The month saw around 20,670 transactions leading to a 71% increase from October 2023, alongside values touching AED 61.5 billion, a 56% increase from the same time last year.

Property Finder, the leading property portal in the MENA region, has announced market performance highlights for October 2024, offering valuable insights into the real estate landscape. 

According to Property Finder’s proprietary data, October was an outstanding month for the city, massively contributing to potential highlights for 2024, with the highest values being recorded for a month ever. 20,670 transactions were recorded, leading to a 71% increase compared to October 2023. The value of these transactions increased by 56%, totalling to AED 61.5 billion. 

Key data highlights:

Rental Trends:

Preferred No. of bedrooms for renting Apartments in October	Preferred No. of bedrooms for renting Villas/Townhouses in October

Roughly 65% of tenants looking for apartments preferred furnished properties, while 34% turned to unfurnished options.

Tenants who sought villas/townhouses showed a difference in preference, with around 53% searching for unfurnished units and 46% going for furnished properties. 

When searching for apartments, 35% of tenants were looking for one bedroom units, while 32% expressed a preference for two-bedroom apartments and 23% for studios. 

41% of tenants looked for three bedroom villas and 38% searched for four bedroom or larger options. 

Top areas searched to rent apartments included Dubai Marina,Downtown Dubai,Business Bay,, Jumeirah Village Circle and Jumeirah Lake Towers. 

Jumeirah,Dubai Hills Estate, Damac Hills 2, Al Barsha and Umm Suqeim were popular among those looking to rent villas/townhouses.

Ownership Insights:

Sales property type Preferences in October 2024	Tenants’ property type Preferences October 2024

32% of people who seek to own or invest in properties are searching for one-bedroom units, with 36% showing an inclination for two bedroom apartments and 14% for studios. 

Seekers for villas/townhouses included 38% searching for three bedroom units and 49% for four bedroom or larger options.

Popular areas for apartment ownership were Dubai Marina, Downtown Dubai,Jumeirah Village Circle, Business Bay, and Palm Jumeirah.

Dubai Hills Estate, Al Furjan, Palm Jumeirah, Dubai Land and Mohammed Bin Rashid Citywere the most desired areas to own villas/townhouses.

Off plan vs Existing Market: 

The Total Number of Sales Transactions	The Total Value of The Sales Transactions

In October 2024, the existing market recorded the highest volume and value of transactions ever, touching  7,140 transactions, compared to which showed 5,598 transactions in October 2023, leading to an increase of 27.5%.

In terms of value, the ready market recorded transactions worth around AED 33.7 billion to break through the highest peak recorded in July 2024 by 11%.

The off-plan market witnessed a YoY increase of approximately 109% in volume, with around 13,530 transactions. 

The value of these transactions experienced a notable increase of 102.4% YoY, touching approximately AED 27.7 billion, compared to AED 13.7 billion in October 2023.

Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “As we move into the final quarter of the year, the market remains poised for further expansion, driven by both local and international investor confidence. October has highlighted the resilience of both off-plan and existing properties, continuing the upward trend across volume and value of transactions seen year-on-year. Recent initiatives by the nation’s leadership including the Dubai Real Estate Sector Strategy 2033 are a testament to this progress. We are on track to successfully realize this vision to double the real estate sector’s contribution to GDP, particularly through enhanced knowledge-sharing for greater transparency. At Property Finder, we remain dedicated to advancing the city’s ambitions, leveraging cutting-edge data tools that empower our users and enrich the overall market landscape. Together, we are shaping a brighter future for Dubai’s real estate sector.” 

All the latest information for top listings and communities are available on Data Guru by Property Finder that can be accessed at https://www.propertyfinder.ae/ or on the Property Finder app, available for download on Google Play and Apple Store.