In April 2024, the Dubai real estate market experienced a remarkable surge in registered sales transactions, increasing by 45.11% compared to the previous year. A total of 11,607 transactions were recorded during this period. Additionally, the total value of transactions in the first quarter of 2024 rose by 21.13% compared to the same period in 2023, reaching an impressive 32 billion dirhams.
According to Property Finder’s data analysis, potential buyers showed a clear preference for residential apartments over villas or independent homes, with 58% expressing interest in apartments and just 42% focusing on villas. Renters also favored apartments over villas, with 79% looking for apartments and only 21% seeking villas or townhouses.
The demand for three-bedroom villas remained high among buyers, while there was also significant interest in larger units with four or more bedrooms. Tenants mostly searched for ready-furnished apartments but preferred unfurnished options when it came to renting villas.
In terms of popular areas for apartment buyers, Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah were top choices. For renters looking to rent villas, areas such as Dubai Hills Estate, Damac Hills 2, Jumeirah Al Barsha and Dubailand attracted considerable interest.
Sales of ready real estate units saw a modest increase of 6.45% annually compared to the previous year. However, off-plan sales transactions continued to grow steadily at an impressive rate of 86.51%. Sherif Soliman, Chief Revenue Officer at Property Finder highlighted the increasing interest in off-plan real estate among investors due to its diverse opportunities for future returns.
Recent regulatory changes have had a positive impact on the real estate market in Dubai despite fluctuations in demand due to global economic challenges such as inflation and rising oil prices
