Dubai July 2024: Market Watch Monthly Performance Report
∙ The market witnessed a 46% YoY increase in recorded sales transactions, reaching 16,246 compared to 11,152 in July 2023.
∙ The Sales transaction value witnessed a significant surge in the value of transactions reaching AED 45.9 billion, marking a YoY increase of 22%.
∙ The Existing property transactions revealed a YoY increase of approximately 13.72% in volume, with 6,721 transactions. The value of these transactions increased by 16.23% YoY, touching AED 29.24 billion, compared to AED 25.16 billion in July 2023.
∙ The Off-plan showed more demand, with a YoY increase of approximately 81.71% in volume, and 9,525 recorded transactions. Values experienced a surge of around 31.8% YoY, reaching roughly AED 16.69 billion, compared to AED 12.62 billion in July 2023.
∙ The Sales transaction value witnessed a significant surge in the value of transactions reaching AED 45.9 billion, marking a YoY increase of 22%.
∙ The Existing property transactions revealed a YoY increase of approximately 13.72% in volume, with 6,721 transactions. The value of these transactions increased by 16.23% YoY, touching AED 29.24 billion, compared to AED 25.16 billion in July 2023.
∙ The Off-plan showed more demand, with a YoY increase of approximately 81.71% in volume, and 9,525 recorded transactions. Values experienced a surge of around 31.8% YoY, reaching roughly AED 16.69 billion, compared to AED 12.62 billion in July 2023.
Key Findings:
59 % of interested property buyers were searching for an apartment, while 41 % sought villas/townhouses. In contrast,
80 % of tenants in the rental market were found to be looking for apartments, while 20 % were searching for villas/townhouses.
Approximately 37% of tenants searched for one-bedroom units, 32% for two-bedroom apartments, and 21% for studios. For villas/townhouses, 43% were looking for three-bedroom units, and 35% sought four-bedroom or larger options. As for ownership, 33% were seeking one-bedroom units, 35% searched for two-bedroom apartments, and 14% for studios. Regarding Villas/Townhouses, 40% were primarily looking for three-bedroom units, while 45% were searching for four-bedroom or larger options.
80 % of tenants in the rental market were found to be looking for apartments, while 20 % were searching for villas/townhouses.
Approximately 37% of tenants searched for one-bedroom units, 32% for two-bedroom apartments, and 21% for studios. For villas/townhouses, 43% were looking for three-bedroom units, and 35% sought four-bedroom or larger options. As for ownership, 33% were seeking one-bedroom units, 35% searched for two-bedroom apartments, and 14% for studios. Regarding Villas/Townhouses, 40% were primarily looking for three-bedroom units, while 45% were searching for four-bedroom or larger options.
