The real estate market in Dubai experienced significant growth in January 2024, with record-breaking sales reaching Dh35.4 billion. This surge represents a 27% increase compared to January 2023, showcasing a consistent upward trend in recent years.
Property Finder reported a 17% year-on-year increase in recorded sales transactions, with over 11,000 transactions in January 2024 compared to 8,712 in January 2023.
Cherif Sleiman, the chief revenue officer at Property Finder, emphasized the positive momentum from the previous year, indicating a promising outlook for sustained success in 2024. Sleiman noted a growing demand for off-plan properties, with a substantial increase in volume and value compared to the previous year.
Off-plan properties witnessed a significant rise in demand, with a 25% year-on-year increase in volume and a 21% surge in value, reaching approximately Dh15 billion in January 2024. The off-plan sector has been a driving force behind Dubai's real estate market, contributing to the overall growth of the UAE market, which reached Dh455.7 billion in sales in 2023.
Despite the completion of over 60,000 units, demand continues to outstrip supply, fueled by Dubai's rapidly growing population and flourishing tourism sector. In 2023, Dubai saw a remarkable 72.3% growth in sales values compared to 2022, reflecting the city's attractiveness to investors and homebuyers alike.
Property Finder's data also provides insights into the preferences of property buyers and tenants. Approximately 58% of interested property buyers were searching for apartments, while 42% sought villas/townhouses. In the rental market, 80% of tenants were looking for apartments, with furnished properties being particularly popular among apartment seekers.
Top areas searched for owning apartments included Dubai Marina, Downtown Dubai, and Jumeirah Village Circle, while Dubai Hills Estate and Arabian Ranches were among the most desired areas for owning villas/townhouses. For rentals, popular areas included Dubai Marina, Jumeirah Village Circle, and Downtown Dubai for apartments, and Dubai Hills Estate and Al Barsha for villas/townhouses.
Existing property transactions also showed significant growth, with an 8% year-on-year increase in volume and a 31% surge in value compared to January 2023. These figures underscore the robustness of Dubai's real estate market and its attractiveness to investors and homebuyers amid favorable market conditions.