A 46% Increase in Off-Plan Property Sales in Dubai in November 2024

Data indicates that Dubai’s real estate market continued to perform well in November 2024, propped up by the off-plan segment, while the volume of deals grew by more than 46 percent year over year, with 8,548 transactions recorded. Overall, property transactions in Dubai increased by nearly one-fifth (19%) compared to November 2023. Based on insights from Property Finder, the leading real estate portal in the Middle East and North Africa (MENA) region, the market maintained its upward trajectory with over 14,479 deals valued at over AED 43 billion. This marked a 1.6% increase compared to the same period last year.

Most Popular Areas and Property Types in Dubai

Statistics indicate that one third or 33%, of the respondents intended to buy or invest in Dubai real estate one-bedroom apartments; 35% were willing to go for two-bedroom apartments, and 15% needed studios. Of those planning to look for villas or townhouses, 37% would require three-bedroom units and 50% preferred four-bedroom units or above. The most in-demand areas among apartment buyers are Palm Jumeirah, Business Bay, Downtown Dubai, Dubai Marina and Jumeirah Village Circle. For villas and townhouses, the topmost areas were Mohammed Bin Rashid City, Palm Jumeirah, Al Furjan, Dubai Land and Dubai Hills Estate.

Comparative Analysis of Off-Plan and Ready Markets

The value of off-plan transactions went up about 30% year-on-year, moving from approximately AED 14 billion in November 2023 to AED 18.2 billion. In the ready market, a 6% decline in the volume of transactions was recorded at 5,931 transactions. For value, the ready market saw transactions worth AED 24.8 billion, representing a 12.22% drop from AED 28.3 billion in November 2023.

Sherif Sulaiman, Chief Revenue Officer of Property Finder, commented:

“As we close out an exceptional year in 2024, we’re thrilled to be part of a sector poised for significant growth in 2025. At our recent Property Finder Awards, we witnessed a remarkable shift in our industry, with professionals leading the charge in enhancing trust and transparency across the region. Notably, we’re seeing a surge in female and Gen Z investors, expanding our audience and creating new opportunities for real estate success in the year ahead.”

Rental Market Trends Across Dubai

Recent analysis of Dubai’s rental market has revealed intriguing patterns in tenant preferences. Furnished apartments have gained remarkable popularity, with 65% of searchers prioritizing them as their top choice. In contrast, unfurnished apartments accounted for only 34% of the market share.

Differences in Preferences by Property Type

For villas and townhouses, on the other hand, around 51% were more inclined to view unfurnished premises, indicating a personal taste for larger living areas.

Count of Bedrooms: An Issue of Choice

The other critical factor was the number of bedrooms. 35% of the people were looking for one-bedroom apartments, 31% sought two-bedroom units, while 24% were interested in studios. For villas, 40% of the searchers preferred three-bedroom options while 38% preferred four-bedroom homes or larger.

Most Popular Areas for Rentals

Dubai’s diverse residential areas offer a range of options for tenants. According to statistics, Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay and Deira They are known as the best areas of Dubai for investing in real estate and renting apartments. For villas and townhouses, Jumeirah, Dubai Hills Estate, DAMAC Hills 2, Al Barsha and Umm Suqeim were the most desirable locations for tenants and investors alike.

Conclusion

The Dubai real estate market in November 2024 showed remarkable growth, especially in the off-plan segment. Growing volumes of transactions, rising property values, and a shift toward younger buyers and female investors are indicative of the vibrancy and appeal of the market. The popularity of areas like Palm Jumeirah and Downtown, along with a clear demand for smaller apartments and larger villas, highlights specific demand patterns.

The comparison of the off-plan and ready markets showed the dominance of the off-plan sector, testifying to investor confidence in the future of the market. On the rental side, there is continued demand for furnished apartments and larger units within specific neighborhoods. Overall, the findings showcase the resilience and continued growth of Dubai’s real estate market, therefore painting an optimistic outlook toward its future.

Source: https://www.propertynews.ae