Dubai’s real estate sector has experienced a robust start in January 2024, marked by an unprecedented sales figure of Dh35.4 billion. This surge indicates a positive trajectory for the industry in 2024, fueled by sustained momentum from the previous year and a growing preference for off-plan properties.
The off-plan segment witnessed a notable year-on-year increase of around 25%, demonstrating a consistent upward trend. January 2024 set a new record with a substantial 27% growth compared to Dh27.9 billion in the same period in 2023.
Property Finder’s data underscores a 17% year-on-year rise in recorded sales transactions, exceeding 11,000 transactions in comparison to 8,712 in January 2023. Cherif Sleiman, Chief Revenue Officer at Property Finder, emphasizes the positive outlook for 2024, building on the momentum from the preceding year. He notes the rising demand for off-plan projects, and as a leading proptech portal, they remain committed to tracking evolving consumer choices to empower partners and property seekers.
The off-plan segment exhibited a 25% increase in volume and recorded 6,000 transactions year-on-year, with values surging by approximately 21%, reaching Dh15 billion compared to Dh12.2 billion in January 2023.
A report from Zazen Properties highlights the resilience of Dubai’s off-plan real estate sector, contributing to the overall UAE market’s impressive Dh455.7 billion in sales in 2023. With demand expected to surpass supply, the off-plan sector is poised to drive the overall market’s growth in 2024 and beyond, despite the completion of over 60,000 units.
In 2023, Dubai stood out with a flourishing tourism sector, witnessing a 72.3% growth in sales values to Dh160.46 billion compared to Dh93 billion in 2022.
Property Finder’s research reveals specific trends in property preferences, with 58% of interested buyers seeking apartments and 42% interested in villas/townhouses. In the rental market, 80% of tenants preferred apartments, while 20% sought villas/townhouses.
The data further discloses that 62.2% of tenants seeking apartments opted for furnished properties, while 36.1% preferred unfurnished options. In contrast, tenants seeking villa/townhouse rentals showed a preference for unfurnished units (57%) over furnished ones (42%).
As for property size, 36% of tenants were searching for one-bedroom units, 31% for two-bedroom apartments, and 22% for studios. In the villa/townhouse category, 43% of tenants looked for three-bedroom units, and 34% sought four-bedroom or larger options.
The preferred areas for owning apartments included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. For villas/townhouses, Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan, and Damac Hills were the most desired locations.
The rental market’s top areas were Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira. For villas/townhouses, Dubai Hills Estate, Al Barsha, Damac Hills 2, Jumeirah, and Umm Suqeim were popular choices.
Existing property transactions reflected an 8.0% year-on-year increase in volume, surpassing 5,000 transactions, with the transaction value witnessing a significant 31% surge to Dh21 billion compared to Dh15.7 billion in January 2023.
Publish Feb 05, 2024
Source: https://www.khaleejtimes.com/business/dubais-realty-off-to-a-flying-start-with-record-dh35-4b-sales?_refresh=true&=true
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