Property Finder recently released data on the Dubai real estate market trends in April 2024, which saw a significant increase in registered sales transactions by 45.11% compared to the previous year, totaling 11,607 transactions. The total value of transactions in the first quarter of 2024 also rose by 21.13% compared to the same period in 2023, reaching 32 billion dirhams.
According to the data, 58% of potential buyers were interested in residential apartments while 42% were focused on villas or independent homes. Renters showed a preference for apartments over villas, with 79% looking for apartments and 21% looking for villas or townhouses.
Demand for three-bedroom villas remained high, while there was also interest in larger units with four or more bedrooms. The majority of tenants searched for ready-furnished apartments, while those looking to rent villas preferred unfurnished options.
Popular areas for apartment buyers included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah. For those looking to rent villas, areas like Dubai Hills Estate, Damac Hills 2, Jumeirah, Al Barsha, and Dubailand attracted a lot of interest.
Sales of ready real estate units saw a 6.45% increase annually, while off-plan sales transactions continued to grow steadily, rising by 86.51% annually. Sherif Soliman, Chief Revenue Officer at Property Finder, noted the increasing interest in off-plan real estate, offering investors diverse opportunities for future returns.
Recent regulatory changes have had a positive impact on the real estate market, with stability remaining despite fluctuations in demand. Consumer preferences have shifted towards purchasing residential apartments, showing continued growth and vitality in the market. The recent announcements regarding airport operations have also contributed to growing demand for emerging areas in Dubai.