Dubai’s real estate market experienced a remarkable surge in January 2024, with record-breaking sales reaching Dh35.4 billion. This milestone signifies a robust outlook for the sector in 2024, propelled by sustained momentum from the previous year and a burgeoning demand for off-plan properties.
January 2024 set unprecedented records, marking a substantial 27 percent increase from Dh27.9 billion in January 2023. This notable surge underscores a consistent upward trajectory in recent years, indicating the market's resilience and attractiveness to investors and homebuyers alike.
Property Finder’s latest data reveals a significant 17 percent year-on-year rise in recorded sales transactions, totaling over 11,000 transactions compared to 8,712 in January 2023. Cherif Sleiman, chief revenue officer at Property Finder, emphasized the positive momentum, highlighting the growing preference for off-plan properties and the platform's commitment to facilitating informed decisions in this thriving real estate landscape.
Off-plan properties witnessed a surge in demand, with a year-on-year increase of approximately 25 percent in volume, totaling 6,000 recorded transactions. The value of these transactions also experienced a notable uptick, rising by around 21 percent year-on-year to approximately Dh15 billion, compared to Dh12.2 billion in January 2023.
A report by Zazen Properties underscores Dubai's resilient off-plan real estate sector, which played a pivotal role in driving the overall UAE market to reach Dh455.7 billion in sales in 2023. With demand expected to surpass supply in the foreseeable future, the off-plan sector is poised to bolster the market's growth trajectory in 2024 and beyond, supported by Dubai's rapidly expanding population and flourishing tourism sector.
In 2023, Dubai emerged as a prominent hub, witnessing a remarkable 72.3 percent growth in sales value, totaling Dh160.46 billion, compared to Dh93 billion in 2022. Property Finder’s data further illuminates the preferences of property buyers and tenants, with a majority seeking apartments over villas/townhouses, and a notable interest in furnished properties among tenants.
Dubai's real estate market continues to showcase resilience and promise, as evidenced by the record-breaking sales figures in January 2024. With sustained momentum, growing demand for off-plan properties, and strategic investments driving the sector forward, stakeholders can anticipate a buoyant market landscape in 2024 and beyond. As Dubai solidifies its position as a global real estate destination, opportunities abound for investors, developers, and homebuyers seeking to capitalize on its dynamic market dynamics.