The value of real estate transactions in Dubai reached about AED30 billion ($8.16 billion) in just 30 days, primarily due to the persistently high demand for apartments.
According to Property Finder research released recently, almost 60% of those who purchased real estate last month wanted to own an apartment, and about 40% were interested in buying villas or townhouses.
About 82% of renters were searching for apartments in the rental market, while 18% were looking for townhouses or villas. About 39% of prospective tenants chose unfurnished apartments, but 67% of those looking for housing picked furnished apartments.
The property portal reports that in October, Dubai registered 7,128 real estate sales totalling AED29.7 billion, a 17.46% increase in value over the same month the previous year.
Apartment buyers’ top choices were Downtown, Palm Jumeirah, Jumeirah Village Circle, Dubai Marina, and Business Bay.
The most sought-after areas for purchasers desiring to purchase townhouses or villas were Mohammed Bin Rashid City, Palm Jumeirah, Arabian Ranches, Dubai Hills Estate, and Al Furjan.
Property Finder also reported that there were 5,602 sales of existing properties, a 36.8% increase from the previous year. Additionally, the value of existing properties increased by 81% to approximately AED 25.7 billion, the biggest transaction value for October in the segment’s history.
According to a recent analysis by CBRE, the residential market in Dubai experienced a decline in activity as of September 2023, primarily because of a contraction in the off-plan category.
During the month, off-plan sales in Dubai decreased by 41.5%, while sales in the secondary market increased by almost 33%.