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Dubai Real Estate Sales Skyrocket to $10 Billion in February

Posted by main.admin on March 15, 2024
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Key Features:

  • Dubai’s real estate market hit $10 billion in February 2024, marking a 35% increase from the previous year.
  • More people are investing in Dubai’s property market, making it a hot spot for real estate globally.
  • Apartments are the favorite choice for over half of buyers and renters due to their convenience and affordability.
  • People have different preferences for furnished or unfurnished properties, showing diverse lifestyles in Dubai.
  • Demand varies for different-sized units, catering to singles, families, and larger households.
  • More people are buying existing properties, while off-plan projects also see increased demand, indicating a healthy market.
  • Popular locations for luxury apartments include Dubai Marina and Downtown Dubai, while Dubai Hills Estate and Arabian Ranches are favored for villas.
  • Dubai Marina and Jumeirah Village Circle are top picks for apartment rentals, while Dubai Hills Estate and Jumeirah are preferred for villas.
  • Dubai’s real estate market is booming, offering opportunities for investors and homeowners alike.

In February 2024, Dubai’s property market surprised everyone by recording an immaculate performance. A report from Property Finder gave us some thrilling news on the subject. They said that the number of properties bought and sold was very high. Just consider that In February alone, 11900 contracts have been concluded. It is the biggest deal count growth compared to February 2023, where only 9,371 deals occurred, representing a 27 percent increase. It may be due to an increasing interest of individuals in the Dubai real estate market, as the sales of houses, apartments, and other properties are growing more and more.

But that’s not all. The aggregate sum of this circuit was an astounding AED36.6 billion, equivalent to $10 billion! Amazingly, this is an increase of 35 percent over last year’s figures. It’s like folks from left to right, up and down, are rushing to invest in real estate in Dubai.

It indicates that Dubai’s real estate sector is being hugely successful. It is becoming gigantic in size day by day, and investors are putting their money into it. Foreign investors are increasingly finding Dubai an attractive force in the real estate world.

Trends in the Dubai Real Estate Market

Dubai Real Estate

Delving deeper into the trends shaping Dubai’s real estate landscape, several key insights emerge:

Preference for Apartments

Given that over half of the potential homebuyers prefer apartments, it is evident that this housing type is very attractive. Apartments provide convenience, modern facilities, and more affordable cost than the standalone bungalow or townhouse. Dubai’s fast-paced urban lifestyle and booming business sector might make apartment living an enticing choice for those who want a more vibrant way of life. Furthermore, the overriding focus of the rental market on apartments proves their popularity among the tenants. The reasons can be the proximity to amenities, the ease of public transport, and many options that serve different needs and budgets.

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Furnished vs. Unfurnished

Dubai Real Estate

Whether someone prefers a furnished or an unfurnished property depends on the individual’s preferences and lifestyle. It shows the wide range of desires and lifestyles of the Dubai residents. The attraction of furnished apartments for apartment seekers lies in the possibility of immediate occupancy and the acquisition of essential furnishings without any worries.

While the people who prefer unfurnished flats will peak at individualism and surely know what they want regarding decor and furnishings. The scene gets a little different for rented villas or townhouses, where most people choose unfurnished units, which may be the case for total interior control or the choice to design it on your own. Therefore, this variability demonstrates the value of the diverse preferences of the buyers and tenants of real estate, which helps the market satisfy the different needs of people.

Sizes in Demand

The variety in the sizes of units demonstrates the need for providing different options to accommodate different household assemblies and lifestyle inclinations. One-bedroom units give single or shared living space, which is smaller and modern at the same time. The two-bedroom apartments accommodate growing families as well as individuals seeking to provide a home office or to accommodate a guest room.

On the other side, the highest demand belongs to three-bedroom villas or townhouses because these units have more room and can be used flexibly by families or bigger households. Getting insights and reactions to these refined attitudes is essential t for developers and real estate professionals who can use it to adjust the offerings to fit the changing needs of the varied population of Dubai thereby improving competitiveness in the market and increasing satisfaction of customers.

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Support from Existing Market

Dubai Real Estate

The amount of citizens who purchase existing apartments has increased by 23 percent compared to last year. It means there was quite a considerable increase in the number of properties sold. As a result, there was a drastic 46% rise in the money spent, with total transactions amounting to AED 23.5 billion ($6.4 billion). It signals that the real estate market is not only wide-spreading but also growing fast.

Growing numbers of people are also moving towards buying properties that are still under construction or off-plan properties. This demand has increased at a high rate, with transaction amounts going up by 31%, and the total value of transactions is 18.5% more than last year. It evidences that investors have faith in projects still in the planning or construction stage.

Neighborhoods and Property Types

Some of the most popular locations with luxury apartments availabilities are Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. These localities are prevalent for their modern amenities, convenient locations, and exciting lifestyles, and they have become the go-to options for investors and homeowners.

Among villas and townhouses, the most popular communities are Dubai Hills Estate, Al Furjan, Arabian Ranches, Palm Jumeirah, and Mohammed Bin Rashid City. These neighborhoods offer generous spaces, attractive landscapes, and a peaceful environment perfect for families and those seeking a high lifestyle.

Leading Areas for Rentals

When it comes to the rental market, neighborhoods such as Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira are among the places in demand. The communities provide the renters with numerous rental options, from the smaller apartments to the luxurious penthouses, to suit the different needs and budgets.

As for villas or townhouses rent. The most popular areas are Dubai Hills Estate, Damac Hills 2, Jumeirah, Al Barsha, and Umm Suqeim. These areas are away from the bustling city life, allowing for spacious luxury villas and immaculate settings.

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Insights from Industry Experts

Dubai Real Estate

Cherif Sleiman, the person tasked with whether Property Finder generates enough money, said he is optimistic about the market. He is pleased that things are going according to plan, and February has shown some good indicators. He casually mentioned how a significant number of transactions were closed. And there was a significant sum of money involved in it. Which reveals that the real estate industry is doing well. So you expect two kinds of people. Those who want to invest and those who are looking for a new home.

Conclusion

The real estate market of Dubai reflects its ability to cope with challenges and be attractive, with impressive home sales rates, high demand for the off-plan scheme, and precise location and property type choices. As the market follows an increasing trend, it offers promising chances for investors and owners of real estate who would like to take advantage of Dubai’s booming property industry.

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