Data shows that in November 2024, the off-plan sector continues to support the Dubai real estate market, with 8,548 transactions, a more than 46% increase in volume year over year.
Overall, Dubai’s real estate transactions increased by over a fifth (19%) last month compared to November 2023. According to data from Property Finder, a leading real estate portal in the Middle East and North Africa (Mena) region, the market maintained its noteworthy upward trend with over 14,479 transactions and values above Dh43 billion. Compared to the same time last year, this is a 1.6% increase.
Data indicates that approximately one-third (33%) of those wishing to purchase or invest in real estate are searching for one-bedroom flats, whereas 35% are favoring two-bedroom apartments and 15% are favoring studios. Three-bedroom villas and townhouses attracted 37% of searches, while larger properties with four or more bedrooms were favored by 50% of prospective buyers. Apartments were sold at Palm Jumeirah, Business Bay, Downtown Dubai, Dubai Marina, and Jumeirah Village Circle. For villas and townhouses, Mohammed Bin Rashid City, Palm Jumeirah, Al Furjan, Dubai Land, and Dubai Hills Estate were the most sought-after districts.
Off plan vs existing market:
Off-plan transaction values rose from Dh14 billion in November 2023 to over Dh18.2 billion, a 30% year-over-year rise.
The ready market’s volume, which was 5,931, decreased by 6%. About Dh24.8 billion worth of transactions was place on the ready market, which is a 12.22% decrease from the 28.3 billion transactions that occurred in November 2023.
Cherif Sleiman, chief revenue officer at Property Finder, said: “As we close out an exceptional year in 2024, we’re thrilled to be part of a sector poised for significant growth in 2025. At our recent Property Finder Awards, we witnessed a remarkable shift in our industry, with professionals leading the charge in enhancing trust and transparency across the region. Notably, we’re seeing a surge in female and Gen Z investors, expanding our audience and creating new opportunities for real estate success in the year ahead.”
Tenancies
About 65% of prospective renters preferred furnished apartments, while 34% preferred unfurnished ones. Tenants searching for villas or townhouses had different tastes; over 51% of them sought for unfurnished apartments, whereas 48% selected furnished ones.
Of those who rented, 35% said they preferred apartments with one bedroom, 31% said they preferred apartments with two bedrooms, and 24% said they chose studios. Of the tenants, 40% wanted villas with three bedrooms, and 38% wanted villas with four bedrooms or more. The most sought-after locations for apartment rentals were Deira, Downtown Dubai, Business Bay, Dubai Marina, and Jumeirah Village Circle. In Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim, villas and townhouses were sought after.
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