Dubai’s property market in November is driven by off-plan deals

Dubai Real Estate Market Continues to Thrive in November 2024, Boosted by Off-Plan Sector

Dubai's real estate market maintained its upward trajectory in November 2024, driven primarily by the off-plan sector. According to the latest data, 8,548 off-plan sales were recorded during the month, marking a remarkable year-over-year growth of over 46% in transaction volume.

In total, Dubai saw over 14,479 real estate transactions last month, reflecting a 19% increase compared to November 2023. The total transaction value reached Dh43 billion, a 1.6% rise from the same period last year, according to Property Finder, the leading real estate portal in the Middle East and North Africa (MENA) region.

Trends in Property Preferences

Data revealed a clear demand for specific property types:

• Apartments:

  • 33% of buyers sought one-bedroom units.

  • 35% preferred two-bedroom apartments.

  • 15% showed interest in studios.

• Villas/Townhouses:

  • 37% of buyers searched for three-bedroom homes.

  • 50% sought four-bedroom or larger properties.

Top Areas for Apartment Purchases:Palm Jumeirah, Business Bay, Downtown Dubai, Dubai Marina, and Jumeirah Village Circle.

Popular Locations for Villas/Townhouses:Mohammed Bin Rashid City, Palm Jumeirah, Al Furjan, Dubai Land, and Dubai Hills Estate.

Off-Plan Sector Outperforms Ready Market

The off-plan market witnessed a 30% increase in transaction values, reaching approximately Dh18.2 billion compared to Dh14 billion in November 2023.

In contrast, the ready market experienced a 6% decline in transaction volume, with 5,931 deals recorded. Its transaction value dropped by 12.22%, totaling Dh24.8 billion, down from Dh28.3 billion in November 2023.

Industry Insights

Cherif Sleiman, Chief Revenue Officer at 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 observed a remarkable shift in the industry, led by professionals enhancing trust and transparency across the region. Notably, there’s been a surge in female and Gen Z investors, expanding opportunities for real estate success in the year ahead.”

Rental Market Preferences

The rental market showed distinct trends:

• Furnished vs. Unfurnished:

  • 65% of apartment renters preferred furnished units, while 34% chose unfurnished options.

  • For villas and townhouses, 51% opted for unfurnished spaces, compared to 48% preferring furnished ones.

• Apartment Preferences:

  • 35% favored one-bedroom units.

  • 31% sought two-bedroom apartments.

  • 24% preferred studios.

• Villa Preferences:

  • 40% of tenants looked for three-bedroom villas.

  • 38% preferred four-bedroom or larger properties.

Top Areas for Apartment Rentals:Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Deira.

Popular Areas for Villa/Townhouse Rentals:Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim.

The Dubai real estate market continues to demonstrate resilience and growth, setting the stage for another promising year in 2025.