The Dubai real estate market reached unprecedented heights in October, with a total of AED61.5 billion ($16.7 billion) in transactions, marking a 56% increase compared to October 2023, as reported by Property Finder. This record-breaking performance stemmed from 20,670 transactions, reflecting a 71% surge in volume year-over-year and underscoring Dubai’s booming property market.
Key insights from Property Finder highlighted a strong interest in specific property types. Among those seeking property ownership, 32% focused on one-bedroom units, while 36% leaned towards two-bedroom apartments, and 14% preferred studios. Interest in villas and townhouses also remained robust, with 38% of prospective buyers eyeing three-bedroom units and 49% looking for four-bedroom or larger homes.
The top areas for apartment ownership included:
- Dubai Marina
- Downtown Dubai
- Jumeirah Village Circle
- Business Bay
- Palm Jumeirah
For villas and townhouses, sought-after locations featured:
- Dubai Hills Estate
- Al Furjan
- Palm Jumeirah
- Dubai Land
- Mohammed Bin Rashid City
A breakdown of the off-plan and existing markets revealed significant growth trends. October 2024 saw the existing real estate market reach record transaction volumes, with 7,140 deals—a 27.5% rise compared to October 2023—and a value of AED33.7 billion ($9.2 billion), exceeding previous records set in July 2024 by 11%. The off-plan sector experienced an even more remarkable surge, with a 109% year-on-year increase in transaction volume, totaling approximately 13,530 deals. The value of off-plan transactions grew by 102.4%, reaching AED27.7 billion ($7.5 billion), compared to AED13.7 billion ($3.7 billion) in the same period last year.
Cherif Sleiman, Chief Revenue Officer at Property Finder, remarked on the strong market momentum, stating: “As we move into the final quarter of the year, the market remains poised for further expansion, driven by both local and international investor confidence. October has highlighted the resilience of both off-plan and existing properties, continuing the upward trend across volume and value of transactions seen year-on-year. Recent initiatives by the nation’s leadership, including the Dubai Real Estate Sector Strategy 2033, are a testament to this progress. We are on track to successfully realise this vision to double the real estate sector’s contribution to GDP, particularly through enhanced knowledge-sharing for greater transparency.”
In the rental segment, Property Finder revealed key preferences among tenants. Approximately 65% of apartment renters opted for furnished units, while 34% preferred unfurnished spaces. Conversely, 53% of villa or townhouse renters sought unfurnished units, with 46% choosing furnished options. The demand for specific apartment types included 35% seeking one-bedroom units, 32% preferring two-bedroom apartments, and 23% interested in studios. For villas and townhouses, 41% of tenants searched for three-bedroom options, and 38% aimed for four-bedroom or larger homes.
The top searched areas for apartment rentals included:
- Dubai Marina
- Downtown Dubai
- Business Bay
- Jumeirah Village Circle
- Jumeirah Lake Towers
Preferred neighbourhoods for villa and townhouse rentals were:
- Jumeirah
- Dubai Hills Estate
- Damac Hills 2
- Al Barsha
- Umm Suqeim
