Dubai Real Estate Market Insights: Rental spikes and ownership trends from August 2024 revealed by Property Finder

August 2024 has been another standout month for Dubai’s real estate market. Property Finder, is the leading property portal in the MENA region, revealing significant shifts in both rental and ownership trends. With over 16,163 transactions, the market witnessed a remarkable 37% increase compared to the same period in 2023, amounting to AED 47.2 billion in transaction value.

Key Highlights from August 2024:

Rental Market Trends:

• 79% of tenants searched for apartments, while 21% sought villas or townhouses.
• 63% of tenants looking for flats preferred furnished properties, whereas 36% opted for unfurnished apartments.
• For villas/townhouses, 57% of tenants sought unfurnished options, while 42% preferred furnished units.
• 35% of apartment seekers searched for one-bedroom units, 33% for two-bedrooms, and 21% for studios.
• 41% of tenants sought three-bedroom villas/townhouses, while 38% were in the market for larger, four-bedroom or more units.
• Popular apartment rental areas: Dubai Marina, Jumeirah Village Circle (JVC), Downtown Dubai, Business Bay, and Jumeirah Lakes Towers (JLT).
• Top villa/townhouse rental areas: Dubai Hills Estate, Jumeirah, DAMAC Hills 2, Al Barsha, and Umm Suqeim.

Ownership and Investment Trends:

• 59% of property seekers looking to buy focused on apartments, while 41% were interested in villas/townhouses.
• 32% of investors showed a preference for one-bedroom apartments, while 36% targeted two-bedroom units. Only 14% were interested in studios.
• Investors in villas/townhouses focused on three-bedroom properties (39%), while 47% searched for four-bedroom or larger homes.
• Top apartment ownership areas: JVC, Dubai Marina, Downtown Dubai, Business Bay, and Palm Jumeirah.
• Most desired areas for villa/townhouse ownership: Dubai Hills Estate, Al Furjan, Palm Jumeirah, DAMAC Hills 2, and Dubai South.

Off-Plan vs. Existing Market:

• The existing market saw record-breaking performance with 5,684 transactions, marking a 14% increase over August 2023.
• The off-plan market also surged, with a 53% YoY increase in volume, achieving 10,479 transactions.
• Off-plan transactions reached AED 23.3 billion, a significant jump from AED 16.7 billion in August 2023, reflecting a 40% rise in value.

Key Market Drivers

Several new developments have fueled growth in Dubai's thriving real estate sector. The increased demand from young families looking for community-oriented housing and the rising interest in luxury properties, driven by ultra-high-net-worth individuals, have been key market drivers.

Additionally, the Dubai Land Department’s launch of 6005AQARI, a video call platform designed to provide foreign investors with direct access to real estate professionals, marks an exciting development in the market. Platforms like DataGuru from Property Finder are also helping both local and international investors make informed decisions through enhanced transparency and data-driven insights.

Dubai continues to position itself as a global real estate leader, with technological advancements and investor-friendly initiatives contributing to sustained growth.

About Deja Vu Real Estate:

Deja Vu Real Estate, “Where every transaction is a story and every story is a success.” Conveying a narrative of luxury, expertise, and customized service with every property we suggest, we established ourselves as pioneers in the dynamic Dubai real estate market since 2007.

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