Dubai's Property Market Sees Significant Boost in November 2024, Driven by Off-Plan Sales
The Dubai real estate market witnessed remarkable growth in November 2024, led by an impressive surge in off-plan transactions. With 8,548 off-plan deals recorded, this sector experienced a year-over-year growth of over 46%, showcasing its pivotal role in driving the market's upward momentum.
The month recorded 14,479 total real estate transactions valued at over AED 43 billion, marking a 19% increase compared to November 2023, according to Property Finder, a leading real estate portal in the MENA region. This also represents a modest 1.6% growth in transaction value compared to the same period last year.
Property Preferences Among Buyers and Investors
Among those seeking to buy or invest, 33% expressed interest in one-bedroom apartments, 35% leaned towards two-bedroom units, and 15% preferred studios. Buyers of villas and townhouses showed significant demand for larger homes, with 37% searching for three-bedroom options and 50% prioritizing four-bedroom or larger units.
Top neighborhoods for apartments included Palm Jumeirah, Business Bay, Downtown Dubai, Dubai Marina, and Jumeirah Village Circle. For villas and townhouses, Mohammed Bin Rashid City, Palm Jumeirah, Al Furjan, Dubai Land, and Dubai Hills Estate were the most sought-after locations.
Off-Plan vs. Ready Property Market
The off-plan market recorded a 30% rise in transaction values year-over-year, amounting to approximately AED 18.2 billion, up from AED 14 billion in November 2023.
Meanwhile, the ready market showed a 6% decline in transaction volume, with 5,931 deals completed. The value of ready property transactions dropped by 12.22%, totaling AED 24.8 billion compared to AED 28.3 billion in November 2023.
Cherif Sleiman, Chief Revenue Officer at Property Finder, stated:
"As 2024 concludes on a high note, we are excited to contribute to a sector poised for substantial growth in 2025. At the recent Property Finder Awards, the industry's emphasis on trust and transparency was evident, with rising female and Gen Z investors shaping a more inclusive and diverse real estate landscape."
Trends in Dubai's Rental Market
Dubai's rental market also showcased varying preferences. Approximately 65% of apartment seekers preferred furnished units, while 34% opted for unfurnished options. For villa and townhouse renters, preferences were more balanced, with 51% choosing unfurnished properties and 48% seeking furnished ones.
Key trends among renters included:
- Apartments: 35% preferred one-bedroom units, 31% chose two-bedroom apartments, and 24% leaned towards studios.
- Villas and Townhouses: 40% sought three-bedroom homes, and 38% searched for four-bedroom or larger options.
Popular rental areas for apartments were Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Deira. For villas and townhouses, sought-after locations included Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim.
