Dubai's Real Estate Booms as Families and Investors Seek?Larger?Homes

The real estate market in Dubai is seeing a significant increase in demand for larger apartments and villas. More young families are choosing to buy homes and move to Dubai, according to new data released by Property Finder.

In August, most buyers were looking for two-bedroom apartments and villas with four or more bedrooms. This trend is largely driven by residents wanting to own their homes to avoid rising rent prices, as well as foreign investors moving to Dubai with their families.

About 59% of property buyers in Dubai were interested in apartments last month, while 41% were looking for villas or townhouses. Specifically, 36% of buyers searched for two-bedroom apartments, 32% for one-bedroom units, and 14% for studios. For villas and townhouses, 39% were interested in three-bedroom homes, and 47% wanted four-bedroom or larger options. This indicates a clear preference for bigger living spaces, as more families are relocating to the city for the long term.

Cherif Sleiman, the Chief Revenue Officer at Property Finder, noted that August was an exciting month for the real estate sector. He mentioned that there is a wide range of demand. Younger families are looking for affordable housing in community-focused areas, while luxury housing s also gaining interest from wealthy individuals moving to Dubai.

The demand for property ownership has been rising sharply over the past few years, especially among businessmen and wealthy individuals relocating to Dubai. The population of Dubai has grown by over 115,327 this year alone, reaching a total of 3.77 million people. Since January 2021, the population has increased by more than 359,311. The most popular areas for buying apartments include Jumeirah Village Circle (VC), Dubai Marina, Downtown, Business Bay, and Palm Jumeirah. For villas and townhouses, buyers are most interested in Dubai Hills Estate, Al Furjan, Damac Hills 2, and Dubai South.

The growing population is also increasing the demand for rental properties across the city. Nearly 79% of tenants are looking for apartments, while the rest are interested in villas and townhouses. Most tenants (63%) prefer furnished properties, while 36% are looking for unfurnished options. In the villa and townhouse category, 57% want unfurnished homes.

In August, the number of property transactions remained high, matching the peak recorded in May. There were around 16,163 transactions, marking a 37% increase compared to the same month last year. The total value of these transactions rose by 38% to Dh47.2 billion.

With rising demand for both purchases and rentals, it seems that Dubai continues to be an attractive destination for many looking?for?a?new?home.