- Two-bedroom apartments emerged as the most sought-after rental option, comprising 35% of total searches, closely followed by one-bedroom apartments, which accounted for 33%
27% YoY increase in transactions, 35% in value: February 2024 sees impressive surge reveals Property Finder
DUBAI, UNITED ARAB EMIRATES: Property Finder, the leading property portal in the MENA region, has revealed its market performance highlights for February 2024, offering valuable insights into the real estate landscape.
In February 2024, there was a YoY increase of over 27% in recorded sales transactions, more than 11,900 compared to 9,371 in February 2023. Further leveraging the positive trends from 2023, the value of transactions experienced a remarkable upswing, reaching almost AED 36.6 billion and marking an increase of 35% compared to the same month in last year, highlighting the strength and dynamism of the real estate market.
Key data highlights:
Apartments vs Villas/Townhouses: 59% of home seekers who had an interest in buying property were searching for an apartment, while 41% are seeking Villas/Townhouses. Conversely, in the rental market, approximately 80% of tenants are searching for apartments, while the remaining 20% are seeking to own a villa/townhouse.
| Preferred No. of bedrooms for renting Apartments | Preferred No. of bedrooms for renting Villas/Townhouses |
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Furnished vs Unfurnished: Roughly 60.7% of tenants seeking apartments prefer furnished properties, while 36.6% are searching for unfurnished options. In contrast, tenants who able to afford villa/townhouse rentals have different preferences, with about 55.5% seeking unfurnished units and 42.6% looking for furnished options.
Sizeable units in demand: Approximately 36% of tenants were seeking one-bedroom units, while 31% expressed a preference for two-bedroom apartments and 22% were searching for studios. Regarding Villas/Townhouses, 42% of tenants were primarily looking for three-bedroom units, while 35% were searching for four-bedroom or larger options. As for ownership approximately 33% of home seekers or investor were seeking one-bedroom units, while 35% expressed a preference for two-bedroom apartments and 15% were searching for studios. Regarding Villas/Townhouses, 40% of home seekers were primarily looking for three-bedroom units, while 44% were searching for four-bedroom or larger options.
Ownership vs rental choices: Top areas searched to own apartments were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. While Dubai Hills Estate, Al Furjan, Arabian Ranches, Palm Jumeirah and Mohammed Bin Rashid City were the most desired areas to own villas/townhouses. Leading areas for rentals were Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay and Deira. While Dubai Hills Estate, Damac Hills 2, Jumeirah , Al Barsha and Umm Suqeim were popular when it came to searches to rent villas/townhouses.
Support from existing market: Existing property transactions revealed a YoY increase of approximately 23% in volume, with over 5,500 transactions. The value of these transactions surged by 46% YoY, touching AED 23.5 billion, compared to AED 16 billion in February 2023.
Growing demand for off-plan: Off-plan showed more demand, the existing property transactions a YoY increase of approximately 31% in volume and 6,385 recorded transactions. While the value of these transactions experienced a surge of around 18.5% YoY, reaching around AED 13 billion, compared to AED 11 billion in February 2023.
Cherif Sleiman, Chief Revenue Officer at Property Finder, said:“We are thrilled to witness February maintaining the momentum established in January, indicating optimistic prospects for ongoing success throughout 2024. The month has demonstrated a remarkable surge in the real estate market, with significant increases in both transaction volume and value. This reaffirms the resilience and dynamism of the industry, reflecting positive trends and promising opportunities for investors and home seekers alike. It is interesting to see while existing property transactions surged in both volume and value, off-plan transactions exhibited even higher demand with a greater YoY increase in volume. At Property Finder, our commitment extends beyond mere observation; we strive to empower our partners and property seekers alike, equipping them with the insights and tools needed to not only navigate but excel in today’s dynamic real estate landscape.”
All the latest information for February’s top listings and communities are available on Data Guru by Property Finder that can be accessed at https://www.propertyfinder.ae/ or on the Property Finder app, available for download on Google Play and Apple Store.
About Property Finder
A pioneering property portal in the Middle East and North Africa (MENA) region, Property Finder is on a mission to motivate and inspire consumers to get living the life they deserve. Connecting millions of property seekers with thousands of real estate professionals every day, Property Finder is a go-to place for a seamless and enriching house-hunting and finance-finding journey for both buyers and renters.
Since its inception in 2007, Property Finder has evolved into a trusted platform for developers, real estate brokers and property seekers to make informed decisions on all things real estate.
For more information, please contact:
Weber Shandwick
propertyfinder@webershandwick.com
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© Press Release 2024
