Dubai Real Estate News
In February 2024, Dubai’s real estate market showed significant growth compared to the same period in 2023. Sales transactions increased by more than 27%, totaling 11,900 deals, up from 9,371 the previous year. The value of these transactions soared to nearly Dh36.6 billion, a remarkable 35% increase from February 2023.
Most sought After Properties in February 2024
Property Finder, a leading property portal, reported that two-bedroom apartments were the most sought-after rental properties, comprising 35% of searches, followed by one-bedroom apartments at 33%.
This demand was fueled by a growing interest in off-plan properties, contributing to a boom in the market. January 2024 set a record with Dh35.4 billion in sales, up 27% from January 2023, indicating a positive trend for the year.
Existing and Off-plan properties
Existing property transactions also saw a notable rise, increasing by approximately 23% in February compared to the previous year, with a value increase of 46% to Dh23.5 billion. Off-plan transactions witnessed higher demand, showing a 31% increase in volume, and a rise in value from Dh11 billion to Dh13 billion.
Buyers/Residents Preferences
Cherif Sleiman highlighted the industry’s resilience and positive outlook for investors and home seekers. The study revealed that 59% of potential homebuyers favored apartments, while 41% preferred townhouses or villas. In the rental market, 80% sought apartments, while the remaining 20% looked for townhouses or villas.
Popular Areas
Popular areas for apartment ownership included Dubai Marina, Downtown Dubai, and Jumeirah Village Circle, while Mohammed bin Rashid City and Palm Jumeirah were sought after for villas and townhouses. Similarly, rental preferences favored Dubai Marina and Jumeirah Village Circle for apartments and Dubai Hills Estate for villas and townhouses.
