Property Finder reports record 81% YoY surge in transaction value in existing property market to AED 25.7bln for October 2023

Transaction volume in the existing property segment grows by 36.8% to 5,602  Strong interest in furnished rental apartments continues

DUBAI, UNITED ARAB EMIRATES: Property Finder, the leading property portal in the MENA region, has revealed key trends shaping Dubai’s dynamic property market in October 2023. The month saw 7,128 real estate transactions worth a total of AED 29.7 billion, recording a 17.46% increase in value compared to the same month last year.

According to the latest data, 60% of property buyers were looking for an apartment, while 40% were interested in villas/townhouses. Meanwhile, in the rental market, around 82% of tenants were searching for apartments, and 18% were looking for villas or townhouses. Around 67.5% tenants seeking apartments for rent favored furnished properties, while 30.9% were searching for unfurnished options. Among the tenants who can afford to rent a villa or townhouse, 51% preferred unfurnished units, while 48% favored furnished options.

Around 36% of tenants were looking for one-bedroom units last month, while 30% expressed a preference for two-bedroom apartments, and 24% were searching for studios. Among villas/townhouses, three-bedroom units enjoyed the highest popularity at 43%, while 35% of tenants were searching for four-bedroom or larger options.

According to Property Finder’s proprietary data, among the top areas searched to rent apartments in October 2023 were Dubai Marina, Jumeirah Village Circle, Business Bay, Downtown, and Jumeirah Lakes Towers. Dubai Hills Estate, Jumeirah, Al Barsha, Dubai Hills 2 (Akoya), and Arabian Ranches were the most popular among those seeking to rent villas/townhouses.

The list of top areas searched to own apartments included Dubai Marina, Downtown, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan, and Mohammed Bin Rashid City were among the most desired areas for property seekers looking to own villas/townhouses.

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