Dubai’s real estate market continued its robust performance in November 2024, with a notable 46% year-on-year increase in transaction volume in the off-plan sector, recording approximately 8,548 transactions. Overall property transactions in the emirate surged by 19% compared to November 2023, as per data from Property Finder, a leading property portal in the Middle East and North Africa (MENA) region.
The total transaction value for November reached AED 43 billion, reflecting a 1.6% increase from the same month last year. This surge underscores the continued appeal of Dubai’s real estate market for investors and residents alike.
Demand Trends
Data reveals that one-bedroom units remain a popular choice, with 33% of prospective buyers showing interest, followed by 35% favoring two-bedroom apartments and 15% opting for studios. Among villa and townhouse seekers, 37% preferred three-bedroom units, while 50% sought properties with four or more bedrooms.
Top areas for apartment ownership included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah. For villas and townhouses, Dubai Hills Estate, Palm Jumeirah, Al Furjan, Dubai Land, and Mohammed Bin Rashid City were the most sought-after locations.
Off-Plan vs. Ready Market
The off-plan market demonstrated remarkable growth, with transaction values increasing by 30% year-on-year, reaching AED 18.2 billion in November 2024 compared to AED 14 billion in the same month last year.
In contrast, the ready market experienced a 6% decline in transaction volume, recording 5,931 deals. The total value of ready transactions fell by 12.2% year-on-year to AED 24.8 billion, down from AED 28.3 billion in November 2023.
Cherif Sleiman, Chief Revenue Officer at Property Finder, highlighted the sector’s resilience and future potential: “As we close out an exceptional year in 2024, we’re thrilled to be part of a sector poised for significant growth in 2025. 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.”
Rental Market Insights
In the rental sector, preferences varied between furnished and unfurnished properties. About 65% of tenants looking for apartments favored furnished options, while 34% opted for unfurnished units. Conversely, 51% of villa and townhouse tenants preferred unfurnished properties, with 48% choosing furnished alternatives.
For apartments, 35% of tenants searched for one-bedroom units, 31% preferred two-bedroom units, and 24% sought studios. Among villa and townhouse renters, 40% looked for three-bedroom options, and 38% were interested in four-bedroom or larger properties.
Popular rental areas for apartments included Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Deira. For villas and townhouses, Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim were the most in demand.
Outlook
As Dubai’s real estate market continues to evolve, industry leaders remain optimistic about sustained growth in 2025, supported by a diverse investor base and increasing transparency in the sector.
