The real estate market in Dubai is witnessing an increase of 25% year on year

Property Finder, the leading real estate portal in the Middle East and North Africa region, has revealed the key trends that will shape Dubai’s booming real estate market in August 2023. According to the latest data, the month saw 11,818 real estate transactions, marking a 25% increase in volume compared to 9,450 deals in August 2023. Year 2023. August 2022.

The value of transactions witnessed a sharp increase of 43% compared to the same month of last year, to reach 33.7 billion dirhams. This represents the highest volume and transaction value for the month of August in a decade. The market broadly followed the previous month’s trends in the property preferences of owners and renters alike.

Sherif Suleiman, Chief Revenue Officer at Property Finder, said: “In August 2023, Dubai’s real estate sector continued its sharp year-on-year growth trajectory. We were pleased to see the continued momentum in investor appetite, with the market remaining strong during the holiday months and the off-plan property sector seeing an unprecedented boom. As home search enablers, we look forward to giving home seekers the best verified listings – all in one place with advanced tools and features to support their home searching journey.

According to Property Finder data for August 2023, 59% of property buyers were looking for an apartment, while 41% were interested in villas/townhouses. As for renters, 81% of them were looking for apartments, while 19% were interested in villas. Two-bedroom apartments were the most searched for purchase at 34%, followed by one-bedroom apartments at 33%.

About 63.9% of those looking for apartments prefer furnished properties, while 34.5% are looking for unfurnished options. Among the tenants who can afford to rent a villa or townhouse, 54% preferred unfurnished units, while 45% preferred furnished options.

Almost 36% of renters were looking for one-bedroom units last month, while 31% expressed a preference for two-bedroom apartments and 21% were looking for studios. Among villas/townhouses, three-bedroom units were the most popular at 43%, while 35% of renters were looking for four-bedroom or larger options.

The off-plan real estate sector played a greater role in driving the rise in the Dubai real estate market last month, as it jumped to 58% of the total number of sales transactions and 50% of the total value of transactions. The volume of sales of off-plan properties increased by 63% year-on-year, with 6,837 transactions recorded, compared to 4,189 transactions in August 2022. This increase was reflected in the value of off-plan properties, which rose by approximately 103% to AED 17 billion. Significantly exceeding the 8.261 billion dirhams recorded in August 2022.

Ten regions contributed about 65.3% of the total sales value and 53% of the total number of transactions in the off-plan market. Perennial favorites include Business Bay, Dubai Harbour, Dubai Creek Harbour, Jumeirah Lakes Towers and Jumeirah Village Circle, as well as newcomers Sobha Hartland, Wafra 1, Arjan, Jumeirah Village Triangle and Airport City.

The current real estate sector in August witnessed another rise in value year-on-year and witnessed a significant growth of about 11% year-on-year, reaching AED 16.9 billion, compared to AED 15.3 billion in August 2022. Palm Jumeirah, Burj Khalifa, Emirates Living, Dubai Marina, Al Khafia, Palm Deira, Arjan, Jumeirah Village Circle, Business Bay and Dubai Hills contributed more than 40% of the sales value and 34% of the volume.

According to Property Finder property data, the list of top searched areas to own apartments in August 2023 has remained unchanged for the past two months and includes Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay and Palm Jumeirah.

Similarly, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC) and Al Furjan have retained their position among the most sought-after areas for those looking to own villas/townhouses.

(marks for translation) Reality Plus Magazine

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