The Dubai real estate market is experiencing unprecedented growth, as indicated by the latest data from Property Finder. In January 2023, property transactions in Dubai witnessed a remarkable 128% year-on-year surge, reaching a total of 9,800 sales. Discover the key highlights of this flourishing market and the evolving preferences of property buyers and tenants.
Dubai Real Estate Market: A Thriving Landscape
Dubai’s property transactions soared by over 128% compared to January 2022, crossing the impressive milestone of 9,800 sales. The transaction value also experienced a staggering increase, surpassing AED 28 billion ($7.6 billion), a remarkable 178% surge compared to the previous year. These figures serve as a testament to the consistently flourishing real estate market in Dubai.
Positive Outlook for Property Investments
The demand for housing and the rising inclination towards ownership have fueled the growth of the Dubai property market. According to Scott Bond, the Country Manager of Property Finder, the coming months hold great promise for property investments. With a strong momentum carried forward from the previous year, Dubai’s property sector exhibits heightened resilience and offers a trusted marketplace for customers.
Evolution in Property Preferences
Property Finder’s data reveals intriguing insights into the evolving preferences of property buyers and tenants in Dubai. Among those desiring to own property, 59% are searching for apartments, while 41% show interest in villas or townhouses. In the rental segment, 80% of tenants prefer apartments, while 20% seek villas or townhouses. Furnished properties constitute 46% of the market preferences, with the remaining 54% preferring unfurnished units. Moreover, 66% of renters are inclined towards furnished units, while 34% opt for unfurnished ones.
Record-Breaking Performance: Existing and Off-Plan Transactions
January 2023 witnessed exceptional performance in both existing and off-plan transactions. Existing secondary or ready transactions experienced a remarkable 56% year-on-year increase, with over 4,800 transactions recorded. Off-plan transactions, on the other hand, achieved a staggering 90% surge, totaling more than 5,000 transactions compared to 3,086 in January 2022. These transactions also witnessed a significant increase of 130% in value, amounting to over AED 12.1 billion ($5.7 billion), marking the highest volume and value for off-plan transactions in the month of January over the last decade.
Top Searched Areas in Dubai
Property Finder’s findings highlight the areas that garnered the most interest among buyers and tenants in January 2022. The top searched areas include Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, Dubai Hills Estate, Arabian Ranches, Jumeirah Village Circle, and Damac Hills. These locations continue to attract attention due to their desirable amenities, prime locations, and diverse property options.
Stay Informed with the Latest Real Estate News
To stay up-to-date with the latest real estate news and developments, follow our Google News channel online or via the app. Our channel provides timely insights into the ever-evolving Dubai real estate market, offering valuable information to buyers, sellers, and investors.
Experience the Vibrant Dubai Real Estate Market
Dubai’s real estate market is on an upward trajectory, experiencing remarkable growth and offering lucrative investment opportunities. Whether you are a buyer, seller, or investor, the thriving property sector in Dubai presents a vibrant landscape worth exploring. Stay informed, seize opportunities, and be part of the success story that Dubai’s real estate market continues to write.
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