Looking For A Dream Home? See Where Everyone's Moving To In Dubai: A Comprehensive Analysis

Property Finder, the leading property portal in the MENA region, has released its market performance highlights for August 2024, providing valuable insights into the real estate landscape.

According to Property Finder's proprietary data, August was a significant month for the industry. Transaction values matched the highest peak recorded earlier this year in May. A total of 16,163 transactions were recorded, marking a 37% increase compared to the same month last year. The value of these transactions rose by 38%, reaching Dh47.2 billion.

Rental Trends in August 2024

In rental trends, 79% of tenants were seeking apartments, while the remaining 21% considered villas or townhouses. Among those looking for apartments, 63% preferred furnished properties, whereas 36% opted for unfurnished ones. For villas and townhouses, about 57% of tenants searched for unfurnished units, and 42% looked for furnished options.

When it came to apartment preferences, 35% of tenants sought one-bedroom units, while 33% preferred two-bedroom apartments and 21% were interested in studios. For villas and townhouses, 41% of tenants looked for three-bedroom units and 38% searched for four-bedroom or larger options.

The top areas searched to rent apartments included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay and Jumeirah Lakes Tower. Popular areas for renting villas or townhouses were Dubai Hills Estate, Jumeirah, Damac Hills 2, Al Barsha and Umm Suqeim.

Ownership Insights

Regarding ownership interests, 59% of property seekers were looking for apartments while 41% were searching for villas or townhouses. Among investors looking at apartments, 32% were interested in one-bedroom units; meanwhile, 36% showed a preference for two-bedroom apartments and 14% for studios.

For those seeking villas or townhouses, 39% were searching for three-bedroom units and a notable 47% were interested in four-bedroom or larger options. Popular areas for apartment ownership included Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay and Palm Jumeirah.

The most desired areas to own villas or townhouses were Dubai Hills Estate, Al Furjan, Palm Jumeirah, Damac Hills 2 and Dubai South.

Off-Plan vs Existing Market

The existing market saw its highest volume and value of transactions ever in August with a total of 5,684 transactions compared to last year's figure of 4,976 transactions—a rise of approximately 14%. The off-plan market also experienced significant growth with around a YoY increase of approximately 53%, recording about 10,479 transactions.

The value of these off-plan transactions increased notably by around 40%, reaching approximately Dh23.3 billion compared to Dh16.7 billion in August last year.

Cherif Sleiman, Chief Revenue Officer at Property Finder stated: "August was a particularly exciting month with several project developments feeding into sustained growth in Dubai's thriving real estate sector. The industry continues to see a breadth of demand - with younger families looking for community-centric living options driving affordable housing interest; while luxury demand is also on the rise with the influx of ultra-high net worth individuals expected in the coming years."

This month also saw the launch of the Dubai Land Department's video call platform '6005AQARI', which allows foreign investors to access real estate professionals easily. This initiative aligns with Property Finder’s mandate to offer transparency in the home-seeking journey through various data solutions like DataGuru that support both international investors and local residents.

Sleiman added: "We are excited to support Dubai's growth and enhance its global leadership in real estate with greater trust and transparency backed by the latest technology and talent."

All the latest information on top listings and communities can be accessed on Data Guru by Property Finder at their website or via their app available on Google Play and Apple Store.