Dubai’s real estate market saw a 45.11% increase in registered sales transactions in April 2024, compared to the previous year, totaling 11,607 transactions. The total value of transactions in the first quarter of 2024 also rose by 21.13% compared to the same period in 2023, reaching a staggering 32 billion dirhams.
According to Property Finder’s data, residential apartments were the most popular choice for potential buyers, with 58% of interest, while villas or independent homes attracted 42%. Renters showed a preference for apartments over villas, with 79% looking for apartments and just 21% looking for villas or townhouses.
The demand for three-bedroom villas remained high, while there was also interest in larger units with four or more bedrooms. Tenants searching for ready-furnished apartments were the majority, while those looking to rent villas preferred unfurnished options.
Sales of ready real estate units saw an annual increase of just 6.45%, while off-plan sales transactions continued to grow steadily, rising by a massive 86.51% annually. Sherif Soliman, Chief Revenue Officer at Property Finder, noted that the increasing interest in off-plan real estate provided investors with diverse opportunities for future returns.
Recent regulatory changes have had a positive impact on the real estate market in Dubai, with stability remaining despite fluctuations in demand. Consumer preferences have shifted towards purchasing residential apartments, showing continued growth and vitality in the market. The recent announcements regarding airport operations have also contributed to growing demand for emerging areas in Dubai.
Overall, Dubai’s real estate market is thriving and continues to attract investors from around the world due to its stable economy and attractive investment opportunities.
