Dubai Career Diary

The Dubai real estate market has achieved an all-time high, recording the highest volume and value of transactions ever, according to Property Finder’s market performance highlights for May 2024.

A Record-Breaking Month
The total number of transactions recorded was 17,713, an increase of 53 percent compared to May 2023. The value of these transactions increased by 38 percent, touching AED46.5 billion.

New Rental Trends
The report revealed that 78 percent of tenants sought apartments, while the remaining 22 percent considered villas or townhouses. Of those looking for apartments, 58 percent preferred furnished properties and 40 percent opted for unfurnished units.

Off-Plan Market Transactions
The off-plan market recorded the highest volume and value of transactions ever, touching 11,107 transactions. This represents a 13 percent increase from the previous peak achieved in April 2009.

Existing Market Performance
The existing market continued to support Dubai’s real estate market with a year-on-year increase of approximately 8.8 percent in volume and 6,606 transactions recorded. The value of these transactions experienced a notable increase of 21 percent year-on-year, touching approximately AED23.8 billion.

Ownership Demand
In terms of ownership, the report found 59 percent of those seeking property ownership wanted an apartment, while 41 percent searched for villas or townhouses. Among investors, 32 percent looked for one-bedroom units, 36 percent preferred two-bedroom apartments, and 14 percent sought studios.

Popular Areas
Top areas searched for renting apartments included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Jumeirah Lake Towers. Jumeirah, Dubai Hills Estate, Damac Hills 2, Umm Suqeim, and Al Barsha were popular among those looking to rent villas or townhouses.