Off-Plan Deals Drive Dubai's Property Market in November

According to data, the off-plan sector continued to boost the Dubai real estate market in November 2024, with 8,548 sales, representing a year-over-year growth in volume of over 46%.

Overall, compared to November 2023, real estate transactions in Dubai rose by nearly a fifth (19%) last month. With over 14,479 transactions and prices above Dh43 billion, the market continued its notable upward trend, according to data from Property Finder, a top real estate portal in the Middle East and North Africa (Mena) area. This represents a 1.6% rise over the same period last year.

According to data, around one-third (33%) of those looking to buy or invest in real estate are looking for one-bedroom apartments, while 35% are more interested in two-bedroom apartments and 15% are more interested in studios. Of those looking for villas or townhouses, 37% were looking for three-bedroom homes, while 50% were looking for four-bedroom or larger alternatives. Palm Jumeirah, Business Bay, Downtown Dubai, Dubai Marina, and Jumeirah Village Circle were all popular places to buy apartments. The most sought-after neighborhoods for villas and townhouses were Mohammed Bin Rashid City, Palm Jumeirah, Al Furjan, Dubai Land, and Dubai Hills Estate.

Off plan vs existing market:

Off-plan transaction values increased by around 30% year over year to approximately Dh18.2 billion from Dh14 billion in November 2023.

There was a 6% drop in volume at the ready market, which recorded 5,931. In terms of value, the ready market saw transactions totaling about Dh24.8 billion, a 12.22% drop from November 2023’s 28.3 billion transactions.

Cherif Sleiman, chief revenue officer at Property Finder, said: “As we close out an exceptional year in 2024, we’re thrilled to be part of a sector poised for significant growth in 2025. At our recent Property Finder Awards, we witnessed a remarkable shift in our industry, with professionals leading the charge in enhancing trust and transparency across the region. Notably, we’re seeing a surge in female and Gen Z investors, expanding our audience and creating new opportunities for real estate success in the year ahead.”

Tenancies

About 65% of renters who were seeking for apartments favored furnished apartments, whereas 34% chose unfurnished ones. There was a disparity in the preferences of tenants looking for villas or townhouses; approximately 51% of them looked for unfurnished apartments, while 48% chose furnished ones.

Thirty-five percent of renters said they preferred one-bedroom apartments, thirty-one percent said they preferred two-bedroom apartments, and twenty-four percent said they preferred studios. Three-bedroom villas were sought after by 40% of tenants, while four-bedroom or bigger choices were sought after by 38%. Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay, and Deira were the most searched areas for apartment rentals. Villas and townhouses were sought for in Jumeirah, Dubai Hills Estate, Damac Hills 2, Al Barsha, and Umm Suqeim.