom or larger units (38%).
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Top Rental Areas:
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Apartments:
- Dubai Marina
- Jumeirah Village Circle
- Downtown Dubai
- Business Bay
- Jumeirah Lakes Tower
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Villas/Townhouses:
- Dubai Hills Estate
- Jumeirah
- Damac Hills 2
- Al Barsha
- Umm Suqeim
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Market Outlook
Cherif Sleiman, Chief Revenue Officer at Property Finder, highlighted the sustained growth in Dubai’s real estate market, driven by diverse demand from both luxury buyers and younger families seeking community-centric living. The introduction of the 6005AQARI video call platform by the Dubai Land Department aims to enhance transparency and facilitate foreign investment in Dubai’s real estate sector.