The transaction value of property in November 2023 increased by 36% compared to the same period last year

Over 60% of property seekers preferred to buy apartments in Dubai, as stated by a new report by Property Finder, whilst villas and townhouses attract the other 40% of buyer interest in the emirate. Popular districts for buying or renting apartments in Dubai are Downtown Dubai, Business Bay, Dubai Marina, Palm Jumeirah and Jumeirah Village Circle.

As stated by the Dubai Land Department, there was a significant surge in transaction value, reaching almost AED 42B (USD 10.9B), which demonstrates a 36% increase compared to November last year.

Regarding rental preferences, about 36% of tenants were looking for 1-bedroom apartments, whilst 30% preferred 2-bedroom apartments, and 24% of potential tenants were interested in studios.

In terms of the rental of villas/townhouses, 42% of tenants were looking for a 3-bedroom property, whilst 35% were interested in residences with 4 bedrooms or more. Popular areas for villa and townhouse rentals were Dubai Hills Estate, Al Barsha, Jumeirah, Damac Hills 2 and Arabian Ranches.

In Dubai, more than half of the transactions that were concluded were for completed real estate, and the volume of such sales increased by 10% year-on-year. About 6,335 transactions were registered in November 2023, compared to 5,749 during the same period last year.

The value of completed real estate has also increased significantly, rising by approximately 60% and reaching AED 28B (USD 7.2B) in November 2023, compared to AED 17B (USD 4.4B) in November last year.

It is worth noting that ten districts contributed to almost 53% of the total sales and 41% of the total transactions made during the month of November. These include:

It is worth noting that ten districts contributed to almost 53% of the total sales and 41% of the total transactions made during the month of November. These include:

A significant increase in the value of transactions compared to last year indicates a high demand for the purchase and renting of real estate in Dubai. Buying a residence in the emirate is a profitable investment against the background of a stable increase in property prices.