Dubai November 2024: Market Watch Monthly Performance Report
• The market witnessed a 19% YoY increase in recorded sales transactions, reaching 14,479 compared to 12,177 in November 2023.
• The Sales transaction value witnessed a significant surge in the value of transactions reaching AED 43 billion, marking a YoY increase of 1.6%.
• The Existing Property transactions revealed a YoY decrease of approximately -6.3% in volume, with 5,931 transactions. The value of these transactions decreased by 12% YoY, touching AED 24.8 billion, compared to AED 28.3 billion in November 2023.
• Off-plan showed more demand, with a YoY increase of approximately 46% in volume, and 8,548 recorded transactions. Values experienced an increase of around 30% YoY, reaching roughly AED 18.2 billion, compared to AED 14 billion in November 2023.
• The Sales transaction value witnessed a significant surge in the value of transactions reaching AED 43 billion, marking a YoY increase of 1.6%.
• The Existing Property transactions revealed a YoY decrease of approximately -6.3% in volume, with 5,931 transactions. The value of these transactions decreased by 12% YoY, touching AED 24.8 billion, compared to AED 28.3 billion in November 2023.
• Off-plan showed more demand, with a YoY increase of approximately 46% in volume, and 8,548 recorded transactions. Values experienced an increase of around 30% YoY, reaching roughly AED 18.2 billion, compared to AED 14 billion in November 2023.
Key Findings:
• 57% of interested property buyers were searching for an apartment, while 43% 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.
• In November, approximately 35% of tenants searched for one-bedroom units, 31% for two-bedroom apartments, and 24% for studios. For villas/townhouses, 40% were looking for three-bedroom units, and 38% sought four-bedroom or larger options.
• As for ownership, 33% were seeking one-bedroom units, 35% searched for two-bedroom apartments, and 15% for studios.
• Regarding Villas/Townhouses, 37% were primarily looking for three-bedroom units, while 50% were searching for four-bedroom or larger options.
• In November, approximately 35% of tenants searched for one-bedroom units, 31% for two-bedroom apartments, and 24% for studios. For villas/townhouses, 40% were looking for three-bedroom units, and 38% sought four-bedroom or larger options.
• As for ownership, 33% were seeking one-bedroom units, 35% searched for two-bedroom apartments, and 15% for studios.
• Regarding Villas/Townhouses, 37% were primarily looking for three-bedroom units, while 50% were searching for four-bedroom or larger options.
