UAE real estate sales skyrocket with +5.4% MoM and +16.8% YoY growth
Dubai: — D&B Properties, a distinguished leader in the UAE real estate market, proudly announces an extraordinary start to 2024 with a significant surge in sales volume. In January 2024, the industry experienced a remarkable month-over-month (MoM) increase of +5.4% and an impressive year-over-year (YoY) growth of +16.8%, marking the highest January figures in the history of the UAE real estate market.
The surge in sales reflects the resilience and dynamism of the UAE real estate sector, even in the face of global uncertainties. The market’s ability to adapt and thrive showcases the confidence of investors and homebuyers in the region.
Key Highlights:
- MoM Growth of +5.4%: January witnessed a substantial MoM growth, underscoring the market’s agility and responsiveness to evolving economic conditions.
- YoY Growth of +16.8%: The year-over-year growth of +16.8% is a testament to the sustained appeal of the UAE real estate market, attracting both local and international investors.
- Historical January Figures: The record-breaking sales volume achieved in January 2024 establishes a new benchmark for the UAE real estate sector, showcasing its strength and vitality.
D&B Properties, a key player in the UAE real estate landscape, has actively contributed to this phenomenal success. The company’s commitment to delivering exceptional properties and unparalleled customer service has undoubtedly played a pivotal role in driving this remarkable growth.
Soliman Hossameldin, Director of Digital Marketing at D&B Properties, commented on the achievement, stating, “We are elated to be part of the UAE’s real estate success story. This remarkable growth in sales reflects the attractiveness of the market and the trust that investors and homebuyers place in the stability and potential of the UAE. At D&B Properties, we remain dedicated to providing innovative solutions and contributing to the continued prosperity of the real estate sector.”
D&B Properties has been instrumental in facilitating investment opportunities in Dubai, offering a diverse portfolio of properties tailored to meet the unique needs of investors. Over the years, D&B Properties has garnered an outstanding reputation through consistent hard work, positive outcomes for clients, and a network of exceptionally talented, professional, and multilingual real estate agents.
Demand for Off-Plan:
According to a recent report, the demand for off-plan properties surged significantly in January 2024. There was a year-over-year increase of approximately 25% in volume, with over 6,000 recorded transactions. Values experienced a surge of around 21% YoY, reaching roughly Dhs15bn, compared to Dhs12.2bn in January 2023. In contrast, existing property transactions revealed a YoY increase of approximately 8% in volume, with over 5,000 transactions. The value of these transactions surged by 31% YoY, touching Dhs21bn, compared to Dhs15.7bn in January 2023.
Apartments vs. Villas/Townhouses:
The report found that a majority of those looking to purchase a property were on the lookout for an apartment (58%), while 42% preferred villas or townhouses. This trend was much more obvious in the rental market, with 80% of tenants searching for apartments, while 20% were searching for villas/townhouses.
Types of Units in Demand:
Approximately 36% of tenants searched for one-bedroom units, 31% for two-bedroom apartments, and 22% for studios. For villas/townhouses, 43% of tenants were looking for three-bedroom units, while 34% searched for four-bedroom or larger options.
Furnished vs. Unfurnished:
Roughly 62.2% of tenants seeking apartments were found to choose furnished properties, while 36.1% were searching for unfurnished options. In contrast, tenants who could afford villa/townhouse rentals revealed the opposite, with about 57% seeking unfurnished units and 42% looking for furnished options.
Ownership vs. Rental Choices:
The Property Finder revealed that those looking to buy a one-bedroom apartment and a two-bedroom apartment were at 33% and 36%, respectively, while about 14% were looking for studios. The data for villas/townhouses showed that 40% were primarily looking for three-bedroom units, while 44% were searching for four-bedroom or larger options.
Most Searched Areas in Dubai:
Top areas searched to own apartments were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. Meanwhile, Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan, and Damac Hills 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. Dubai Hills Estate, Al Barsha, Damac Hills 2, Jumeirah, and Umm Suqeim were popular when it came to searches to rent villas/townhouses.
The positive momentum in January sets a promising tone for the rest of the year, and industry experts anticipate continued growth and stability in the UAE real estate market.
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About D&B Properties
With nearly a decade’s experience in the UAE Real Estate market, D&B Properties is an acclaimed, award-winning firm and one of the leading brokerage companies in Dubai. This outstanding reputation is earned and attained through consistent hard work and positive outcomes for clients via a network of exceptionally talented, professional, and multilingual real estate agents. Recognized as the ‘Top Broker of Emaar’ for four consecutive years, D&B Properties continues to build premium collaborations with leading developers and listing platforms.
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© Press Release 2024