Dubai Real Estate Market Sees 27% Surge in February 2024
In February 2024, Dubai’s real estate market experienced a significant surge, with sales transactions witnessing a remarkable increase of over 27% compared to the previous year. The number of deals soared from 9,371 in February 2023 to 11,900 in February 2024, indicating the continued strength of the market.
Further amplifying the positive trends from 2023, the value of transactions witnessed a substantial upswing, reaching almost Dh36.6 billion, marking a 35% increase compared to the same month in 2023. This underscores the resilience and dynamism of Dubai’s real estate sector, as noted by Property Finder, a leading property portal in the Mena region.
According to Property Finder‘s research, two-bedroom apartments emerged as the most popular rental choice, constituting 35% of all searches, followed closely by one-bedroom apartments at 33%.
The momentum from the previous year, coupled with the growing demand for off-plan properties, fueled a remarkable boom in Dubai’s real estate market in January 2024. Record-breaking sales totaled Dh35.4 billion, indicating a promising outlook for the sector in 2024. January’s unprecedented increase of 27% compared to Dh27.9 billion in January 2023 further illustrates a sustained upward trend.
In February 2024, the number of existing property transactions surged by approximately 23% compared to the same month last year, with over 5,500 transactions recorded. The value of these transactions witnessed a remarkable 46% year-over-year increase, totaling Dh23.5 billion.
Off-plan transactions exhibited higher demand, while 6,385 recorded transactions involving existing properties saw a 31% increase in volume year over year. Although the value of these transactions rose by approximately 18.5% year over year, from Dh11 billion in February 2023 to Dh13 billion.
Cherif Sleiman, Chief Revenue Officer of Property Finder, highlighted the significant surge in both transaction volume and value, indicating promising prospects for continued success in 2024. He emphasized the industry’s resilience and dynamism, reflecting positive trends and promising opportunities for investors and home seekers.
Regarding property preferences, the study revealed that 59% of those interested in purchasing a home were looking for apartments, while 41% were interested in townhouses or villas. In the rental market, approximately 80% sought apartments, while 20% preferred townhouses or villas.
Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah emerged as the most sought-after locations for apartment ownership, while Mohammed bin Rashid City, Palm Jumeirah, Arabian Ranches, Dubai Hills Estate, and Al Furjan were preferred for villa/townhouse ownership.
For rentals, Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira were the top choices, with Dubai Hills Estate, Damac Hills 2, Jumeirah, Al Barsha, and Umm Suqeim being popular for villa/townhouse rentals.
The surge in Dubai’s real estate market signifies a promising outlook, driven by strong demand and investor confidence.
