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The latest data issued by Property Finder revealed important numbers achieved by the real estate market, which is witnessing a steady boom in Dubai. According to this data, the transactions for the month of January 2023 recorded an increase of 128.5% on an annual basis, after the number of sales transactions exceeded 9,800, compared to 5,739 in January 2022.
The value of transactions recorded a remarkable increase, exceeding 28 billion dirhams, and achieving an increase of more than 178% compared to the same month of last year. While the value of transactions on ready-made real estate increased by about 42% on an annual basis, to reach about 16 billion dirhams, compared to 11.4 billion dirhams in January 2022. In January, the highest rate of volume and value of transactions in a decade was recorded. The current data reflected the evolution of the tastes and preferences of both owners and tenants
According to figures revealed by Property Finder data, 59% of those wishing to own a property are looking for apartments, while 41% are interested in villas or townhouses. As for those wishing to rent, research data indicated that about 80% of those looking for rent are looking for renting apartments, while 20% of them are looking for villas or independent houses (townhouses).
Furnished real estate
Furnished properties accounted for 46% of the market demand, while 54% of the requests focused on unfurnished units. 66% of tenants are looking for furnished units, while 34% prefer unfurnished units. The data also revealed that 41% are looking for one-bedroom units, followed by two-bedroom units. In contrast, 54% of renters are looking for one-bedroom units, followed by 29% looking for two-bedroom units.
January of 2023 witnessed the highest performance in ready-to-go and off-plan real estate transactions, as the volume of ready-to-go transactions increased by 56% year-on-year, after more than 4,800 transactions were recorded. Off-plan sales transactions also achieved an impressive performance, recording an increase of 90% year-on-year, after carrying out more than 5,000 transactions, compared to 3,086 in January 2022. The value of sales increased by about 130%, achieving more than 12.1 billion dirhams, compared to 5.3 billion. in the same period last year. These numbers are the highest in the volume and value of off-plan real estate transactions for the month of January during the past decade.
Selling momentum
The real estate market in Dubai continued to maintain its momentum in sales transactions, as it witnessed the accelerated performance of the market in January, adding a new record after it recorded sales in the last quarter of 2022; About 29,205 sales transactions, accompanied by a sustainable growth in the market value.
Scott Bond, general manager of Property Finder in the UAE, said: “It seems that the coming months will witness a significant rise in real estate investments, driven by the steady demand for residential properties, and the growing desire to own rather than rent. The beginning of 2023 has witnessed a strong start, continued momentum from last year, and increased resilience for Dubai’s burgeoning real estate sector. In light of this development in consumer choices and the record numbers recorded in January, we adhere to our positive view of the multifaceted real estate sector in Dubai, and the Dubai market as a real estate destination trusted by our customers.
According to the “Property Finder” data, some of the areas that topped the list of the most searched for apartments in January 2022 maintained their ranking at the beginning of this year, including Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Circle Village. And all of Dubai Hills Estate, Arabian Ranches, and finally Damac Hills (Akoya by Damac), which focused demand for villas or independent homes.
