December 7, 2023: Property Finder, the property portal in the Middle East and North Africa (MENA) region has pointed the key trends shaping Dubai’s dynamic property market in November 2023. According to data from Dubai Land Department, the value of transactions saw a surge, reaching almost AED 42 billion, marking a notable increase of 36% as compared to November 2022.
As per the data shared by the property portal, approximately 36% of tenants were seeking one-bedroom units, 30% expressed a preference for two-bedroom apartments and 24% were searching for studios, in November. Regarding villas/townhouses, 42% of tenants were primarily looking for three-bedroom units, while 35% were searching for four-bedroom or larger options.
The report further pointed that 66% of tenants were seeking furnished properties, while 32% looked for unfurnished options. In contrast, preferences for villa/townhouse rentals showed 51% choosing unfurnished units over 48% considering furnished properties.
| Preferred no of bedrooms for owning apartments |
| Studio – 14%
1 Bedroom – 34% 2 Bedroom – 35% Others – 17% |
| Preferred no of bedrooms for renting apartments | Preferred no of bedrooms for renting villas/townhouses |
| Studio – 24%
1 Bedroom – 36% 2 Bedroom – 30% Others – 10% |
3 Bedroom – 42%
4 Bedroom – 35% Others – 23% |
The portal highlighted that the ready properties market played a significant role in supporting Dubai’s real estate market uptrend in November, accounting for 52% of the total sales transactions and 67% of the total transaction value.
The volume of ready property sales increased by 10% YoY, with almost 6,335 transactions recorded, compared to 5,749 in November 2022. This increase was reflected in the value of ready properties, which increased by almost 60% touching AED 28 billion, compared to AED 17 billion recorded in November 2022.
It is noteworthy that out of all the areas, 10 locations- Palm Jabal Ali, Me’Aisem Second, Burj Khalifa, Palm Jumeirah, Business Bay, Madinat Dubai Almelaheyah, Madinat Al Mataar, Jumeirah Village Circle (JVC), Dubai Marina (Marsa Dubai), and Falcon City Of Wonders, contributed to almost 53% of the total sales value and 41% of the total transactions.
Top areas searched to own apartments in November 2023 included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay and Palm Jumeirah. Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya by Damac) and Mohammed Bin Rashid City were the most desired areas to own/rent villas/townhouses.
Apartment rentals were searched widely across Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay and Jumeirah Lake Towers. Dubai Hills Estate,, Jumeirah, Al Barsha, Damac Hills 2 (Akoya) and Arabian Ranches were popular when it came to searches to rent villas/townhouses.
Cherif Sleiman, chief revenue officer at Property Finder, said, “As the demand for property significantly scales, we see the demand for ownership strengthening along with some spikes in ready transactions. As December draws to an end, we expect to close the year with a positive momentum paving way for a rewarding 2024 with sustainable performance when it comes to value and volume of transactions driven by new projects.”
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: [email protected]
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