Dubai’s real estate market kicked off 2024 with Dh35.4 billion in January sales, hinting at a promising year ahead. The demand for off-plan properties continues its upward trajectory.
January 2024 witnessed a remarkable 27% increase from January 2023, setting new benchmarks and reflecting sustained growth.
Property Finder’s data indicates a 17% year-over-year rise in sales transactions, surpassing 11,000, showcasing a thriving market.
Cherif Sleiman, Chief Revenue Officer at Property Finder, expresses optimism for 2024, citing escalating momentum. Off-plan properties fuel demand for new projects, shaping a dynamic landscape.
With approximately 6,000 transactions, off-plan activities surged by 25% annually, reaching Dh15 billion in January 2024, marking a 21% increase.
A Zazen Properties report underlines Dubai’s off-plan market role, propelling the UAE market to Dh455.7 billion in 2023. The sector is set to drive market growth.
Despite completing over 60,000 units, Dubai’s population surge sustains demand, positioning the city as a prominent real estate hub.
The allure of Dubai’s real estate market was evident in 2023, with sales reaching Dh160.46 billion, a 72.3% increase from 2022, buoyed by a thriving tourism sector.
Property Finder’s insights reveal preferences, with apartments garnering 58% of interest and villas/townhouses at 42%. Furnished apartments remain favored by 62.2% of tenants.
Prime apartment ownership locations include Dubai Marina, Downtown Dubai, and Jumeirah Village Circle, while villas/townhouses are sought after in Dubai Hills Estate and Arabian Ranches.
For rentals, Dubai Marina and Jumeirah Village Circle dominate, whereas Dubai Hills Estate and Al Barsha attract tenants seeking villas/townhouses.
Overall, property transactions surged by 8.0% annually, with a 31% increase from January 2023 to January 2024, underscoring Dubai’s robust real estate landscape.