Dubai's Property Market in November Boosted by Off-Plan Deals

Post by : Omar Nasser

Dubai’s real estate market saw a big increase in November 2024. Compared to November 2023, property transactions grew by 19%. A total of 14,479 deals happened last month, and the total value of these deals was more than Dh43 billion. This shows that the real estate market is growing steadily, with a 1.6% rise compared to last year.

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According to Property Finder, one of the most popular real estate websites in the Middle East, there are clear trends in the types of properties buyers are looking for. Around 33% of buyers want one-bedroom apartments, while 35% are looking for two-bedroom apartments. Another 15% are interested in studio apartments.

When it comes to villas and townhouses, 37% of buyers are looking for three-bedroom houses, while 50% are searching for four-bedroom homes or even bigger ones. The most popular areas for buying apartments are Palm Jumeirah, Business Bay, Downtown Dubai, Dubai Marina, and Jumeirah Village Circle. For villas and townhouses, the most searched areas are Mohammed Bin Rashid City, Palm Jumeirah, Al Furjan, Dubai Land, and Dubai Hills Estate.

Off-plan sales are growing rapidly and leading the market. These sales rose by 30% compared to last year, reaching Dh18.2 billion in November 2024. Meanwhile, the ready market had fewer sales. It saw a 6% drop in activity, with 5,931 sales recorded. The total value of these transactions was Dh24.8 billion, which is 12.22% less than the Dh28.3 billion recorded last year.

Cherif Sleiman, Chief Revenue Officer at Property Finder, shared his thoughts about the changes in the market. He said, “As we finish this successful year, we are looking forward to a great 2025. At our recent awards, we saw how professionals are building trust and transparency in the real estate industry. We are also seeing more women and younger investors becoming active in the market, which creates exciting new opportunities.”

When looking at renters, there are trends in what they prefer. About 65% of renters looking for apartments want furnished homes, while 34% prefer unfurnished ones. However, when searching for villas and townhouses, 51% of tenants prefer unfurnished homes, while 48% want furnished ones.

When looking at the types of homes tenants are searching for, 35% of renters want one-bedroom apartments. Around 31% are interested in two-bedroom apartments, while 24% are looking for studios. For villas, 40% of tenants are looking for three-bedroom options, while 38% are looking for four-bedroom homes or bigger.

The most popular areas for renting apartments are Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Deira. The most popular areas for villas and townhouses are Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim.

The real estate market in Dubai looks strong and will likely keep growing in the future because of these trends.

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