Dubai Property Market Hits Record High in July 2024
In an impressive milestone, Dubai’s real estate market saw a record-breaking month in July 2024. According to the latest data, over 17,000 property transactions totaling Dh55.5 billion were recorded, setting a new benchmark for July.
Significant Growth Compared to Last Year
Property Finder’s data highlights a significant upward trend compared to July 2023. The market experienced a 59% increase in transactions and a 57% rise in value, reflecting robust growth. July 2024 marked a pivotal point with transaction values peaking at levels previously seen in May.
Key Regions Driving Transactions
Ten regions, including Al Barsha South Fourth, Business Bay, Marsa Dubai, Jebel Ali First, Wadi Al Safa, and Al Thayah Fifth, accounted for 51% of all transactions. The market saw 8,400 transactions in July, surpassing the 6,606 transactions recorded in May 2024 by 27%.
Ready and Off-Plan Market Performance
The ready market achieved transactions worth Dh36 billion, exceeding the highest peak recorded in June 2024 by 23%. The off-plan market also showed strong performance, with approximately 9,300 transactions, marking a 77% year-over-year increase in volume. In May 2023, the value of these transactions was Dh12.6 billion, which increased significantly to Dh19.4 billion in July 2024, representing a 54% year-over-year rise.
Ownership Insights
Among potential property buyers, 59% were interested in apartments, while 41% favored villas or townhouses. Investors showed a preference for studios, one-bedroom, and two-bedroom apartments, each accounting for 36%. For villas and townhouses, 39.8% of buyers sought three-bedroom units, and 44.9% were interested in properties with four bedrooms or more.
Popular Areas for Ownership
Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah were the most sought-after locations for apartment ownership. For townhouses and villas, Akoya by Damac, Palm Jumeirah, Al Furjan, and Dubai Hills Estate topped the list.
Rental Trends
The rental market also saw notable trends, with 80% of tenants looking for apartments and 20% for villas or townhouses. Furnished apartments were preferred by 60% of renters, while 38% opted for unfurnished units. For villas and townhouses, 57% of tenants chose unfurnished options, and 42% went for furnished ones.
In terms of apartment preferences, 37% of tenants favored one-bedroom units, 20.9% preferred studios, and 31.7% looked for two-bedroom apartments. For villas and townhouses, 43.1% of renters were interested in three-bedroom units, and 35.4% sought larger or four-bedroom units.
Most Searched Rental Areas
Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira were the top areas for apartment rentals. Villa and townhouse seekers were particularly interested in Jumeirah, Al Barsha, Dubai Hills Estate, Akoya Damac Hills, and Umm Suqeim.
A Promising Future for Dubai Real Estate
“As the UAE advances towards its ‘We the Emirates 2031′ vision, we are witnessing an exciting phase in the nation’s development across social, economic, and investment sectors, including real estate. The upward trend in transaction volume and value signifies a growing interest in long-term homes in Dubai. Reports from Sharjah further indicate promising investment opportunities. Both existing and off-plan projects are thriving, leading to diversified property demand and growing returns on investment. New developments outside central city locations are gaining traction, thanks to developers’ efforts to maintain momentum and build communities that appeal to a global audience. At Property Finder, we are committed to supporting this demand through innovation, trust, transparency, talent, and technology.”
