Photo: Cherif Sleiman, Chief Revenue Officer at Property Finder.
Property Finder, the leading property portal in the MENA region, has announced market performance highlights for August 2024, offering valuable insights into the real estate landscape.
According to Property Finder’s proprietary data, August was a pivotal month for the industry, as transaction values remained at par with the highest peak recorded earlier this year, in May. 16,163 transactions were recorded, recording a 37% increase compared to the same month last year. The value of these transactions increased by 38%, totalling to AED 47.2 billion.
Key data highlights:
Rental Trends:
- 79% of tenants were seeking an apartment, with the remaining 21% considering villas/townhouses.
- Roughly 63% of tenants looking for apartments preferred furnished properties, while 36% turned to unfurnished options.
- Tenants who sought villas/townhouses showed a difference in preference, with around 57% searching for unfurnished units and 42% going for furnished properties.
- When searching for apartments, 35% of tenants were looking for one bedroom units, while 33% expressed a preference for two bedroom apartments and 21% for studios.
- 41% of tenants looked for three bedroom units and 38% searched for four bedroom or larger options.
- Top areas searched to rent apartments included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay and Jumeirah Lakes Tower.
- Dubai Hills Estate, Jumeirah, Damac Hills 2, Al Barsha and Umm Suqeim were popular among those looking to rent villas/townhouses.
Ownership Insights:
- 59% of property seekers with an interest in ownership were looking for an apartment, while 41% were searching for villas/townhouses.
- 32% investors were searching for one bedroom units, with 36% showing an inclination for two bedroom apartments and 14% for studios.
- Seekers for villas/townhouses included 39% searching for three bedroom units and 47% for four bedroom or larger options.
- Popular areas for apartment ownership were Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Palm Jumeirah.
- Dubai Hills Estate, Al Furjan, Palm Jumeirah, Damac Hills 2 and Dubai South were the most desired areas to own villas/townhouses.
Off plan vs Existing Market:
- In August 2024, the existing market recorded the highest volume and value of transactions ever, touching 5,684 transactions, compared to 4,976 transactions in August 2024 by 14%.
- The off-plan market witnessed a YoY increase of approximately 53% in volume, with around 10,479 transactions.
- The value of these transactions experienced a notable increase of 40% YoY, touching approximately AED 23.3 billion, compared to AED 16.7 billion in August 2023.
Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “August was a particularly exciting month, with several project developments feeding into sustained growth in Dubai’s thriving real estate sector. The industry continues to see a breadth of demand – with younger families looking for community-centric living options, driving affordable housing interest; while luxury demand is also on the rise, with the influx of ultra high networth individuals expected in the coming years.
This month, we also saw the Dubai Land Department launch 6005AQARI, a video call platform where foreign investors can access real estate professionals to obtain more information. This transparency in the home seeking journey is a mandate that we align with at Property Finder, as we offer various data solutions, such as DataGuru, to support international investors and local residents alike. We are excited to support Dubai’s growth and enhance its global leadership in real estate with greater trust and transparency, backed by the latest in technology and talent.”
About Property Finder
A pioneering property portal in the Middle East and North Africa (MENA) region, Property Finder is on a mission to motivate and inspire consumers to get living the life they deserve. Connecting millions of property seekers with thousands of real estate professionals every day, Property Finder is a go-to place for a seamless and enriching house-hunting and finance-finding journey for both buyers and renters.
Since its inception in 2007, Property Finder has evolved into a trusted platform for developers, real estate brokers and property seekers to make informed decisions on all things real estate.
