Trends Shaping the Dubai Real Estate Market in August 2023
06 September 2023, Offplan Property Exchange
Property Finder, the leading real estate portal in the MENA region, has reported on important trends shaping the Dubai real estate market in August 2023. The month saw a significant increase in real estate transactions, with a 25% rise in volume compared to the previous year. The total value of transactions also experienced a considerable increase of 43%, reaching 33.7 billion dirhams, marking the highest figures for August in a decade.
The market preferences for property owners and tenants remained consistent with the previous month. Data revealed that 59% of property buyers were interested in apartments, while 41% preferred villas or townhouses. Among renters, 81% were looking for apartments, while 19% showed interest in villas.
The most sought-after apartment size for purchase was two bedrooms, accounting for 34% of searches, closely followed by one-bedroom apartments at 33%. Among those looking for rental apartments, 63.9% preferred furnished units, while 34.5% sought unfurnished options. In the villa/townhouse segment, 54% of renters preferred unfurnished units, while 45% preferred furnished options.
The off-plan properties segment played a crucial role in driving the Dubai real estate market, with 58% of total sales transactions and 50% of the total value of transactions attributed to off-plan properties. The volume of off-plan property sales increased by 63% compared to the previous year, while the value increased by almost 103%. Ten areas contributed to the majority of the sales value and transaction volume in the off-plan property market, including popular options such as Business Bay, Dubai Harbour, and Dubai Creek Harbour. New developments like Sobha Heartland and Al Yufrah 1 also made an impact.
The existing properties segment experienced an 11% increase in value compared to the previous year, reaching 16.9 billion dirhams. Palm Jumeirah, Burj Khalifa, and Dubai Marina were some of the areas that significantly contributed to the value and sales volume in this segment.
Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah remained the top areas sought after for apartments. For those interested in villas or townhouses, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills, and Al Furjan maintained their popularity.
Sources: Property Finder
