Dubai Real Estate Hits Record Highs in May 2024
CategoriesDubai Real Estate Real Estate News

Demand Surges Across Rental and Ownership Markets

Rental Market Dynamics:

Dubai’s rental landscape sees a significant shift. 78% prefer apartments over villas or townhouses. Among apartment seekers, 58% favor furnished properties, 40% opt for unfurnished. Villa/townhouse seekers vary: 57% unfurnished, 42% furnished. Preferences for unit sizes vary: 35% favor one-bedroom apartments, 33% two-bedroom, 19% studios. Villa/townhouse preferences: 43% three-bedroom, 38% four-bedroom or larger. Key rental areas: Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, Jumeirah Lake Towers, Jumeirah, Dubai Hills Estate, Damac Hills 2, Umm Suqeim, Al Barsha.

Ownership Market Insights:

59% prefer apartments, 41% villas/townhouses. Unit size preferences: 32% one-bedroom apartments, 36% two-bedroom, 14% studios. Villa/townhouse preferences: 40% three-bedroom, 46% four-bedroom or larger. Popular areas: Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, Palm Jumeirah, Dubai Hills Estate, Dubai South, Al Furjan, Arabian Ranches.

Off-Plan Market Surges:

Off-plan market sees historic surge: 11,107 transactions valued at Dh22.7 billion, surpassing previous records. Existing market supports Dubai’s real estate: 6,606 transactions valued at Dh23.8 billion, 8.8% increase in volume, 21% increase in value year-on-year.

Expert Insights:

Cherif Sleiman, Property Finder’s Chief Revenue Officer, emphasizes sustained growth in UAE’s real estate. Surge in off-plan investments reflects demand for community-centric living and long-term returns. Diverse offerings and collaborative efforts empower consumers with comprehensive information.

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