Dubai real estate market reported record-breaking sales transactions in the month of August with existing property sales reaching new heights amounted at AED47.2bn ($12.9bn). August remained a notable month as the record reached to heights, similar to the month of May this year.
Dubai Real Estate Sector
37% increase was seen compared to August 2023 with a total of 16,163 transactions. The value of the transactions increased by 38% worth AED47.2bn ($12.9bn). Where, the ready market reported highest volume and value of transactions at 5,684 vs 4,976 last year (14%). Whereas, off-plan property recorded a Y-O-Y increase of 53% in volume, with 10,479 transactions.
The increase of 40% was noted YOY at AED23.3bn ($6.3bn) compared to August 2023 at AED16.7bn ($4.5bn).
59% of interested buyers were inclined towards apartment and 41% were interested in villas.
32% investors looked for 1-bedroom units, 36% showed interest in 2-bedroom apartments and 14% for studios.
39% investors looked for 3-bdroom villas or townhouses and 47% were inclined towards 4-bedoom villas or more.
Top Areas for Apartments and Villas
Source: archdaily.com
Top Areas for Apartments
The most popular investment property areas for apartments include:
Jumeriah Village Circle
Dubai Marina
Downtown Dubai
Business Bay
Palm Jumeirah
Top Areas for Villas
The most popular investment property areas for villas are:
Dubai Hills Estate
Al Furjan
Palm Jumeirah
Damac Hills 2
Dubai South
Source: lvrealty.ae
Dubai Real Estate Rental Market
Dubai real estate rental market observed that 79% of tenants were looking for apartments while 21% for villas. Estimated 63% tenants preferred furnished properties whereas 36% for unfurnished units. Whereas, for rental villas, 57% looked for unfurnished units and 42% for furnished properties.
Source: dzen.ru
Top Areas for Rental Apartments and Villas
Top Areas for Rental Apartments
Dubai Marina
Jumeirah Village Circle
Downtown Dubai
Business Bay
Jumeirah Lakes Tower
Top Areas for Rental Villas
Dubai Hills Estate
Jumeirah
Damac Hills 2
Al Barsha
Umm Suqeim
August turned out a promising and exciting month in Dubai real estate market with multiple projects entering to sustained growth in Dubai’s market.
Read more: Is Primark Coming to Dubai?
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