Dubai Real Estate Market Witnesses a 27% Surge in Sales Transactions in February
Dubai, 5th March 2024: Real estate sales transactions in Dubai experienced a substantial surge of over 27 per cent in February, reaching 11,900 deals compared to 9,371 in February 2023, according to recent research by Property Finder, a leading property portal in the Mena region.
The value of these transactions soared to nearly Dh36.6 billion, marking a significant increase of 35 per cent from the same period last year, reflecting the enduring buoyancy of the market throughout 2024.
Property Finder’s research revealed that two-bedroom apartments emerged as the most sought-after rental option, constituting 35 per cent of total searches, closely followed by one-bedroom apartments at 33 per cent.
The remarkable performance in February follows a trend of robust growth observed in January 2024, where record-breaking sales of Dh35.4 billion signified a booming real estate market in Dubai. This surge represented a 27 per cent increase compared to Dh27.9 billion in January 2023, demonstrating consistent growth over recent years.
Existing property transactions in February witnessed a year-on-year increase of approximately 23 per cent in volume, with over 5,500 transactions, while the value surged by 46 per cent year-on-year, reaching Dh23.5 billion.
Off-plan properties continued to demonstrate high demand, with transactions increasing by 31 per cent in volume and 18.5 per cent in value compared to February 2023.
Cherif Sleiman, Chief Revenue Officer at Property Finder, commented on the market’s performance, stating that February maintained the momentum established in January, projecting optimistic prospects for the sector in 2024. Sleiman highlighted the resilience and dynamism of the industry, reflecting positive trends and promising opportunities for investors and home seekers alike.
The research indicated a strong preference for apartments among potential buyers and tenants, with approximately 59 per cent of home seekers interested in purchasing apartments, while around 80 per cent of tenants were searching for apartment rentals.
Top areas searched for property ownership included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah, while Dubai Hills Estate, Al Furjan, Arabian Ranches, Palm Jumeirah, and Mohammed bin Rashid City were favoured for villas and townhouses.
In rentals, Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira were the most sought-after areas for apartments, while Dubai Hills Estate, Damac Hills 2, Jumeirah, Al Barsha, and Umm Suqeim were popular choices for villa and townhouse rentals.
