Tuesday, March 5, 2024

Real estate transactions in Dubai were recorded at 30.4 billion dirhams in June

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The latest data released by “Property Finder” has revealed key figures for the Dubai real estate market for June 2023 as the volume of real estate transactions reached 10,000 last June. 419 transactions compared to 8846 transactions in June 2022 which is an increase of 17.78%.

According to the data, the value of transactions in June recorded a significant increase of 34.1% compared to the same month last year, reaching 30.41 billion dirhams, the highest figure recorded in the month of “June” in 10 years. Number and value of transactions.

According to the data, the market continued its excellent pace in terms of real estate options for owners and renters, with “Property Finder” data for June 2023 showing that 57.5% of property owners are looking for apartments. 42.5% are interested in villas or “town” units.

In turn, two-bedroom apartments accounted for the largest percentage of searches, with 33.4% at 34.1%, followed by one-bedroom apartments.

For the rental sector, data indicates that about 78.5% of tenants are looking for apartments, 21.5% of them are looking for villas or “townhouse” units, and 61.8% of tenants are interested in apartments. And 34.2% of requests focused on unfurnished units.

June 2023 data revealed that 35.1% of tenants sought one-bedroom units, 31.1% sought two-bedroom units, 22% sought studio units, and three-bedroom units accounted for 43.4%. or more at 36.1%.

Off-plan sales transactions have witnessed a significant increase of 46.6% on an annual basis, registering around 5165 transactions, as compared to 3523 transactions in June 2022 alone. Approximately 80.26%, reaching over 12.6 billion dirhams, surpassing the 7.007 billion dirham barrier recorded in June 2022.

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According to data from “Property Finder”, some areas are leading the list of most searched areas for owning apartments for the month of June 2023, namely: “Dubai Marina”, “Downtown Dubai”, “Business Bay”, “Jumeirah Village Circle”. Palm Jumeirah.

Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damak Hills (Akoya by Damak) and Al Furjan top the list of desirable destinations for those looking to own villas or townhouse units.

Scott Bond, General Manager of Property Finder in the UAE, said: “Last June the real estate market in Dubai experienced significant year-on-year growth in terms of volume and value and once again showed a continued increase in sales. Transactions on the chart, the ready-made housing sector saw a slight decline.” Quantity in exchange for a significant increase in value. While the general trends of the market are largely the same, we saw a difference in the preferences of those looking for homes and ready-made homes on the map.

Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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