Dubai real estate sales soar to $10bn in February

The Dubai real estate sector witnessed a substantial year-on-year increase of over 27% in sales transactions last month, as reported by Property Finder.

In February 2024, there were more than 11,900 sales transactions, a notable rise from 9,371 in February 2023. This surge in transactions reflects a positive trend from 2023, with the total value of transactions soaring to nearly AED36.6 billion ($10 billion), marking a 35% increase compared to the same month the previous year. These figures underscore the robustness and vitality of the real estate market.

Regarding property preferences, 59% of home seekers interested in buying were looking for apartments, while 41% were searching for Villas/Townhouses. In the rental market, approximately 80% of tenants were seeking apartments, with the remaining 20% interested in owning a villa/townhouse.

Regarding furnishing preferences, around 60.7% of apartment-seeking tenants preferred furnished properties, while 36.6% were looking for unfurnished options. In contrast, among tenants able to afford villa/townhouse rentals, 55.5% sought unfurnished units, while 42.6% preferred furnished options.

Sizeable units in demand: Approximately 36 percent of tenants were seeking one-bedroom units, while 31 percent preferred two-bedroom apartments and 22 percent searched for studios. Regarding Villas/Townhouses, 42 percent of tenants were primarily looking for three-bedroom units, while 35 percent were searching for four-bedroom or larger options.