According to numbers from Property Finder, the real estate boom in Dubai continued last month with transactions totaling AED26.5 billion.
Dubai real estate expert reports that there were 8,077 real estate transactions in April 2023, representing a 17% volume increase over the 6,898 transactions in April 2022.
Dubai real estate 2023
When compared to the same month in the previous year, the transaction value increased by 46%.
The amount and value of transactions are at their greatest level for the month of April in ten years.
The market mostly followed the patterns in property preferences for both owners and tenants from the previous month.
Data from Property Finder for April 2023 show that 58.2% of those looking to buy a home were looking for an apartment, while 41.8% were interested in villas or townhouses.
The number of investors or homebuyers looking for flats increased during the month from 55.8% in April 2022 to 58.2%.
Two-bedroom apartments were the most sought-after apartment size among home buyers, accounting for 35.2% of searches, followed by one-bedroom flats with 31%.
In the rental market, 78.3% of tenants looked for apartments, while 21.7% sought out villas or townhouses.
While 34.2% of tenants were looking for unfurnished apartments, about 64.1% of those looking for apartments for a longer period of time preferred furnished apartments.
About 56.8% of renters who can afford a villa or townhouse preferred unfurnished units, while 42.1% were looking for furnished villas or townhouses.
In April 2023, about 33.4% of tenants were looking for one-bedroom apartments, followed by 30.7% of tenants who preferred two-bedroom apartments, and 23.8% who preferred studio apartments.
For villas and townhouses, 41.6% of tenants prioritized three-bedroom apartments, while 36% sought four-bedroom or larger choices.
Off-plan deals, which made up 30.3% of the value and 48.2% of the overall volume of sales transactions in April in Dubai, greatly aided the market’s upward trajectory.
3,894 off-plan property sales were registered in April 2023 compared to 2,709 in April 2022, a 43.7 percent increase year over year.
In the meantime, the value of existing property sales increased significantly, by over 44% year over year, to about AED18.5 billion from AED12.8 billion in April 2022.
In April 2023, the following regions remained to be the most frequently searched-for owned apartments on Property Finder:
- Dubai Marina
- Downtown Dubai
- Business Bay
- Palm Jumeirah
- Jumeirah Village Circle.
For individuals seeking to purchase villas or townhouses, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), and Mohammed Bin Rashid City were the top choices.
Dubai Marina accounted for 12.1% of the total transaction value and 6.4% of the overall sales in the off-plan market.
Hadaeq Sheikh Mohammed Bin Rashid, a newcomer to the top three, came in second, accounting for roughly 9.1% of the overall sales value and 8.1 percent of the volume.
Jumeirah Village was second in terms of transaction value, accounting for about 8.6% of the total, but was first in terms of volume, accounting for 20.6%.
Scott Bond, UAE Country Manager at Property Finder said: “Once again, Dubai’s fast-evolving property sector saw a year-on-year spike in both volume and value in April 2023, with only a minimal decline in the volume of transactions in the existing property market, offset by a considerable increase in value.
“While overall trends mostly remained the same, we have seen the emergence of new home seeker preferences in the off-plan market.”