Dubai real estate boom enters 2024 with record $9.6bn sales; report shows top areas, most popular properties and emerging trends  

Dubai real estate sales break January records with massive increase on last year according to Property Finder data

Dubai real estate UAE

Dubai real estate transactions hit AED35.4bn ($9.6bn) in January 2024, an increase of 27 per cent on the year previously, according to Property Finder data.

Property Finder has revealed its market performance highlights for January 2024, showing a positive start for Dubai’s evolving real estate sector.

According to Property Finder’s proprietary data, the market witnessed a year-on-year increase of 17 per cent in recorded sales transactions, with more than 11,000 compared to 8,712 in January 2023.

 

Building on momentum from 2023, January also showed a significant surge in the value of transactions passing AED35bn ($9.6bnbn), marking an increase of 27 per cent compared to the same month last year.

dubai real estate

The Property Finder data highlighted further trends in the market.

Apartments vs Villas/Townhouses: 58 per cent of interested property buyers were searching for an apartment, while 42 per cent were looking for villas/townhouses. In contrast, 80 per cent of tenants in the rental market were found to be looking for apartments, while 20 per cent were searching for villas/townhouses.

 

Furnished vs Unfurnished: Roughly 62.2 per cent of tenants seeking apartments were found to choose furnished properties, while 36.1 per cent were searching for unfurnished options.

In contrast, tenants who are able to afford villa/townhouse rentals revealed the opposite, with about 57 per cent seeking unfurnished units and 42 per cent looking for furnished options.

Dubai
The real estate market in Dubai saw several records set in 2023. Image: Shutterstock

Sizeable units in demand: Approximately 36 per cent tenants searched for one-bedroom units, 31 per cent for two-bedroom apartments and 22 per cent for studios.

 

For villas/townhouses, 43 per cent of tenants were looking for three-bedroom units, with 34 per cent looking for four-bedroom or larger options.

As for ownership, 33 per cent were seeking one-bedroom units, 36 per cent searched for two-bedroom apartments and 14 per cent for studios.

Regarding Villas/Townhouses, 40 per cent were primarily looking for three-bedroom units, while 44 per cent 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
  • Palm Jumeirah

The most-desired areas to own villas/townhouses were:

  • Dubai Hills Estate
  • Arabian Ranches
  • Palm Jumeirah
  • Al Furjan
  • Damac Hill

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.

Support from existing market: Existing property transactions revealed a year-on-year increase of approximately 8 per cent in volume, with more than 5,000 transactions.

The value of these transactions surged by 31 per cent year-on-year, touching AED21bn ($5.7bn), compared to AED15.7bn ($4.3bn) in January 2023.

Growing demand for off-plan: Off-plan showed more demand, with a year-on-year increase of approximately 25 per cent in volume and 6,000 recorded transactions.

Values experienced a surge of around 21 per cent year-on-year, reaching roughly AED15bn ($4.1bn), compared to AED12.2bn ($3.3bn) in January 2023.

Dubai real estate palm jumeirah property

Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “We are delighted to see January build on the great momentum from last year, revealing positive scope for sustained successes in 2024.

“It’s interesting to see off-plan gain further traction, promising demand for new projects.

“As a leading proptech portal, we continue to keep our eyes on evolving consumer choices, with an aim to empower our partners and property seekers to make more informed decisions within this thriving real estate landscape.”

Record-breaking January for Dubai real estate sector

According to data shared by Property Finder, January 2024 saw the highest volume and value of real estate transactions in a January.

  • January, 2024: AED35.4bn of real estate transactions
  • January, 2023: AED27.9bn of real estate transactions
  • January, 2022: AED16.39bn of real estate transactions
  • January, 2021: AED6.61bn of real estate transactions
  • January, 2020: AED4.96bn of real estate transactions
  • January, 2019: AED4.82bn of real estate transactions
  • January, 2018: AED6.78bn of real estate transactions
  • January, 2017: AED13.90bn of real estate transactions
  • January, 2016: AED9.43bn of real estate transactions
  • January, 2015: AED10.69bn of real estate transactions
  • January, 2014: AED12.34bn of real estate transactions
  • January, 2013: AED8.63bn of real estate transactions
  • January, 2012: AED5.40bn of real estate transactions
  • January, 2011: AED6.74bn of real estate transactions

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