Dubai Real Estate Reaches New Heights: August 2024 Transactions Hit $12.9 Billion

Dubai Real Estate Market Hits New Heights: August 2024 Overview

Dubai's real estate sector has reached new milestones in August 2024, with transactions totaling AED 47.2 billion ($12.9 billion), a record for the city. This surge in activity highlights the sector’s robust performance and the shifting trends among investors and renters.

Unprecedented Transaction Volumes

August 2024 saw a record-breaking 16,163 transactions, reflecting a significant 37% increase from the same month last year. The transaction value also soared by 38%, demonstrating the market’s continued strength and appeal. The existing property market set new records with 5,684 transactions, a 14% increase compared to August 2023.

In the off-plan market, transaction volumes surged by 53% year-on-year, with around 10,479 deals. The value of these transactions climbed to AED 23.3 billion ($6.3 billion), marking a 40% increase from August 2023, underscoring strong investor interest in new developments.

Shifting Property Preferences

For Buyers:

• Apartments: 59% of buyers are seeking apartments, with a notable preference for one-bedroom (32%) and two-bedroom units (36%). The most popular areas for apartment ownership include:
• Villas/Townhouses: 41% of buyers are interested in villas or townhouses, with a preference for larger properties. Specifically, 39% are looking for three-bedroom units, and 47% are interested in four-bedroom or larger options. Preferred neighborhoods include:

For Renters:

• Apartments: 79% of tenants are searching for apartments, with 63% preferring furnished units for convenience. Top rental areas include:
• Villas/Townhouses: 21% of tenants are looking for villas or townhouses, with preferences split between furnished and unfurnished options. Popular rental areas are:

Market Insights

Cherif Sleiman, Chief Revenue Officer at Property Finder, noted that August was a landmark month with various project developments contributing to the market's growth. The demand spans across different segments, from community-centric affordable housing to high-end luxury properties, driven by the influx of ultra-high-net-worth individuals.

The Dubai Land Department’s new platform, 6005AQARI, launched this month, aims to enhance transparency and facilitate access for international investors, aligning with Property Finder’s commitment to providing comprehensive data solutions.