Gulf Property PanoramaCountriesDesign & ArchitectureInvestment IntelReal Estate ResourcesUnited Arab Emirates

60% of Dubai’s property buyers keen to own apartments

Story Highlights
  • Value of property transactions in Dubai surged to nearly AED30 billion in October alone

60% of Dubai’s property buyers keen to own apartments

Property transactions in Dubai have surged to nearly AED30 billion ($8.16 billion) in value in just 30 days, as demand for residential units, particularly flats, remained strong.

Around 60% of property buyers last month were looking to own an apartment, while around 40% were interested in acquiring villas or townhouses, Property Finder reported on Thursday.

Within the rental market, around 82% of tenants were on the hunt for apartments, and 18% were looking for villas or townhouses. Among the tenants that wanted to find an apartment, 67.5% preferred furnished properties, while 30.9% opted for unfurnished options.

According to the property portal, Dubai recorded 7,128 real estate transactions worth AED29.7 billion in October, up by 17.46% in value compared to the same month last year.

The most preferred locations among apartment buyers were Dubai Marina, Downtown, Jumeirah Village Circle, Business Bay and Palm Jumeirah.

For buyers looking to own villas or townhouses, the most popular locations were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan and Mohammed Bin Rashid City.

Property Finder also noted that the volume of existing property sales reached 5,602, up by 36.8% compared to a year earlier. The value of existing properties also surged by 81% to around AED25.7 billion, the highest transaction value recorded in the segment for the month of October in ten years.

CBRE recently said in a report that as of September 2023, activity levels softened in Dubai’s residential market due to a contraction in the off-plan segment.

Dubai saw a 41.5% fall in off-plan sales during the month, although secondary market sales went up by about a third.

(Writing by Cleofe Maceda; editing by Seban Scaria)


Gulf Estate Gazette

Gulf Estate Gazette is a leading source for comprehensive insights into the dynamic real estate landscape of the GCC and MENA region. Our platform is dedicated to providing valuable information and perspectives for individuals, investors, and industry professionals. With a passionate team and an unwavering commitment to excellence, we aim to empower our audience with the knowledge and opportunities needed to thrive in the ever-evolving world of real estate in the Gulf and beyond.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button