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Dubai real estate witnesses massive spike in existing and off-plan transactions in October 2024

The month saw around 20,670 transactions leading to a 71 per cent increase from October 2023

Published: Wed 6 Nov 2024, 6:27 PM

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An aerial view of Dubai Marina. In October 2024, the existing market recorded the highest volume and value of transactions ever, touching 7,140 transactions. — File photo

An aerial view of Dubai Marina. In October 2024, the existing market recorded the highest volume and value of transactions ever, touching 7,140 transactions. — File photo

October was an outstanding month for Dubai’s real estate, with the highest values being recorded for a month ever. A total of 20,670 transactions were recorded, leading to a 71 per cent increase compared to October 2023. The value of these transactions increased by 56 per cent, totalling to Dh61.5 billion.

According to Property Finder’s proprietary data released on Wednesday, 32 per cent of people who seek to own or invest in properties are searching for one-bedroom units, with 36 per cent showing an inclination for two bedroom apartments and 14 per cent for studios.

Seekers for villas/townhouses included 38 per cent searching for three bedroom units and 49 per cent for four bedroom or larger options.

Popular areas for apartment ownership were Dubai Marina, Downtown Dubai,Jumeirah Village Circle, Business Bay, and Palm Jumeirah.

Dubai Hills Estate, Al Furjan, Palm Jumeirah, Dubai Land and Mohammed Bin Rashid City were the most desired areas to own villas/townhouses.

In October 2024, the existing market recorded the highest volume and value of transactions ever, touching 7,140 transactions, compared to which showed 5,598 transactions in October 2023, leading to an increase of 27.5 per cent.

In terms of value, the ready market recorded transactions worth around Dh33.7 billion to break through the highest peak recorded in July 2024 by 11 per cent.

The off-plan market witnessed a year-on-year increase of approximately 109 per cent in volume, with around 13,530 transactions.

The value of these transactions experienced a notable increase of 102.4 per cent year on year, touching approximately Dh27.7 billion, compared to Dh13.7 billion in October 2023.

Among tenancies, roughly 65 per cent of tenants looking for apartments preferred furnished properties, while 34 per cent turned to unfurnished options.

Tenants who sought villas/townhouses showed a difference in preference, with around 53 per cent searching for unfurnished units and 46 per cent going for furnished properties.

When searching for apartments, 35 per cent of tenants were looking for one bedroom units, while 32 per cent expressed a preference for two-bedroom apartments and 23 per cent for studios. A total of 41 per cent of tenants looked for three bedroom villas and 38 per cent searched for four bedroom or larger options.

Top areas searched to rent apartments included Dubai Marina,Downtown Dubai,Business Bay,, Jumeirah Village Circle and Jumeirah Lake Towers.

Jumeirah,Dubai Hills Estate, Damac Hills 2, Al Barsha and Umm Suqeim were popular among those looking to rent villas/townhouses.

Cherif Sleiman, chief revenue officer at Property Finder, said: “As we move into the final quarter of the year, the market remains poised for further expansion, driven by both local and international investor confidence. October has highlighted the resilience of both off-plan and existing properties, continuing the upward trend across volume and value of transactions seen year-on-year. Recent initiatives by the nation’s leadership including the Dubai Real Estate Sector Strategy 2033 are a testament to this progress. We are on track to successfully realize this vision to double the real estate sector’s contribution to GDP, particularly through enhanced knowledge-sharing for greater transparency. At Property Finder, we remain dedicated to advancing the city’s ambitions, leveraging cutting-edge data tools that empower our users and enrich the overall market landscape. Together, we are shaping a brighter future for Dubai’s real estate sector.”



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