A recent Property Finder report revealed a significant trend in the Dubai property market, with 60 % property seekers preferring apartments and 40 % preferring villas and townhouses. Popular areas to buy or rent include Downtown Dubai, Business Bay, Dubai Marina, Palm Jumeirah and Jumeirah Village Circle.
The Dubai Land Department reports a significant increase in transaction value by 36 %, reaching almost AED 42 billion (USD 10.9 billion) compared to the previous year.
When it comes to apartment rentals in Dubai, 1-bedroom apartments attract 36 % tenants, 2-bedroom apartments attract 30 % tenants, and studios attract 24 % tenants. When it comes to villa and townhouse rentals in Dubai, 3-bedroom properties are preferred by 42 % renters, while 35 % renters are looking for properties with 4 bedrooms or more. Key rental areas include Dubai Hills Estate, Al Barsha, Jumeirah, Damac Hills 2 and Arabian Ranches.
If we look at transactions, more than half of them are completed properties, indicating a 10 percent increase compared to last year. There were 6,335 transactions recorded in November 2023, up from 5,749 in the previous year.
The value of completed real estate transactions increased by 60 % to reach AED 28 billion (USD 7.2 billion) in November 2023, up from AED 17 billion (USD 4.4 billion) in the previous year.
Notably, ten districts accounted for nearly 53% of total sales, accounting for 41% of transactions in November.
