According to data from Property Finder, the real estate market in Dubai witnessed transactions worth AED26.5 billion last month.
In April 2023, there were 8,077 real estate transactions in Dubai, marking a 17% increase compared to the 6,898 deals recorded in the same month the previous year, as reported by a specialist in Dubai’s real estate sector.
Dubai real estate 2023
In April 2023, the transaction value experienced a significant growth of 46% compared to the same month in the previous year.
Both transaction volume and value reached their highest levels for the month of April in the past decade.
The prevailing market preferences for real estate among owners and tenants from the previous month remained largely unchanged.
According to data from Property Finder, in April 2023, 58.2% of property buyers preferred apartments, while villas and townhouses were favored by 41.8% of buyers.
The percentage of investors or buyers seeking flats increased from 55.8% in April 2022 to 58.2% throughout the month.
Among home purchasers, the most popular apartment size was two-bedroom, accounting for 35.2% of inquiries, followed by one-bedroom apartments at 31%.
When it comes to renters, 78.3% searched for flats in the rental market, while 21.7% looked for villas or townhouses.
Among those seeking flats for a longer duration, 64.1% preferred furnished apartments, while 34.2% opted for unfurnished apartments.
Renters who could afford a villa or townhouse showed a preference for unfurnished apartments, accounting for approximately 56.8%, while 42.1% favored furnished villas or townhouses.
One-bedroom apartments were the top choice for 33.4% of renters in April 2023, followed by two-bedroom apartments for 30.7% of renters, and studio apartments for 23.8% of renters.
Among tenants in villas and townhouses, three-bedroom flats were preferred by 41.6%, while alternatives with four bedrooms or more were favored by 36% of tenants.
The off-plan property purchases significantly contributed to the market’s upward trend in April, accounting for 30.3% of the value and 48.2% of the total number of sales transactions.
In April 2023, there were 3,894 off-plan property sales recorded, marking a growth of 43.7% compared to April 2022 with 2,709 sales.
The sales value of existing properties also witnessed a significant increase of over 44% year over year, reaching slightly over AED18.5 billion from AED12.8 billion in April 2022.
On Property Finder, the most searched areas for owned flats in April 2023 were
■ Dubai Marina
■ Downtown Dubai
■ Business Bay
■ Palm Jumeirah
■ Jumeirah Village Circle.
For those looking to buy villas or townhouses, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), and Mohammed Bin Rashid City were the top choices.
Dubai Marina accounted for 12.1% of the total transaction value and 6.4% of all sales in the off-plan market.
Hadaeq Sheikh Mohammed Bin Rashid, a newcomer to the top three, accounted for approximately 9.1% of the total sales volume and value.
Jumeirah Village ranked first in terms of volume (20.6%), but second in terms of transaction value (approximately 8.6% of the total).
Scott Bond, UAE Country Manager at Property Finder, commented, “Once again, Dubai’s rapidly evolving property sector witnessed a year-on-year increase in both volume and value in April 2023, with a slight decline in the volume of transactions in the existing property market, offset by a significant increase in value. While overall trends remained mostly consistent, we observed the emergence of new preferences among home seekers in the off-plan market.”
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