The Dubai real estate market experienced significant growth in August 2024, recording over 16,163 transactions, a 37% increase from August 2023, according to Property Finder’s proprietary data. Transaction values rose by 38% to Dh47.2 billion. This growth aligns with the sustained upward trend seen earlier in May, signalling continued interest and investment in the sector.
Rental trends show a preference for apartments, with 79% of tenants seeking apartment units, while the remaining 21% focused on villas and townhouses. Of those searching for apartments, 63% preferred furnished units, while 36% opted for unfurnished options. For those looking at villas or townhouses, the majority (57%) preferred unfurnished properties, while 42% sought furnished units.
Among apartment seekers, 35% were looking for one-bedroom units, 33% for two-bedroom units, and 21% for studios. Meanwhile, 41% of tenants interested in villas and townhouses were searching for three-bedroom units, and 38% were looking for larger properties with four bedrooms or more. The most popular areas for renting apartments include Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Jumeirah Lakes Tower. For villas and townhouses, Dubai Hills Estate, Jumeirah, Damac Hills 2, Al Barsha, and Umm Suqeim were highly sought after.
In terms of ownership, 59% of property seekers were looking to purchase apartments, while 41% were focused on villas and townhouses. For apartments, 32% of potential buyers were interested in one-bedroom units, 36% in two-bedroom units, and 14% in studios. Those searching for villas and townhouses showed a strong interest in larger properties, with 39% looking for three-bedroom units and 47% for properties with four bedrooms or more.
Popular areas for apartment ownership included Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Palm Jumeirah, while Dubai Hills Estate, Al Furjan, Palm Jumeirah, Damac Hills 2, and Dubai South were top choices for villas and townhouses.
The market also saw a clear distinction between the off-plan and existing property segments. In August 2024, the existing market reached new heights, with 5,684 transactions recorded, representing a 14% increase compared to the same month last year. The off-plan market saw an even larger year-on-year growth, with transaction volumes up by 53% and transaction values rising by 40%, reaching Dh23.3 billion, compared to Dh16.7 billion in August 2023.
Strong demand
Industry analysts noted the continued strong demand for both affordable and luxury housing options. Factors driving this growth include interest from younger families seeking community-focused living spaces, alongside rising demand for luxury properties, fueled by the expected influx of ultra-high-net-worth individuals in the coming years.
The Dubai real estate market’s performance in August was also bolstered by the Dubai Land Department’s launch of 6005AQARI, a video call platform enabling foreign investors to engage with real estate professionals for information on property investments. The initiative is part of a broader effort to enhance transparency and facilitate the home-seeking process for international investors.
