Dubai Real Estate Market Surges in Sales in January 2024: Property Finder Report

In January 2024, the Dubai real estate market experienced a remarkable surge in sales, reaching a recorded amount of $9.6 billion (AED35.4 billion). This represents a substantial increase of 27 percent compared to the previous year, as reported by property portal Property Finder. The market also saw a year-on-year growth of 17 percent in recorded sales transactions, surpassing 11,000 compared to 8,712 in January 2023.

Among potential buyers, 58 percent showed interest in apartments, while 42 percent were specifically looking for villas or townhouses. In the rental market, 80 percent of tenants preferred apartments, while 20 percent were interested in villas or townhouses.

When it comes to furnished vs. unfurnished properties, 62.2 percent of tenants searching for apartments preferred furnished units, while 36.1 percent were seeking unfurnished options. On the other hand, tenants looking for villas or townhouses displayed the opposite trend, with around 57 percent interested in unfurnished units and 42 percent in furnished options.

The demand for larger units was evident, with 36 percent of tenants seeking one-bedroom apartments, 31 percent looking for two-bedroom units, and 22 percent interested in studios. For villas or townhouses, 43 percent of tenants were searching for three-bedroom units, while 34 percent preferred four-bedroom or larger options.

The top areas for owning apartments included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah, while Dubai Hills Estate, Arabian Ranches, and Palm Jumeirah were popular choices for owning villas or townhouses.

Overall, the Dubai real estate market is poised for continued success in 2024, with a positive outlook for off-plan properties and growing demand in the sector. Cherif Sleiman, chief revenue officer at Property Finder, expressed optimism about the findings, highlighting the potential for sustained successes in the coming year.