One bedroom apartments were commonly searched for apartment rentals, accounting for 36%, followed by two-bedroom apartments at 30%.
Property Finder, the leading property portal in the MENA region, has revealed key trends shaping Dubai’s dynamic property market in November 2023. According to data from Dubai Land Department, the value of transactions experienced a significant surge, reaching almost AED 42 billion and marking a notable increase of 36% compared to the same month the previous year.
In November, approximately 36% of tenants were seeking one-bedroom units, while 30% expressed a preference for two-bedroom apartments, 24% were searching for studios. Regarding Villas/Townhouses, 42% of tenants were primarily looking for three-bedroom units, while 35% were searching for four-bedroom or larger options.
The ready properties market played a significant role in supporting Dubai’s real estate market uptrend in November, accounting for 52% of the total sales transactions and 67% of the total transaction value. The volume of ready property sales increased by 10% YoY, with almost 6,335 transactions recorded, compared to 5,749 in November 2022. This increase was reflected in the value of ready properties, which increased by almost 60% touching AED 28 billion, compared to AED 17 billion recorded in November 2022.
It is noteworthy that out of all the areas, only 10 of them – Palm Jabal Ali, Me’Aisem Second, Burj Khalifa, Palm Jumeirah, Business Bay, Madinat Dubai Almelaheyah, Madinat Al Mataar, Jumeirah Village Circle (JVC), Dubai Marina (Marsa Dubai), and Falcon City Of Wonders, contributed to almost 53% of the total sales value and 41% of the total transactions.
Top areas searched to own apartments in November 2023 included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay and Palm Jumeirah. Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya by Damac) and Mohammed Bin Rashid City were the most desired areas to own/rent villas/townhouses.
Apartment rentals were searched widely across Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay and Jumeirah Lake Towers. Dubai Hills Estate,, Jumeirah, Al Barsha, Damac Hills 2 (Akoya) and Arabian Ranches were popular when it came to searches to rent villas/townhouses.
Cherif Sleiman, Chief Revenue Officer at Property Finder, said:“As the demand for property significantly scales, we see the demand for ownership strengthening along with some spikes in ready transactions. As December draws to an end, we expect to close the year with a positive momentum paving way for a rewarding 2024 with sustainable performance when it comes to value and volume of transactions driven by new projects. At Property Finder, we remain committed to empowering property seekers with all the tools they need to make more informed decisions, while enabling trust and transparency for the nation’s growing real estate sector.”