MENA region’s leading property portal, Property Finder, has revealed some of the prominent trends that shaped the booming property market of Dubai in August 2023.
The latest data shows that the total number of real estate transactions in the month stood at 11,818, which marks a 25% rise in volume as opposed to last year in August when the number had been 9,450.
As compared to the same month last year, there was a 43% increase in the value of the real estate transactions, as they climbed to an impressive AED 33.7 billion.
This is the highest transaction value and volume to have been recorded in the month of August in the last ten years.
The trends seen in the previous month were mostly followed by the market in terms of property preferences for tenants and owners alike.
Property Finder’s Chief Revenue Officer, Cherif Sleiman, said that the property sector in Dubai in August saw steep growth in its YoY trajectory.
He went on to say that the investor appetite had managed to sustain its momentum and the market had managed to stay robust even during the holiday months.
He also added that there had been an unprecedented rise in the off-plan segment. He said that since they enable home search, they want to provide the best and verified listings to home-seekers in a single place.
As far as tenants are concerned, 19% of them were looking for villas, while 81% were looking for an apartment.
Two-bedroom apartments were the most commonly searched ones, as 34% of the people were giving them priority, while 33% of them were looking for one-bedroom apartments.
Furnished properties were given preference by 63.9% of the people searching for apartments, while unfurnished options were prioritized by 34.5%.
As far as tenants who could afford to rent a townhouse or villa are concerned, 45% of them were searching for furnished ones, while 54% favored unfurnished ones.
Last month, there were 36% of the tenants who were searching for one-bedroom apartments, while two-bedroom ones were preferred by 31% and 21% were looking for studios.
As far as town-houses/villas are concerned, the most popular option were three-bedroom units, as 43% of the people preferred them, while four-bedroom or larger ones were preferred by 35%.
Last month, the uptake in the real estate market in Dubai also saw a major contribution from the off-plan segment.
This is because it contributed about 50% and 58% of the total transaction value and total number of sales transactions, respectively.
There was a 63% rise in the volume of off-plan property sales year-on-year, with the total number of transactions recorded at 6,837, while the number had stood at 4,189 a year earlier.
This increase was also seen in the value of these properties, as they climbed to AED 17 billion, which is an increase of 103%.