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Dubai records 45.11% YoY increase in sales transactions, reaching AED 32bln in value revealed by Property Finder
58% of interested buyers were looking for an apartment, while 42% were searching for villas/townhouses
Press Release
May 2, 2024
DUBAI, UNITED ARAB EMIRATES: Property Finder, the leading property portal in the MENA region, has revealed its market performance highlights for April 2024, offering valuable insights into the real estate landscape.
In April 2024, there was a YoY increase of over 45.11% in recorded sales transactions, 11,607 as compared to 7,999 in April 2023. Further adding to growth in Q1 2024, the value of transactions experienced a remarkable upswing, reaching almost AED 32 billion and marking an increase of 21.13% compared to the same month in last year.
Key data highlights:
Growth in demand for apartments: According to Property Finder’s proprietary data, 58% of property seekers looking to buy a home were looking for an apartment, while 42% searched for villas/townhouses. On the other hand, 79% tenants seeked apartments, while 21% added to the the demand for villas/townhouses, revealing an uptick in the demand for apartments in contrast to previous months where villas picked up more interest.
Consistent momentum for bigger villas: Similar to previous months, the demand for villas primarily showed a growing interest for three-bedroom units, while 37% of property seekers looked for four-bedroom or larger options to rent. For those more inclined towards ownership of villas, 41% seeked three-bedroom units, while 45% searched for four-bedroom or larger options.
Demand thrives for furnished properties: Approximately 64% of tenants looked for apartments preferred furnished properties with ready interiors, while 33% searched for unfurnished options. In contrast, those who were seeking villa/townhouse rentals had different preferences, with about 55% scrolling through unfurnished units and 44% for furnished options.
Sustained preference for sizable units: Among those interested in apartment rentals, 36% of tenants were keen on one-bedroom units, while 32% expressed a preference for two-bedroom apartments, and 21% for studios. In contrast, 33% of investors or who preferred to own their property were looking for one-bedroom units, with 36% expressing a preference for two-bedroom apartments and 14% searching for studios.
New areas in focus: Following the recent announcement regarding the shift of airport operations, searches regarding areas to own villas showed a significant uptick for interest towards Dubai South (Dubai World Central). These also included Dubai Hills Estate, Palm Jumeirah, Arabian Ranches and Al Furjan. Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah remained of interest for those looking to own an apartment. The top areas searched to rent apartments were Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay and Deira. Dubai Hills Estate, Damac Hills 2, Jumeirah, Al Barsha and Dubai Land were popular when it came to searches to rent villas/townhouses.
Continued support from the existing market: Existing property transactions witnessed a YoY increase of approximately 6.45% in volume, with 4,404 transactions recorded. The value of these transactions touched approximately AED 18.1 billion.
Off-plan interest thrives: Promising good returns on investments, off-plan transactions continued to grow with a YoY increase of roughly 86.51% in volume, with 7,203 transactions in total and a surge of 77.09% YoY in value, reaching around AED 13.9 billion, compared to AED 7.8 billion in April 2023.
Cherif Sleiman, Chief Revenue Officer at Property Finder, said:“It is promising to see the continued spike in interest in off plan options, given the diversity of choice, the robust pipeline in place and the potential high return on investment. Recent regulatory changes including the need for a primary unit permit to be secured in order to advertise such properties, aim to further positively impact the quality of supply available. Further to this, the strength of the real estate market is evident despite ongoing changes in demand. Our latest insights showcase an interesting shift in consumer preferences, towards an increased appetite of potential home-owners for apartments. This contradicts the demand for villas that we have been seeing since the pandemic, especially across the past months. We expect the market will remain dynamic following announcements such as the shift of operations from Dubai International Airport to Al Maktoum International Airport, sparking renewed demand across developing areas. To help navigate these changes, through our comprehensive tools and features we will continue to better inform the market and guide property seekers on their home search journey.”
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.
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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
