Property Finder Reports: Dubai’s Real Estate Market witnesses 25%

Ammon News –

Property Finder, the leading property portal in the MENA region, has revealed key trends shaping Dubai’s booming property market in August 2023. According to the latest data, the month saw 11,818 real estate transactions, recording a 25% increase in volume compared to 9,450 in August 2022.

The value of the transactions witnessed a sharp hike of 43% compared to the same month last year, reaching AED 33.7 billion. This marks by far the highest transaction volume and value for the month of August in a decade. The market broadly followed the previous month’s trends in property preferences for owners and tenants alike.

Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “In August 2023, Dubai’s property sector continued the steep YOY growth trajectory. We were pleased to see the sustained momentum in growing investor appetite, with the market remaining robust over the holiday months and the off-plan segment witnessing an unprecedented surge. As home search enablers, we look forward to giving homeseekers the best of verified listings – all in one place with advanced tools and features to support their home search journey.”

According to Property Finder’s data for August 2023, 59% of property buyers were looking for an apartment, while 41% were interested in villas/townhouses. For tenants, 81% were looking for apartments, while 19% were found to be interested in villas. The most commonly searched apartment size for purchase was two-bedroom, accounting for 34%, closely followed by one-bedroom apartments at 33%.

Around 63.9% of those seeking apartments favored furnished properties, while 34.5% were searching for unfurnished options. Among the tenants who can afford to rent a villa or townhouse, 54% preferred unfurnished units, while 45% favored furnished options.

Approximately 36% of tenants were looking for one-bedroom units last month, while 31% expressed a preference for two-bedroom apartments, and

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