According to the latest data issued by Property Finder, the real estate technology portal in the Middle East and North Africa, the Dubai real estate market achieved important numbers last August, as the number of real estate sales transactions reached 11,818 transactions, an increase of 25%, compared to 9,450 transactions. in August 2022.
The value of August transactions witnessed a remarkable increase of 43% compared to the same month of last year, recording 33.7 billion dirhams, which is the highest number recorded in the month of August in the number and value of transactions in a decade.
Sherif Suleiman, Chief Revenue Officer at Property Finder, said: “The real estate sector in Dubai continued its steady growth (on an annual basis) in August 2023, and we are pleased to see this permanent momentum in the appetite of investors, as the market maintained significant growth even during the holiday months. With the sale on the map registering an unprecedented boom.
And the “Property Finder” data for August 2023 showed that 59% of those wishing to own a property searched for apartments, while 41% were interested in villas or “townhouse” units. The percentage of those looking for apartments for rent was 81%, and for villas 19%. Two-bedroom apartments accounted for the largest percentage of searches, recording 34%, followed by one-bedroom apartments with a rate of 33%.
Furnished apartments attracted the interest of 63.9% of tenants, while 34.5% of requests focused on unfurnished units. As for tenants looking for villas or townhouse units, about 54% of them preferred unfurnished units, while 45% wanted to rent furnished units. .
Last month’s data also revealed that about 36% of tenants searched for one-bedroom units, 31% searched for two-bedroom units, and 21% for studio units, while villas and townhouses consisting of three bedrooms were favored. Tenants are most interested, with 43% and 35% for units with four or more bedrooms.
Off-plan sales transactions contributed to driving the growth of the real estate market in Dubai and enhancing its performance last month, as it accounted for 58% of the total sales volume, and 50% of its value, and the volume of off-plan sales transactions increased significantly by 63% on an annual basis, recording about 6,837. transaction, compared to 4,189 in August 2022, which was reflected in the value of sales of real estate under construction, which recorded a growth of approximately 103%, achieving 17 billion dirhams, and surpassing the barrier of 8.261 billion dirhams recorded in August of 2022.
And 10 regions in Dubai contributed to 65.3% of the total value of sales transactions, and about 53% of the total number of off-plan sales transactions. The most prominent of these areas include: Business Bay, Dubai Harbor, Dubai Creek Harbor, Jumeirah Lakes Towers Dubai, Jumeirah Village Circle, and the areas that recently entered the list: Sobha Hartland and “Elifra 1”, Jumeirah Village Triangle, and Airport City.
In turn, the ready-made real estate sector witnessed remarkable growth in terms of value in August, recording 11% year-on-year, achieving 16.9 billion dirhams, compared to 15.3 billion dirhams in August 2022. 10 regions contributed about 40% of the total sales value, and 34% of the total sales value. The number of transactions, led by Palm Jumeirah and Burj Khalifa.
Apartments for the purpose of owning
According to the “Property Finder” data, some areas have maintained their lead in the list of areas most searched for apartments for the purpose of owning during the past two months, namely: Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, Palm Jumeirah. While: Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya by Damac), and Al Furjan maintained their lead in the list of desirable destinations for those looking to own villas or “townhouse” units.
2023-09-05 22:05:50
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