UAE real estate sales up 16.8% in a year as January hits record: analysts

UAE real estate

UAE real estate sales up 16.8% in a year as January hits record: analysts

UAE real estate sales up 16.8% in a year as January hits record: analysts

  • UAE real estate sales hit record January figures,
  • UAE real estate figures hit January highs as property investors continue to express confidence in the region.
  • The UAE real estate specialists have announced a significant surge in sales volume to start 2024.

In January 2024, the industry experienced a month-on-month (MoM) increase of 5.4 per cent and a year-on-year (YoY) growth of 16.8 per cent, marking the highest January figures in the history of the UAE real estate market.

UAE real estate sales

  • The surge in sales reflects the resilience and dynamism of the UAE real estate sector, even in the face of global uncertainties.
  • The market’s ability to adapt and thrive showcases the confidence of investors and homebuyers in the region.
  • At the same time, the year-on-year growth of 16.8 percent is a testament to the sustained appeal of the UAE real estate market, attracting both local and international investors.
  • The record-breaking sales volume achieved in January 2024 establishes a new benchmark for the UAE real estate sector, showcasing its strength and vitality.
  • There was a year-on-year increase of approximately 25 percent in volume, it said, with more than 6,000 recorded transactions.
  • Values experienced a surge of around 21 per cent YoY, reaching roughly AED15bn ($4.1bn), compared to AED12.2bn ($3.3bn) in January 2023.
  • In contrast, existing property transactions revealed a YoY increase of approximately 8 percent in volume, with more than 5,000 transactions.
  • The value of these transactions surged by 31 percent YoY, touching AED21bn ($5.7bn), compared to AED15.7bn ($4.4bn) in January 2023.
  • The report found that a majority of those looking to purchase a property were on the lookout for an apartment (58 percent), while 42 percent preferred villas or townhouses.
  • This trend was much more obvious in the rental market, with 80 per cent of tenants searching for apartments, while 20 percent were searching for villas/townhouses.
  • Approximately 36 per cent of tenants searched for one-bedroom units, 31 percent for two-bedroom apartments, and 22 per cent for studios.
  • For villas/townhouses, 43 percent of tenants were looking for three-bedroom units, while 34 percent searched for four-bedroom or larger options.
  • Roughly 62.2 percent of tenants seeking apartments were found to choose furnished properties, while 36.1 per cent were searching for unfurnished options.
  • In contrast, tenants who could afford villa/townhouse rentals revealed the opposite, with about 57 percent seeking unfurnished units and 42 per cent looking for furnished options.
  • The Property Finder revealed that those looking to buy a one-bedroom apartment and a two-bedroom apartment were at 33 percent and 36 percent, respectively, while about 14 percent were looking for studios.
  • The data for villas/townhouses showed that 40 percent were primarily looking for three-bedroom units, while 44 percent were searching for four-bedroom or larger options.

Top areas searched to own apartments were

– Dubai Marina.

– Downtown Dubai.

– Jumeirah Village Circle.

– Business Bay.

– Palm Jumeirah.

Meanwhile, Dubai Hills Estate, Arabian Ranches, Palm – Jumeirah, Al Furjan, and Damac Hills were the most desired areas to own villas/townhouses.

Leading areas for rentals were:

– Dubai Marina.

– Jumeirah Village Circle.

– Downtown Dubai

– Business Bay

– Deira

Dubai Hills Estate, Al Barsha, Damac Hills 2, Jumeirah, and Umm Suqeim were popular when it came to searches to rent villas/townhouses.

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