Dubai’s Real Estate Market Soars In February 2024

Real estate sales transactions in Dubai surged 27% in February this year. The city recorded over $10 billion in sales transactions, a massive increase compared to February 2023. A significant rise has been seen in both existing and off-plan properties. 

Property Finder- a MENA region property portal, stated, “ Further leveraging the positive trends from 2023, the value of transactions experienced a remarkable upswing, reaching almost DH36.6 billion and marking an increase of 35 percent compared to the same month in 2023, highlighting the strength and dynamism of the real estate market.”

The portal also found that two-bedroom apartments were the most sought-after investment option, covering 35% of all searches. It is closely followed by one-bedroom apartments, which is about 33%.

This exceptional rise has been there since the beginning of this year, as Dubai’s real estate market witnessed Dh35.4 billion in sales in January 2024. This is about a 37 percent increase compared to the sample period last year. This remarkable increase depicts the positive outlook of the property sector and also indicates further expansion.

The volume of existing property transactions increased 23 percent, with over 5,500 transactions recorded last month. Meanwhile, the demand for off-plan properties has risen by about 31%, with 6.385 transactions recorded. 

Property Finder’s chief revenue officer, Cherid Sleiman said that February maintained the established momentum which hinted for optimistic prospects throughout the year. He further talked about this recent development, “This reaffirms the resilience and dynamism of the industry, reflecting positive trends and promising opportunities for investors and home seekers alike. It is interesting to see while existing property transactions surged in both volume and value, off-plan transactions exhibited even higher demand with a greater year-on-year increase in volume.”