UAE’s Commercial Real Estate Market

57% of Home-seekers in Dubai are Looking for an Apartment

According to the latest stats, 57% of people with an interest in purchasing a property in Dubai were looking for an apartment, while townhouses and villas were the priority of 43%.

MENA region’s leading property portal, Property Finder shared the data it had put together, which also showed that 81% of the people were searching for an apartment in the rental sector.

Meanwhile, the remaining 19% were looking for villas to rent.

The statistics

But, there was a rise recorded in the percentage of home-seekers and investors searching from villa from last year in September, when they had been 39.8% and had now climbed to 43%.

In contrast, there was a drop in the number of people looking for an apartment by 3.2%, as it came down to 57% from 60.2%.

Two bedroom apartments was the most common size that apartment-seekers searched for, as it accounted for about 35%, while 32% were looking for a one-bedroom apartment.

As for tenants, around 69.7% of them were looking for apartments that were furnished, while unfurnished properties were the priority of 28.9%.

In comparison, the preferences of tenants who could afford townhouse/villa rentals were different, as about 43% were searching for furnished ones, while 57% wanted unfurnished ones.

More numbers

One-bedroom units were the priority of about 38% of the tenants, while 23% were searching for studios and 29% were looking for two-bedroom apartments.

As far as townhouses/villas are concerned, there were 49% of the tenants who wanted three-bedroom units, while four-bedroom or bigger options were the priority of 31% of the tenants.

Property Finder’s Chief Revenue Officer, Cherif Sleiman, said that consumer preferences had changed in terms of home-seeking, which included new projects and an increase in ownership.

He added that all types of home-seekers can find an array of diverse options in the real estate market in Dubai, whether they are looking to buy or rent.

The CRO said that in the next quarter, they were committed to ensuring growth of the real estate sector in the region and would use their tools developed for helping people find homes.

The areas

Jumeirah Lake Towers, Jumeirah Village Circle, Downtown Dubai, Business Bay and Dubai Marina are the top areas where people were looking to rent apartments.

Meanwhile, the areas where people were looking to rent townhouses/villas were Arabian Ranches, Dubai Hills 2 (Akoya), Al Barsha, Jumeirah and Dubai Hills Estate.

In September 2023, the top neighborhoods that were searched for purchasing apartments were Business Bay, Jumeirah Village Circle, Dubai Marina, Palm Jumeirah and Downtown Dubai.

The areas where people desired to own villas/townhouses were Damac Hills (Akoya by Damac), Al Furjan, Palm Jumeirah, Arabian Ranches and Dubai Hills Estate.

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