(MENAFN- Weber Shandwick) DUBAI, UNITED ARAB EMIRATES, 3rd February 2023: Recent data found by Property Finder, the leading property portal in the MENA region, revealed key figures on Dubai’s consistently flourishing property market. According to Property Finder’s data, January 2023 real estate transactions recorded a more than 128.5% YoY increase in volume by crossing 9,800 sales transactions compared to 5,739 in January 2022.
The value of transactions witnessed an outstanding increase recording over AED 28 billion, an increase beyond 178% compared to the same month last year. In terms of value, the transactions for existing properties witnessed an increase of around 42% YoY, reaching over AED 16 billion compared to AED 11.4 billion in January 2022, recording highest volume and value for the month for in a decade. Furthermore, the data revealed updated figures showing a significant evolution in property preferences for both owners and tenants.
According to Property Finder’s data, 59% of people who have the desire to own property are looking for an apartment, while 41% are interested in villas/townhouses. Additionally, in the rental segment, 80% of tenants have been choosing apartments and 20% are looking for villas/townhouses. Furnished properties acquire 46% of the market preferences while 54% of the demand remains for unfurnished units whereas, 66% of renters are looking for furnished units while 34% are inclined towards unfurnished units. 41% of the market demand is for one-bedroom units followed by two-bedroom units. In contrast, 54% of renters are seeking one-bedroom units, followed by 29% searching for two-bedroom units.
Sales property type Preferences Tenants property type Preferences
Preferred No of bedroom for Sales Preferred No of bedroom for Rent
In January 2023, both existing and off-plan transactions recorded the highest performance. In terms of volume, the existing (Secondary/ready) transactions recorded around 56% YoY increase by registering more than 4,800 transactions. Furthermore,Off-plan transactions witnessed remarkable performance, with an 90% YoY increase recording over 5,000 transactions, compared to 3,086 in January 2022; as well as an increase of 130% in value worth more than AED 12.1 billion, as opposed to 5.3 billion during the same time last year. This was recorded as the highest volume and value for off-plan transactions for the month of January over the last decade.
Dubai’s property market continues to maintain momentum in its sales transactions with January’s accelerated market performance adding to Q4 2022’s record 29,205 sales transactions and a sustained growth in market value.
Scott Bond, UAE Country Manager at Property Finder said: “Led by a steady demand for housing and a rising inclination towards ownership, the coming months seem to behold a great spike in property investments. 2023 has definitely been off to a great start, with continued momentum from last year and heightened resilience for Dubai’s property sector. With evolving consumer preferences and record Y-oY success this January, we continue to behold a positive outlook for Dubai’s multi-faceted property sector, as a trusted go-to place marketplace for our customers.”
According to Property Finder’s proprietary data the top searched areas in January 2022 for apartments continued to include Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, Jumeirah Village Circle and Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC) was popular when it came to villas/townhouses.
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