Off-plan deals drive Dubai property market in November
The off-plan market kept supporting the Dubai real estate market in November 2024, with transactions witnessing a year-on-year increase of approximately 46 per cent in volume, with around 8,548 transactions, data showed.
Overall, Dubai property transaction increased by almost a fifth (19 per cent) last month compared to November 2023. According to data from Property Finder, a leading property portal in the Middle East and North Africa (Mena) region, the market maintained a significant uptrend with more than 14,479 transactions, with values touching Dh43 billion, a 1.6 per cent increase from the same time last year.
Data showed that about a third (33 per cent) of people who seek to own or invest in properties are searching for one-bedroom units, with 35 per cent showing an inclination for two bedroom apartments and 15 per cent for studios. Seekers for villas/townhouses included 37 per cent searching for three bedroom units and 50 per cent for four bedroom or larger options. Popular areas for apartment ownership were Dubai Marina,,Jumeirah Village Circle,Downtown Dubai, Business Bay, and Palm Jumeirah. Dubai Hills Estate,, Palm Jumeirah,Al Furjan, Dubai Land and Mohammed Bin Rashid City were the most desired areas to own villas/townhouses.
Off plan vs existing market:
The value of off-plan transactions experienced a notable increase of around 30 per cent year on year, reaching around Dh18.2 billion, compared to Dh14 billion in November 2023.
The ready market recorded 5,931 witnessed a decline of six per cent in terms of volume. In terms of value, the ready market recorded transactions worth around Dh24.8 billion and decreased by 12.22 per cent compared to November 2023 which accounted for 28.3 billion.
Cherif Sleiman, chief revenue officer at Property Finder, said: “As we close out an exceptional year in 2024, we’re thrilled to be part of a sector poised for significant growth in 2025. At our recent Property Finder Awards, we witnessed a remarkable shift in our industry, with professionals leading the charge in enhancing trust and transparency across the region. Notably, we’re seeing a surge in female and Gen Z investors, expanding our audience and creating new opportunities for real estate success in the year ahead.”
Tenancies
Roughly 65 per cent of tenants looking for apartments preferred furnished properties, while 34 per cent turned to unfurnished options. Tenants who sought villas/townhouses showed a difference in preference, with around 51 per cent searching for unfurnished units and 48 per cent going for furnished properties.
When searching for apartments, 35 per cent of tenants were looking for one bedroom units, while 31 per cent expressed a preference for two-bedroom apartments and 24 per cent for studios. Forty per cent of tenants looked for three-bedroom villas and 38 per cent searched for four-bedroom or larger options. Top areas searched to rent apartments included Jumeirah Village Circle,Dubai Marina,Downtown Dubai, Business Bay and Deira. Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha and Umm Suqeim were popular among those looking to rent villas/townhouses.
