Dubai’s booming property market saw 8,077 real estate transactions last month.
According to the Dubai property specialist, April 2023 saw 8,077 real estate transactions, recording a 17 per cent increase in volume compared to 6,898 in April 2022.
The value of the transactions witnessed a surge of 46 per cent compared to the same month last year.
It marks the highest transaction volume and value for the month of April in a decade.
The market broadly followed the previous month’s trends in property preferences for owners and tenants alike.
According to Property Finder’s data for April 2023, 58.2 per cent of people who desire to own property were looking for an apartment, while 41.8 per cent were interested in villas/townhouses.
The month saw an increase in the percentage of investors or home seekers looking for apartments from 55.8 per cent in April 2022 to 58.2 per cent.
Among home seekers, the most commonly searched apartment size was two-bedroom, accounting for 35.2 per cent, followed by one-bedroom apartments at 31 per cent.
In the rental segment, 78.3 per cent of tenants searched for apartments, and 21.7 per cent looked for villas/townhouses.
Around 64.1 per cent of the tenants were seeking apartments for a more extended stay favoured furnished properties, while 34.2 per cent were searching for unfurnished apartments.
Among the tenants who can afford to rent a villa/townhouse, approximately 56.8 per cent preferred unfurnished units, while 42.1 per cent were looking for furnished villas/townhouses.
Around 33.4 per cent of tenants were looking for one-bedroom units in April 2023, followed by two-bedroom units, which accounted for 30.7 per cent of the tenants’ preferences, while 23.8 per cent were searching for studios.
For villas/townhouses, 41.6 per cent of tenants were primarily looking for three-bedroom units, while 36 per cent were searching for four-bedroom or larger options.
Off-plan transactions significantly supported Dubai’s real estate market uptrend in April, accounting for 48.2 per cent of the total sales transaction volume and 30.3 per cent of the value.
The volume of off-plan property sales surged by 43.7 per cent year-on-year, with 3,894 transactions recorded, compared to 2,709 in April 2022.
Meanwhile, the existing property transactions experienced a marked increase in value at approximately 44 per cent year-on-year, reaching around AED18.5bn compared to AED12.8bnn in April 2022.
According to Property Finder’s proprietary data, the top searched areas for owned apartments in April 2023 continued to include:
Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), and Mohammed Bin Rashid City were the most preferred for those looking to own villas/townhouses.
For the off-plan market, Dubai Marina accounted for 12.1 per cent of the total transaction value and 6.4 per cent of the total number of sales.
A newcomer to the top three, Hadaeq Sheikh Mohammed Bin Rashid ranked second, representing approximately 9.1 per cent of the total sales value and 8.1 per cent of the volume.
Following closely behind, Jumeirah Village comprised around 8.6 per cent of the total transaction value while leading in volume at 20.6 per cent.