Capital Edge Properties
🗓️ Published April 26,, 2024
DUBAI REAL ESTATE MARKET SKYROCKETS BY 27%
Growth and wealth were evident in February 2024 in Dubai’s thriving real estate market. The market saw an incredible increase in sales transactions of more than 27%, demonstrating its ongoing popularity and adaptability to changing economic environments.
Real estate transactions increased dramatically from 9,371 to 11,900 during this pivotal time, a significant rise that had an impact on the whole sector. This increase is a reflection of the growing confidence of investors and underscores the exceptional market strength demonstrated by Dubai’s real estate industry. The city’s appeal as a top global investment destination is further cemented as it draws in both domestic and foreign investors looking for good chances in this booming industry.
An Amazing Increase in Transaction Values
A significant increase in transaction values was observed in February 2024, which is a noteworthy indication of Dubai’s flourishing real estate market. exceeding projections given the city’s standing as a global center for real estate. Building on encouraging trends from the prior year, real estate transactions reached a staggering Dh36.6 billion in total value, a stunning 35% increase over the same month in 2023.
This increase, according to the Dubai Land Department, shows how strong and vibrant the market is. Aware that this is a favorable time to make strategic investments, investors and industry professionals are closely monitoring Dubai’s real estate sector’s ongoing growth. These numbers highlight the city’s allure as a top location for real estate opportunities.
Popular Preferences: Two-bedroom Apartments Take the Lead
Property Finder’s most recent research reveals interesting patterns in Dubai’s real estate choices. It clarifies why two-bedroom apartments are so popular. Remarkably, these large apartments have taken the lead, accounting for 35% of all rental inquiries, demonstrating their highly sought-after position among tenants.
Two-bedroom apartments are clearly popular among the affluent, as seen by the 33% of rental inquiries that go to one-bedroom units. This fine data is a useful resource for real estate investors and offers insightful information on the changing preferences of tenants. Professionals in the real estate industry also aim to match their services to the current market needs. The real estate market in Dubai is changing, and industry participants are proactively meeting the ever-discerning market’s dynamic needs by staying aware of these preferences.
Navigating Tenant Preferences: A Comprehensive Analysis
The Preferences of Homebuyers
Villa/Townhouse vs. Apartment: Of those looking to buy a property, 41% are interested in townhouses or villas, but 59% are more interested in apartments.
Furnished vs. Unfurnished: Of those looking to rent an apartment, 66.6% choose furnished apartments, while 36.6% prefer unfurnished ones.
Tenant Preferences
Kinds of Units: About 36% of renters are seeking for one-bedroom apartments, 31% like two-bedroom flats, and 22% are looking for studios.
Preferences for Villas/Townhouses: Of those looking for one, 42% are mostly drawn to three-bedroom properties, while 35% are looking for four-bedroom or larger possibilities.
Preferences for Ownership or Rentals
Ownership: Of all prospective purchasers, about 33% look for one-bedroom flats, 35% choose two-bedroom apartments, and 15% look for studios.
Tenant Preferences: Of the prospective tenants, 44% are interested in larger or four-bedroom apartments, while 40% are looking for three-bedroom ones.
Geographic Allure: The Most Desired Places
- Ownership of Apartments
Apartments can be found most desirable in Dubai Marina, Downtown Dubai, Palm Jumeirah, Jumeirah Village Circle, and Business Bay. - Townhouse/Villa Ownership The most sought-after districts for villa/townhouse ownership are Mohammed bin Rashid City, Palm Jumeirah, Arabian Ranches, Dubai Hills Estate, and Al Furjan among others.
- Rental Apartments The most sought-after places for individuals looking to rent flats include Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Deira.
- Townhouse/Villa Rentals
Dubai Hills Estate, Damac Hills 2, Jumeirah, Al Barsha, and Umm Suqeim are the best options if you’re looking to rent a villa or townhouse.
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