Highlights:
- Overall, October 2023 witnessed 7,128 transactions worth AED 29.7 billion
- Transaction volume in the existing property segment grows by 36.8% to 5,602
- Strong interest in furnished rental apartments continues
DUBAI, UNITED ARAB EMIRATES, 02 November 2023: Property Finder, the leading property portal in the MENA region, has revealed key trends shaping Dubai’s dynamic property market in October 2023. The month saw 7,128 real estate transactions worth a total of AED 29.7 billion, recording a 17.46% increase in value compared to the same month last year.
According to the latest data, 60% of property buyers were looking for an apartment, while 40% were interested in villas/townhouses. Meanwhile, in the rental market, around 82% of tenants were searching for apartments, and 18% were looking for villas or townhouses. Around 67.5% tenants seeking apartments for rent favored furnished properties, while 30.9% were searching for unfurnished options. Among the tenants who can afford to rent a villa or townhouse, 51% preferred unfurnished units, while 48% favored furnished options.
Around 36% of tenants were looking for one-bedroom units last month, while 30% expressed a preference for two-bedroom apartments, and 24% were searching for studios. Among villas/townhouses, three-bedroom units enjoyed the highest popularity at 43%, while 35% of tenants were searching for four-bedroom or larger options.
Ten areas contributed to more than 45% of the total number of transactions. These included Jumeirah Village Circle, Business Bay, Burj Khalifa, Dubai Marina, Madinat Hind 4, Al Hebiah Fifth, Palm Jebel Ali, International City Phase 1, Jumeirah Lakes Towers, and Dubai Sports City. In terms of transaction value in this segment, Palm Jebel Ali, Al Sufouh 2, Palm Jumeirah, Jumeirah Village Circle, Burj Khalifa, Al Hebiah Fifth, Business Bay, Palm Deira, Nad Al Shiba First, and Dubai Marina accounted for 54%.
Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “In October 2023, Dubai’s existing property market witnessed a strong uptake, recording new spikes in property preferences. Amidst this evolving landscape, Property Finder remains committed to being a trusted partner for property seekers on their property search journey. We continue to leverage the latest tools to empower and guide property seekers to make the right decision, while enabling trust and transparency for the nation’s growing real estate sector.”