Dubai’s real estate market continued its strong performance in November 2024, with off-plan properties driving a significant uptick in transactions. Data from Property Finder revealed approximately 8,548 deals in the off-plan sector, representing a 46% increase compared to the same month last year.
Across the broader market, transaction activity rose by 19% year-on-year, with over 14,479 deals recorded, amounting to a total value of AED 43 billion. This marks a slight growth of 1.6% in comparison to November 2023.
Property Preferences: Apartments and Villas in High Demand
Among those seeking properties to own or invest in, one-bedroom apartments captured the interest of 33% of buyers, while 35% preferred two-bedroom units, and 15% leaned towards studios. For villas and townhouses, 37% of potential buyers searched for three-bedroom options, while half favored four-bedroom or larger homes.
Key areas of interest for apartment buyers included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah. For villas and townhouses, locations such as Dubai Hills Estate, Palm Jumeirah, Al Furjan, Dubai Land, and MBR City remained highly sought after.
Market Segments: Off-Plan Dominates Growth
The off-plan sector experienced a 30% increase in value, reaching AED 18.2 billion in November 2024 compared to AED 14 billion a year earlier. Conversely, the ready market saw a 6% drop in transaction volume and a 12.2% decrease in value, recording AED 24.8 billion in transactions compared to AED 28.3 billion in November 2023.
Rental Trends: Furnished Properties in High Demand
Furnished apartments accounted for 65% of tenant searches, with the remaining 34% opting for unfurnished units. Preferences for villas and townhouses were more evenly split, with 51% favoring unfurnished options and 48% seeking furnished ones.
When it came to apartment rentals, 35% of tenants searched for one-bedroom units, while 31% leaned toward two-bedroom options, and 24% considered studios. For villa and townhouse rentals, 40% of searches were for three-bedroom properties, with 38% focused on four-bedroom or larger homes.
Top rental areas for apartments included Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Deira. For villas and townhouses, Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim emerged as the most popular choices.
Article reference: Khaleej Times.
