Dubai property transactions volume up 128 percent in Jan. 2023: Data

Dubai property transactions recorded more than a 128 percent year-on-year increase in volume by crossing 9,800 sales transactions last month, compared to 5,739 in January 2022, data released by Property Finder on Thursday showed.

The value of transactions witnessed an outstanding increase recording over AED 28 billion ($7.6 billion), an increase beyond 178 percent compared to the same month last year, an indication of Dubai’s consistently flourishing real estate market.

“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,” said the company’s Country Manager Scott Bond.

“With evolving consumer preferences and record YoY 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.”

In terms of value, the transactions for existing properties witnessed an increase of around 42 percent YoY, reaching over AED 16 billion ($4.355 billion) compared to AED 11.4 billion ($3.1 billion) in January 2022, recording the 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.

Property Finder’s data suggests that 59 percent of people who have the desire to own property are looking for an apartment, while 41 percent are interested in villas or townhouses.

In the rental segment, 80 percent of tenants have been choosing apartments and 20 percent are looking for villas or townhouses.

Furnished properties acquire 46 percent of the market preferences while 54 percent of the demand remains for unfurnished units, whereas 66 percent of renters are looking for furnished units while 34 percent are inclined towards unfurnished units.

In January 2023, both existing and off-plan transactions recorded the highest performance.

In terms of volume, the existing secondary or ready transactions recorded around 56 percent YoY increase by registering more than 4,800 transactions.

Off-plan transactions witnessed remarkable performance, with a 90 percent YoY increase recording over 5,000 transactions, compared to 3,086 in January 2022; as well as an increase of 130 percent in value worth more than AED 12.1 billion ($5.7 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.

The company also found that the top searched areas in January 2022 continued to include Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, Dubai Hills Estate, Arabian Ranches, Jumeirah Village Circle, and Damac Hills.