A recent report released by “Property Finder,” a company specializing in real estate technology, revealed a remarkable record performance for both ready and off-plan properties in Dubai real estate market during October, marking the highest level ever recorded.
According to the report, the total number of sales for ready and off-plan properties in Dubai reached approximately 20,670, representing a 71% increase compared to October 2022. The value of these sales also surged by 56%, totaling 61.5 billion dirhams.
The report highlighted the most sought-after residential units in Dubai real estate market during the past month.
The most popular areas for renting apartments were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lake Towers.
Meanwhile, those looking to rent villas and independent houses (townhouses) showed interest in Dubai Hills Estate, Jumeirah, Damac Hills 2, Al Barsha, and Umm Suqeim.
Conversely, the most popular areas for purchasing apartments were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
Dubai Hills Estate, Al Furjan, Palm Jumeirah, Dubai Land, and Mohammed Bin Rashid City topped the areas most desired for purchasing villas or independent houses (townhouses).
The data indicated that about 65% of renters looking for apartments preferred furnished units, while 34% opted for unfurnished options. Among those searching for villas or independent houses (townhouses) for rent, preferences varied, with approximately 53% seeking unfurnished units and 46% looking for furnished properties.
Thirty-five percent of renters searching for apartments focused on one-bedroom units, 32% preferred two-bedroom apartments, and 23% looked for studios. Meanwhile, 41% of renters sought three-bedroom units, while 38% preferred options with four bedrooms or more.
Thirty-two percent of investors sought one-bedroom residential units, while 36% showed a preference for two-bedroom and 14% preferred studios. Among those searching for villas or independent houses (townhouses), 38% looked for three-bedroom units, and 49% sought options with four bedrooms or more.
Harbour Real Estate stated in a recent report that Dubai real estate market is approaching the half-trillion dirham (500 billion dirhams) mark by the end of this year, supported by historical data and figures recorded since the beginning of 2024.
The report relied on real estate market data since the beginning of 2024, with an average exceeding 42 billion dirhams per month, on track to reach the half-trillion target by the end of the year, as the total sales value reached 421 billion dirhams.
Additionally, the total value of real estate transactions is moving robustly towards nearly 700 billion dirhams, including sales, mortgages, and gifts, aligning with the strategic plan for Dubai real estate market for 2033 recently adopted by the government.
Regarding the performance of Dubai real estate market since the beginning of 2024, off-plan properties accounted for the largest share in sales value at 60%, equivalent to 224 billion dirhams, reflecting a 30% increase in value. Ready properties constituted 40% with a value of 150 billion dirhams.
