The Dubai real estate sector saw 14,479 transactions in November, leading to a 19 per cent increase compared to November 2023, according to Property Finder data.
The value of these transactions increased by 1.6 per cent, totalling to AED43bn ($11.7bn).
Property Finder identified trends and data revealing the growing importance of off-plan sales and a decline in the volume and value of ready properties sold.
Dubai real estate trends
The off-plan market kept supporting the Dubai real estate market in November 2024, with transactions witnessing a year-on-year increase of approximately 46 per cent in volume, with around 8,548 transactions.
The value of these transactions experienced a notable increase of around 30 per cent YoY, reaching around AED18.2 bn ($5bn), compared to AED14bn ($3.8bn) in November 2023.
The ready market recorded 5,931 witnessed a decline of 6 per cent in terms of volume. In terms of value, the ready market recorded transactions worth around AED24.8bn ($6.8bn) and decreased by 12.22 per cent compared to November 2023 which accounted for AED28.3bn ($7.7bn).
The Property Finder market report showed that 33 per cent of people who seek to own or invest in properties are searching for one-bedroom units, with 35 per cent showing an inclination for two-bedroom apartments and 15 per cent for studios.
Seekers for villas/townhouses included 37 per cent searching for three-bedroom units and 50 per cent for four bedroom or larger options.
Popular areas for apartment ownership were:
- Dubai Marina
- Jumeirah Village Circle
- Downtown Dubai
- Business Bay
- Palm Jumeirah
The most desired areas to own villas or townhouses were:
- Dubai Hills Estate
- Palm Jumeirah
- Al Furjan
- Dubailand
- Mohammed Bin Rashid City
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. Our commitment to ‘A Home for Every Life’ drives us forward as we continue empowering property seekers with the tools they need to navigate an evolving market—especially as we look ahead to the launch of exciting new projects in 2025.”
The real estate firm also shared insights into the rental market, with emerging trends on types of properties sought and popular areas for renters.
Property Finder said, roughly 65 per cent of tenants looking for apartments preferred furnished properties, while 34 per cent turned to unfurnished options.
Tenants who sought villas/townhouses, meanwhile, showed a difference in preference, with around 51 per cent searching for unfurnished units and 48 per cent going for furnished properties.
When searching for apartments, 35 per cent of tenants were looking for one-bedroom units, while 31 per cent expressed a preference for two-bedroom apartments and 24 per cent for studios.
40 per cent of tenants looked for three-bedroom villas and 38 per cent searched for four-bedroom or larger options.
Top areas searched to rent apartments included:
- Jumeirah Village Circle
- Dubai Marina
- Downtown Dubai
- Business Bay
- Deira
Popular areas among those looking to rent villas or townhouses, include:
- Jumeirah
- Dubai Hills Estate
- Damac Hills 2
- Al Barsha
- Umm Suqeim
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