Arabian Business has reported that the Dubai real estate market continues its impressive growth trajectory, as indicated by the latest Property Finder report.
In April 2024, Dubai’s real estate sector experienced a surge in demand for residential properties, with sales transactions soaring by more than 45 per cent compared to the previous year. Property Finder’s market performance highlights for April shed light on these developments.
The report reveals a year-on-year increase of over 45.11 per cent in recorded sales transactions, totaling 11,607 compared to 7,999 in April 2023.
Moreover, the value of transactions in Q1 2024 witnessed a significant upswing, reaching nearly AED32 billion ($8.7 billion), marking a 21.13 per cent increase compared to the same period last year.
Key findings from the study include:
- A surge in demand for apartments, with 58 per cent of property seekers looking to buy apartments and 79 per cent seeking apartment rentals.
- Consistent interest in larger villas, particularly three-bedroom units.
- Demand for furnished properties, with 64 per cent of tenants preferring furnished apartments.
- Preference for sizable units, with 36 per cent of tenants interested in one-bedroom apartments.
- Emerging interest in new areas such as Dubai South (Dubai World Central) for villa ownership.
- Continuation of existing market support, with a 6.45 per cent year-on-year increase in existing property transactions.
- Thriving interest in off-plan transactions, with an 86.51 per cent year-on-year increase in volume and a 77.09 per cent surge in value.
Cherif Sleiman, Chief Revenue Officer at Property Finder, noted the promising trend of increased interest in off-plan options and highlighted the market’s resilience amid evolving demand patterns. He emphasized an intriguing shift in consumer preferences towards apartments, contrary to previous months’ focus on villas. With ongoing developments such as the planned shift of airport operations, Sleiman anticipates continued dynamism in the market, as stated by Arabian Business.
