Real estate trend in October: the real estate sector in Dubai recorded a significant increase in purchases and sales of existing properties with a year-on-year increase in value of over 80%. According to research by Property Finder, 7,128 transactions totaling AED 29.7 billion ($8.1 billion) were completed, representing an increase in value of 17.46%. Apartments were preferred by 60% of buyers, while 40% were interested in villas and townhouses. Apartments were also preferred on the rental market, with 82% of tenants looking for them. Dubai Marina, Jumeirah Village Circle and Business Bay were among the top areas for both buying and renting apartments, while areas such as Dubai Hills Estate and Arabian Ranches were popular for villas and townhouses.
According to research by the local real estate portal, Dubai’s real estate trend saw a remarkable 80% year-on-year increase in the value of existing property transactions in October. During the month, 7,128 real estate transactions were completed with a total value of AED 29.7 billion ($8.1 billion), representing a 17.46% increase in value compared to the same period last year. The majority of property buyers (60%) were looking for apartments, while 40% were interested in villas or townhouses. On the rental market, around 82% of tenants were looking for apartments and 18% for villas or townhouses.
Dubai Marina, Jumeirah Village Circle and Business Bay were among the most popular areas for both buying and renting apartments, while areas such as Dubai Hills Estate and Arabian Ranches were favored by those looking for villas and townhouses. This very robust performance in the existing property segment reflects a positive trend in the Dubai real estate market in October. According to initial indications, this positive trend looks set to continue, both for the coming year 2024 and beyond.
Real estate trend: Value of existing properties rises by 80%
