Staff Writer: ZAWYA
November 06, 2023
Property transactions in Dubai have surged to nearly AED30 billion ($8.16 billion) in value in just 30 days, as demand for residential units, particularly flats, remained strong.
Around 60% of property buyers last month were looking to own an apartment, while around 40% were interested in acquiring villas or townhouses, Property Finder reported on Thursday.
Within the rental market, around 82% of tenants were on the hunt for apartments, and 18% were looking for villas or townhouses. Among the tenants who wanted to find an apartment, 67.5% preferred furnished properties, while 30.9% opted for unfurnished options.
According to the property portal, Dubai recorded 7,128 real estate transactions worth AED29.7 billion in October, up by 17.46% in value compared to the same month last year.
The most preferred locations among apartment buyers were Dubai Marina, Downtown, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
For buyers looking to own villas or townhouses, the most popular locations were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan, and Mohammed Bin Rashid City.
Property Finder also noted that the volume of existing property sales reached 5,602, up by 36.8% compared to a year earlier. The value of existing properties also surged by 81% to around AED25.7 billion, the highest transaction value recorded in the segment for the month of October in ten years.
CBRE recently said in a report that as of September 2023, activity levels softened in Dubai’s residential market due to a contraction in the off-plan segment.
Dubai saw a 41.5% fall in off-plan sales during the month, although secondary market sales went up by about a third.