According to data released on Monday, more than 17,000 real estate transactions totaling Dh55.5 billion were documented in Dubai last month, setting a new record for July 2024.
Property Finder data shows that, in comparison to July 2023, the market continued its upward trend, with a 59% increase in transactions and a 57% increase in value.
The industry saw a turning point in July when transaction values reached the highest peak seen earlier in the year, in May. Ten regions—Al Barsha South Fourth, Business Bay, Marsa Dubai, Jebel Ali First, Wadi Al Safa, and Al Thayah Fifth—accounted for 51% of all transactions.
Compared to 6,606 transactions in May 2024—a 27% increase—the current market recorded the highest volume and value of transactions ever in July 2024, reaching 8,400 transactions.
The ready market saw transactions totaling Dh36 billion, surpassing by 23% the highest peak recorded in June 2024 in terms of value.
With roughly 9,300 transactions, the off-plan market saw a YoY increase in volume of about 77%.
Comparing the value of these transactions in May 2023 to Dh12.6 billion, there was a significant YoY increase of 54%, or around Dh19.4 billion.
Ownership Insights
Of those who expressed interest in buying a property, 59% were looking for an apartment, and 41% were looking for villas or townhouses. Thirty-six percent of investors indicated a preference for studios, thirty-six percent for two-bedroom apartments, and thirty-six percent for one-bedroom units.
39.8% of those looking for villas or townhouses were looking for units with three bedrooms, and 44.9% were looking for options with four bedrooms or more.
Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah were among the most sought-after locations for ownership. The most sought after neighborhoods for townhouses and villas to buy were Akoya by Damac, Palm Jumeirah, Al Furjan, and Dubai Hills Estate.
Rental Trends
Twenty percent of tenants were considering villas or townhouses, while eighty percent were looking for an apartment.
About 60% of renters who were looking for apartments favored furnished apartments, while 38% chose unfurnished ones.
There was variation in the preferences of tenants looking for villas/townhouses; approximately 57% looked for unfurnished units and 42% went for furnished ones.
37% of tenants said they preferred one-bedroom apartments, 20.9 percent preferred studios, and 31.7 percent preferred two-bedroom apartments when looking for an apartment.
Renters eager to choose townhouses or villas appeared to be distributed fairly, with 35.4% seeking larger or four-bedroom units and 43.1% looking for units with three bedrooms.
Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira were the most frequently searched areas for apartment rentals.
Villa/townhouse seekers were drawn to Jumeirah, Al Barsha, Dubai Hills Estate, Akoya Damac Hills, and Umm Suqeim.
Cherif Sleiman, chief revenue officer at Property Finder, said: “With the UAE striding towards its vision ‘We the Emirates 2031’, we are at an exciting time in the nation’s development journey across social, economic and investment sectors, and in turn – the real estate market. Recognising this, more people are in search of long-term homes in Dubai – evidenced by the upward trend in volume and value of transactions, while regulatory reports from Sharjah further indicate promising investment interest. Both existing and off-plan projects seem to be thriving, lending to a constant diversification of property demand, backed by growing returns on investment. Newer developments outside central city locations are also seeing growing consideration, partly due to developer efforts to sustain momentum with steady supply, while nurturing communities that appeal to a global audience. At Property Finder, we consistently innovate to support this demand and are committed to transforming the search process, powered by trust, transparency, talent and technology.”
