The Dubai real estate market showed significant growth in February 2024, as evidenced by a 27% increase in the number of transactions. According to information from Property Finder, 11,900 transactions were registered, which significantly exceeds the previous year’s figures of 9,371 transactions.
The financial volume of transactions completed confirms the growing market dynamics, reaching 36.6 billion dirhams (about 9.97 billion US dollars), which is 35% higher than the equivalent period last year.
Renters and Buyers: Trends and Preferences
There is a distinct preference among renters: two-bedroom apartments have become the subject of the most inquiries (35%), slightly ahead of one-bedroom housing options (33%).
Existing properties are in demand among buyers, with 6,385 deals registered, which is 31% more than the year-over-year comparison. Transactions in the secondary market increased by 18.5% and were approximately 13 billion dirhams (3.54 billion US dollars), comparable with 11 billion dirhams last year.
Industry expert and Director of Revenue at Property Finder, Sherif Suleiman, notes that February 2024 confirmed the start of a successful year for the Dubai real estate market, indicating increasing demand and opportunities for investors and those wishing to purchase housing.
Interest in property acquisition is divided as follows: 59% are looking for apartments, while 41% are interested in villas/townhouses. On the rental market, the situation is such that 80% of renters prefer apartments, against 20% looking for larger homes. Among them, 60.7% want to rent furnished housing, while 55.5% looking for villas/townhouses prefer an unfurnished option. The greatest demand for apartment rentals is for one- and two-bedroom apartments, as well as studios.
Prime Locations and Investment Opportunities
Among the most popular areas for purchasing apartments are Dubai Marina, Downtown Dubai, and Palm Jumeirah. For the acquisition of villas and townhouses, Dubai Hills Estate, Arabian Ranches, and Mohammed bin Rashid City are predominantly chosen. The rental market also covers sought-after areas – Dubai Marina and Downtown Dubai for apartments, and Dubai Hills Estate and Jumeirah for villas and townhouses.
In conclusion, the Dubai real estate market continues to demonstrate steady growth and attractive prospects for investors and renters, providing a diverse choice of housing to suit various preferences and budgets.
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