Dubai Property Market Experiences Record-Breaking Performance in May 2024
The Dubai property market hit an all-time peak in May 2024, recording the highest volume and value of transactions ever, data showed on Thursday.
As many as 17,713 transactions were recorded during the month, up 53 percent compared to May 2023, real estate portal Property Finder said. Moreover, the value of these transactions increased by 38 percent, touching AED46.5 billion ($12.7 billion).
Cherif Sleiman, Chief Revenue Officer at Property Finder, commented: “May 2024 further strengthens the positive trajectory of the UAE’s real estate market. We observed a significant rise in both transaction volume and value, exceeding not just year-on-year figures but also pre-pandemic levels.”
Off-Plan Market Records Stellar Performance
The off-plan segment of the market mirrored the overall trend, achieving record highs in both volume and value. May 2024 saw 11,107 off-plan transactions, surpassing the previous peak set in April 2009 (9,837 transactions) by a significant 13%. The value of off-plan transactions also reached new heights, totaling AED22.7 billion, representing a 25% increase compared to the prior peak recorded in September 2023.
Ownership and Rental Preferences Revealed
The report sheds light on ownership and rental preferences among property seekers in Dubai. Apartments remain the dominant choice, with 59% of ownership-oriented searches focused on this category. Within the apartment segment, one-bedroom units garnered the most interest (32%), followed by two-bedroom apartments (36%) and studios (14%).
For those seeking villas/townhouses, three-bedroom units hold the most appeal (40%), followed by options with four or more bedrooms (46%). Popular locations for ownership include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
The rental market also leans towards apartments, with 78% of tenant searches falling under this category. Furnished apartments proved more popular (58%) compared to unfurnished options (40%). In contrast, villa/townhouse renters displayed a more balanced preference, with 57% seeking unfurnished properties and 42% opting for furnished ones.
One-bedroom apartments were the most sought-after rental option (35%), followed by two-bedroom apartments (33%) and studios (19%). When it comes to villas/townhouses for rent, three-bedroom units (43%) and those with four or more bedrooms (38%) hold similar levels of interest. Top areas for renting apartments include Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Jumeirah Lake Towers.
