• Transaction volume in the existing property segment grows by 36.8% to 5,602 
  • Strong interest in furnished rental apartments continues

DUBAI, UNITED ARAB EMIRATES: Property Finder, the leading property portal in the MENA region, has revealed key trends shaping Dubai’s dynamic property market in October 2023. The month saw 7,128 real estate transactions worth a total of AED 29.7 billion, recording a 17.46% increase in value compared to the same month last year.

According to the latest data, 60% of property buyers were looking for an apartment, while 40% were interested in villas/townhouses. Meanwhile, in the rental market, around 82% of tenants were searching for apartments, and 18% were looking for villas or townhouses. Around 67.5% tenants seeking apartments for rent favored furnished properties, while 30.9% were searching for unfurnished options. Among the tenants who can afford to rent a villa or townhouse, 51% preferred unfurnished units, while 48% favored furnished options.

Around 36% of tenants were looking for one-bedroom units last month, while 30% expressed a preference for two-bedroom apartments, and 24% were searching for studios. Among villas/townhouses, three-bedroom units enjoyed the highest popularity at 43%, while 35% of tenants were searching for four-bedroom or larger options.

According to Property Finder’s proprietary data, among the top areas searched to rent apartments in October 2023 were Dubai Marina, Jumeirah Village Circle, Business Bay, Downtown, and Jumeirah Lakes Towers. Dubai Hills Estate, Jumeirah, Al Barsha, Dubai Hills 2 (Akoya), and Arabian Ranches were the most popular among those seeking to rent villas/townhouses.

The list of top areas searched to own apartments included Dubai Marina, Downtown, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan, and Mohammed Bin Rashid City were among the most desired areas for property seekers looking to own villas/townhouses.

The existing property segment continued to support Dubai’s real estate market in October. The volume of existing property sales rose by 36.8% YoY to 5,602 transactions, compared to 4,095 in the same month last year. This increase was reflected in the value of existing properties, which surged by 81% to around AED 25.7 billion, significantly surpassing the AED 14.2 billion in October 2022. This marks by far the highest transaction value in this segment for the month of October in a decade.

Ten areas contributed to more than 45% of the total number of transactions. These included Jumeirah Village Circle, Business Bay, Burj Khalifa, Dubai Marina, Madinat Hind 4, Al Hebiah Fifth, Palm Jebel Ali, International City Phase 1, Jumeirah Lakes Towers, and Dubai Sports City. In terms of transaction value in this segment, Palm Jebel Ali, Al Sufouh 2, Palm Jumeirah, Jumeirah Village Circle, Burj Khalifa, Al Hebiah Fifth, Business Bay, Palm Deira, Nad Al Shiba First, and Dubai Marina accounted for 54%.

Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “In October 2023, Dubai’s existing property market witnessed a strong uptake, recording new spikes in property preferences. Amidst this evolving landscape, Property Finder remains committed to being a trusted partner for property seekers on their property search journey. We continue to leverage the latest tools to empower and guide property seekers to make the right decision, while enabling trust and transparency for the nation’s growing real estate sector.”

Top listings for each of these options 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.


About Property Finder

A pioneering property portal in the Middle East and North Africa (MENA) region, Property Finder is on a mission to motivate and inspire consumers to get living the life they deserve. Connecting millions of property seekers with thousands of real estate professionals every day, Property Finder is a go-to place for a seamless and enriching house-hunting and finance-finding journey for both buyers and renters.

Since its inception in 2007, Property Finder has evolved into a trusted platform for developers, real estate brokers and property seekers to make informed decisions on all things real estate.

For more information, please contact:

Weber Shandwick