Dubai’s real estate market experienced a remarkable surge in April 2024, resulting in a significant increase in registered sales transactions compared to the previous year. Property Finder’s data revealed that the market witnessed a 45.11% increase in sales transactions, totaling 11,607 transactions worth 32 billion dirhams in the first quarter of 2024. This represents a 21.13% increase from the same period in 2023.
Interestingly, potential buyers focused on residential apartments during April, with 58% of them showing interest in this property type. In contrast, renters were more interested in apartments than villas or independent homes, highlighting the strong demand for apartment properties.
Furthermore, specific preferences within property types emerged among buyers and renters. For instance, three-bedroom villas remained highly sought after by both buyers and renters. Additionally, tenants preferred ready-furnished apartments over unfurnished options.
Certain areas in Dubai attracted particular attention from buyers and investors alike. Villas were popular choices among those interested in owning a property, while apartment seekers favored areas such as Dubai Marina and Downtown Dubai.
Off-plan sales transactions also saw growth annually by 86.51%, with investors eyeing promising returns on their investments.
Property Finder’s Chief Revenue Officer, Sherif Soliman, attributed this growth to regulatory changes that have positively impacted the market. He expressed optimism about the continued growth of Dubai’s real estate sector based on ongoing developments and announcements shaping its landscape.
Overall, Dubai’s real estate market continues to show resilience and adaptability as it responds to changing consumer preferences and market dynamics. With ongoing developments and announcements set to shape its future direction, the outlook for Dubai’s real estate market remains promising indeed.
