Dubai’s real estate sector is witnessing a formidable surge, with October 2023 recording transactions worth $8.1 billion and an unprecedented 80% growth in existing property values. Explore the trends shaping the landscape, from the dominance of apartments in the Marina to the evolving preferences of property seekers. Discover the top areas captivating buyers and renters alike, as Dubai’s property market continues to shine.
Dubai’s real estate landscape has been on a fascinating trajectory, experiencing a remarkable surge that has captured the attention of both local and international investors. As per the latest research by Property Finder, October 2023 marked a significant milestone, with transactions surpassing the $8 billion mark, indicating an 80% increase in the value of existing property compared to the previous year.
Key Trends in Dubai’s Property Market
The robust growth in Dubai’s real estate sector can be attributed to several key trends that are reshaping the landscape and driving the market’s momentum. According to the research, apartments have emerged as the dominant choice among property buyers, accounting for a staggering 60% of transactions. Meanwhile, villas and townhouses remain an appealing option, constituting 40% of the market share.
Rental Market Insights
Shifting focus to the rental market, it’s evident that apartments continue to reign supreme, capturing the interest of approximately 82% of tenants. Within this segment, furnished properties have garnered significant attention, with 67.5% of tenants expressing a preference for such accommodations. However, the allure of unfurnished units remains strong, with 30.9% of tenants actively seeking these options.
Exploring Property Preferences
Delving deeper into the specifics of property preferences, it’s intriguing to note the specific preferences of tenants and buyers in Dubai. One-bedroom units have dominated the rental market, attracting 36% of tenants, followed closely by two-bedroom apartments, which accounted for 30% of the market share. On the other hand, in the villa and townhouse segment, three-bedroom units emerged as the preferred choice, constituting 43% of the market.
Most Sought-After Areas
Property Finder’s proprietary data revealed a list of the most sought-after areas for both renters and buyers in Dubai. In the apartment segment, Dubai Marina, Jumeirah Village Circle, Business Bay, Downtown, and Jumeirah Lakes Towers emerged as the top contenders, captivating the interest of property seekers. Similarly, Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan, and Mohammed Bin Rashid City topped the list for those seeking villas and townhouses.
The Ever-Growing Existing Property Segment
One of the defining features of Dubai’s real estate market is the remarkable growth witnessed in the existing property segment. In October 2023, the volume of existing property sales surged by 36.8% year-on-year, accounting for 5,602 transactions. This translated into a staggering value of approximately $7 billion, marking a noteworthy 81% increase compared to the same period last year.
Noteworthy Areas Contributing to the Surge
Several areas played a pivotal role in propelling the growth of the existing property segment. Notably, Jumeirah Village Circle, Business Bay, Burj Khalifa, Dubai Marina, and Madinat Hind 4 emerged as the top contributors, collectively accounting for over 45% of the total number of transactions. When it comes to transaction value, Palm Jebel Ali, Al Sufouh 2, Palm Jumeirah, Jumeirah Village Circle, and Burj Khalifa took the lead, comprising 54% of the overall transaction value.
Insights from Property Finder’s Chief Revenue Officer
Cherif Sleiman, Chief Revenue Officer at Property Finder, emphasized the evolving landscape of Dubai’s real estate market and the commitment of Property Finder to facilitate and guide property seekers on their journey. Leveraging the latest tools, Property Finder aims to empower individuals with the right information, fostering trust and transparency within the burgeoning real estate sector.
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