The Dubai real estate sector set a new monthly record in October 2024, with AED61.5 billion ($16.7 billion) in transactions, marking a 56% increase from the same period last year, according to Property Finder. This impressive milestone was achieved through 20,670 transactions, a 71% jump compared to October 2023.

Property Trends and Market Insights

Property Finder’s analysis highlighted a strong preference among buyers for one-bedroom apartments (32%), followed by two-bedroom units (36%), and studios (14%). Meanwhile, villa and townhouse buyers predominantly sought three-bedroom (38%) and four-bedroom or larger (49%) properties. The most popular areas for apartment buyers included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. Villa and townhouse buyers favored Dubai Hills Estate, Al Furjan, Palm Jumeirah, Dubai Land, and Mohammed Bin Rashid City.

Off-Plan vs. Existing Market Growth

Dubai’s off-plan market experienced a remarkable year-on-year surge, with transaction volumes increasing by approximately 109% and value soaring by 102.4% to reach AED27.7 billion ($7.5 billion). Meanwhile, the existing market saw record highs, with 7,140 transactions totaling AED33.7 billion ($9.2 billion), an 11% increase over the previous peak recorded in July 2024.

Expert Insights

Cherif Sleiman, Chief Revenue Officer at Property Finder, attributed the market’s continued growth to strong local and international investor confidence. He highlighted Dubai’s ongoing initiatives, such as the Dubai Real Estate Sector Strategy 2033, aimed at doubling the sector’s GDP contribution through increased transparency and knowledge-sharing.

Rental Market Preferences

The rental market also revealed notable trends. Among tenants seeking apartments, 65% preferred furnished units, while 34% opted for unfurnished properties. Villa and townhouse renters showed a closer split, with 53% favoring unfurnished options and 46% choosing furnished units. The top searched areas for apartment rentals were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lake Towers. For villa and townhouse rentals, popular neighborhoods included Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim.

October’s historic numbers highlight the continued strength and resilience of Dubai’s real estate market, driven by robust demand in both off-plan and existing properties. The sector remains well-positioned for further growth, supported by strategic initiatives and evolving market preferences.