The latest data released by Property Finder, a real estate technology portal in the Middle East and North Africa, shows that the Dubai real estate market reached a milestone last August, with the number of real estate sales transactions reaching 11,818 transactions, an increase of 25. % compared to 9,450 transactions. In August 2022.
The value of transactions in August increased by 43% compared to the same month last year and recorded 33.7 billion dirhams, the highest number recorded in August in terms of number and value of transactions in a decade.
Sherif Soliman, Chief Revenue Officer, Property Finder, said: “Dubai’s real estate sector continued its steady growth (year-on-year) in August 2023 and we are pleased to see this sustained momentum in investor interest as the market maintains significant growth. Even on holidays.”
Property search data for August 2023 shows that 59% of prospective property owners looked for residential apartments, while 41% were interested in villas or townhouse units. The percentage of people searching for residential apartments for rent was 81%, followed by villas at 19%. Two-bedroom apartments accounted for the highest number of searches, at 34%, followed by one-bedroom apartments at 33%.
Furnished apartments received the attention of 63.9% of tenants, while 34.5% of requests focused on unfurnished units. As for tenants looking for villas or townhouse units, 54% of them wanted unfurnished units, while 45% wanted to rent furnished units.
Data last month revealed that 36% of renters were looking for one-bedroom units, 31% were looking for two-bedroom units, 21% were looking for studio units, while three-bedroom villas and townhouse units were the most popular. Tenants accounted for the largest share of interest, with 43% and 35% for units with four or more bedrooms.
Off-plan sales transactions contributed to the growth of the real estate market in Dubai and improved its performance last month as it accounted for 58% of the total sales volume and 50% of its value. A significant increase of 63% year-on-year has been achieved, recording 6,837 transactions compared to 4,189 transactions in August 2022, which is reflected in the value of sales of real estate under construction, which has registered a growth of approximately 103%. 17 billion dirhams, surpassing the barrier of 8.261 billion dirhams registered in August 2022.
The 10 regions in Dubai contributed 65.3% of the total value of sales transactions and 53% of the total number of off-plan sales transactions. The most prominent of these areas are: Business Bay, Dubai Harbour, Dubai Creek Harbour, Jumeirah Lakes Towers Dubai, Jumeirah Village Circle and recently added areas: Soba Heartland, “Alivera 1”, Jumeirah Village Triangle and Airport City.
In turn, the Ayadha real estate sector saw significant growth in terms of value in August, registering 11% year-on-year to reach 16.9 billion dirhams, compared to 15.3 billion dirhams in August 2022. 10 regions contributed 40% of total sales. value, and 34% of the total. Palm Jumeirah and Burj Khalifa lead the number of transactions.
Apartments for ownership
In the past two months, Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay and Palm Jumeirah have topped the list of most sought-after apartments for ownership, according to Property Discovery data. Whereas: Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damak Hills (Akoya by Damak), and Al Furjan retained the top spot in the list of desirable locations for those looking to own villas or townhouse units.
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