Dubai real estate trends: $8 billion in deals in October; apartments are the most common type, and the value of existing properties has increased by 80%.
Key trends in the Dubai real estate market are revealed by Property Finder research.
According to Property Finder research, the value of completed real estate deals in the Dubai real estate market increased by over 80% in October of last year over the same month the previous year.
In the month, 7,128 real estate transactions were completed for a total value of AED29.7 billion ($8.1 billion), which represents a 17.46% rise in value over the same period the previous year. This surge underscores the growing interest in freehold property in Sharjah, as the emirate continues to attract investors with its lucrative real estate opportunities.
Based on the most recent data, 60% of purchasers were interested in apartments, while 40% were seeking for villas or townhouses.
Trends in Dubai Real Estate
Approximately 82% of renters in the rental market were looking for apartments, and 18% were looking for townhouses or villas.
About 67.5% of renters looking for flats preferred furnished units, whereas only 30.9% preferred unfurnished ones.
Of the tenants who could afford to rent a townhouse or villa, 51% favored furnished alternatives, while 48% selected unfurnished flats.
Approximately 36% of renters indicated that they were seeking one-bedroom apartments, 30% said they were looking for two-bedroom flats, and 24% said they were looking for studios last month.
Thirty-five percent of tenants were looking for larger or four-bedroom villas/townhouses, while forty-three percent of tenants preferred three-bedroom flats.
Based on exclusive data from Property Finder, the following regions were the most popular places to look for an apartment in October 2023:
- Dubai Marina,
- Downtown,
- Jumeirah Lakes Towers,
- Business Bay,
- and Jumeirah Village Circle
The most sought-after locations for villa/townhouse rentals were Dubai Hills Estate, Jumeirah, Al Barsha, Dubai Hills 2 (Akoya), and Arabian Ranches.
The most sought-after locations for apartment ownership were Downtown, Jumeirah Village Circle, Business Bay, Palm Jumeirah, and Dubai Marina.
Property seekers wishing to purchase villas or townhouses found that Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan, and Mohammed Bin Rashid City were among their top choices.
In October, Dubai’s real estate market remained supported by the existing property segment.
From 4,095 transactions in the same month last year to 5,602 transactions this year, the volume of existing property sales increased by 36.8% year over year.
Existing property values increased by 81% to around AED25.7 billion ($7 billion), much exceeding the AED14.2 billion ($3.9 billion) in October 2022.
This is by far the largest transaction value for the month of October in this area over the past ten years.
More than 45% of the total number of transactions came from ten places.
These comprised:
- Jumeirah Village Circle,
- Business Bay,
- Dubai Marina,
- Madinat Hind 4,
- Al Hebiah Fifth,
- Palm Jebel Ali,
- International City Phase 1,
- Jumeirah Lakes Towers,
- and Burj Khalifa
Sports City in Dubai
Among the properties in this segment that accounted for 54% of the transaction value were Palm Jebel Ali, Al Sufouh 2, Palm Jumeirah, Jumeirah Village Circle, Burj Khalifa, Al Hebiah Fifth, Business Bay, Palm Deira, Nad Al Shiba First, and Dubai Marina.
October 2023 witnessed a strong uptake, recording new spikes in property preferences,” stated Cherif Sleiman, Chief Revenue Officer of Property Finder.
Property Finder is dedicated to being a reliable partner for those looking for real estate throughout this changing market.
We stay committed to using the most up-to-date resources to support and direct prospective homeowners in making the best choices possible, all the while fostering trust and openness in the country’s expanding real estate industry.”
