Dubai August 2024: Market Watch Monthly Performance Report
• The market witnessed a 37% YoY increase in recorded sales transactions, reaching 16,163 compared to 11,789 in August 2023.
• The Sales transaction witnessed a significant surge in the value of transactions reaching AED 47.2 billion, marking a YoY increase of 41%.
• The Existing property transactions revealed a YoY increase of approximately 14.2% in volume, with 5,684 transactions. The value of these transactions increased by 42.08% YoY, touching AED 24 billion, compared to AED 17 billion in August 2023.
• The Off-plan showed more demand, with a YoY increase of approximately 54% in volume, and 10,479 recorded transactions. Values experienced a surge of around 40% YoY, reaching roughly AED 23.3 billion, compared to AED 16.7 billion in August 2023.
• The Sales transaction witnessed a significant surge in the value of transactions reaching AED 47.2 billion, marking a YoY increase of 41%.
• The Existing property transactions revealed a YoY increase of approximately 14.2% in volume, with 5,684 transactions. The value of these transactions increased by 42.08% YoY, touching AED 24 billion, compared to AED 17 billion in August 2023.
• The Off-plan showed more demand, with a YoY increase of approximately 54% in volume, and 10,479 recorded transactions. Values experienced a surge of around 40% YoY, reaching roughly AED 23.3 billion, compared to AED 16.7 billion in August 2023.
Key Findings:
• 59% of interested property buyers were searching for an apartment, while 41% sought villas/townhouses.
• In contrast, 79% of tenants in the rental market were found to be looking for apartments, while 21% were searching for villas/townhouses.
• Approximately 35% of tenants searched for one-bedroom units, 33% for two-bedroom apartments, and 21% for studios.
• For villas/townhouses, 41% were looking for three-bedroom units, and 38% sought four-bedroom or larger options. As for ownership, 32% were seeking one-bedroom units, 36% searched for two-bedroom apartments, and 14% for studios.
• Regarding Villas/Townhouses, 39% were primarily looking for three-bedroom units, while 47% were searching for four-bedroom or larger options.
• In contrast, 79% of tenants in the rental market were found to be looking for apartments, while 21% were searching for villas/townhouses.
• Approximately 35% of tenants searched for one-bedroom units, 33% for two-bedroom apartments, and 21% for studios.
• For villas/townhouses, 41% were looking for three-bedroom units, and 38% sought four-bedroom or larger options. As for ownership, 32% were seeking one-bedroom units, 36% searched for two-bedroom apartments, and 14% for studios.
• Regarding Villas/Townhouses, 39% were primarily looking for three-bedroom units, while 47% were searching for four-bedroom or larger options.
