Dubai’s real estate market continued its upward trajectory in February 2024, experiencing a significant year-on-year increase in both sales volume and value. According to Property Finder data, total sales transactions reached AED 36.6 billion (approximately USD 10 billion), representing a 35% increase compared to February 2023. This growth reflects the ongoing strength and dynamism of the Dubai real estate sector.
Key findings from the report include:
Sales volume:
Over 11,900 sales transactions were recorded in February 2024, representing a 27% increase compared to the same period last year.
Transaction value:
The total value of transactions surpassed AED 36.6 billion, reflecting a significant 35% year-on-year growth.
Existing vs. off-plan:
Both existing and off-plan properties witnessed increased demand, with existing transactions experiencing a 23% volume increase and 46% value increase, while off-plan transactions saw a 31% volume increase and an 18.5% value increase.
Popular property types:
Apartments remained the preferred choice for both ownership (59%) and rentals (80%), with a significant demand for larger units (3-bedroom and above).
Top searched areas:
Dubai Marina, Downtown Dubai, Jumeirah Village Circle, and Palm Jumeirah emerged as the most sought-after locations for both apartments and villas/townhouses, reflecting continued investor and resident interest in these established areas.
Industry expert insights:
Cherif Sleiman, Chief Revenue Officer at Property Finder, expressed optimism about the market’s prospects, highlighting the “remarkable surge” and “positive trends” observed in February. He also noted the growing demand for off-plan properties, indicating continued investor confidence in the Dubai real estate market.
Overall, the data suggests that Dubai’s real estate market is thriving, driven by strong investor and resident demand. The upward trend is expected to continue throughout 2024, presenting promising opportunities for both investors and home seekers.
Publish Mar 03, 2024
Source: https://www.arabianbusiness.com/industries/real-estate/uae-real-estate-dubai-abu-dhabi-property-markets-to-keep-rising-in-2024-amid-global-economic-slowdown
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