November 2024: Dubai Real Estate Market Sees Significant Growth in Off-Plan Transactions
The Dubai real estate market maintained its robust performance in November 2024, with a substantial year-on-year increase in off-plan transactions. According to recent data, the total transaction volume rose by approximately 46%, reaching 8,548 transactions for the month.
Steady Market Growth
Overall property transactions in Dubai grew by nearly 19% compared to November 2023, signaling sustained confidence in the market. Data from Property Finder, the Middle East and North Africa (MENA) region’s leading property portal, highlighted more than 14,479 transactions in November 2024. This activity represented a total value of AED 43 billion, a 1.6% rise from the previous year.
Buyer Preferences: Apartments and Villas
Data revealed distinct preferences among buyers:
- Apartments:
- 33% searched for one-bedroom units.
- 35% preferred two-bedroom apartments.
- 15% sought studios.
- Villas/Townhouses:
- 37% looked for three-bedroom units.
- 50% were interested in properties with four bedrooms or more.
Popular Areas for Apartments: Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah.
Top Choices for Villas/Townhouses: Dubai Hills Estate, Palm Jumeirah, Al Furjan, Dubai Land, and Mohammed Bin Rashid City.
Off-Plan Transactions vs. Ready Market
Off-plan property transactions showed a remarkable 30% year-on-year increase in value, rising to AED 18.2 billion compared to AED 14 billion in November 2023.
In contrast, the ready market experienced a 6% decline in transaction volume, recording 5,931 deals. The value of these transactions fell by 12.22%, from AED 28.3 billion in November 2023 to AED 24.8 billion in November 2024.
Insights from Industry Experts
Cherif Sleiman, Chief Revenue Officer at Property Finder, remarked:
“As we close out an exceptional year in 2024, we’re thrilled to be part of a sector poised for significant growth in 2025. At our recent Property Finder Awards, we witnessed a remarkable shift in our industry, with professionals driving trust and transparency. Notably, the growing involvement of female and Gen Z investors is expanding our audience and creating fresh opportunities for real estate success in the coming year.”
Rental Market Trends
Tenant preferences in Dubai continued to show diversity:
- Apartments:
- 65% of tenants favored furnished units, while 34% preferred unfurnished options.
- 35% searched for one-bedroom units.
- 31% opted for two-bedroom apartments.
- 24% looked for studios.
- Villas/Townhouses:
- 51% preferred unfurnished homes.
- 48% chose furnished units.
- 40% searched for three-bedroom villas.
- 38% sought four-bedroom or larger homes.
Top Rental Areas for Apartments: Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Deira.
Popular Rental Areas for Villas/Townhouses: Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim.
Conclusion
The Dubai real estate market’s resilience in 2024 highlights its strong appeal to investors and tenants alike. With growing interest in off-plan properties, a thriving rental market, and emerging demographics such as female and Gen Z investors, the sector is set for further expansion in 2025.
