Double-digit growth in Dubai's real estate market in June 2023

The Dubai real estate market continues its growth trend with 10,419 real estate transactions in June. The Emirati real estate market showed a 17.78% increase in transaction volume compared to June 2022, when 8,846 transactions were completed, according to real estate portal Property Finder. The volume of real estate transactions rose 34.1% year-on-year to Dhs30.41 billion. This is the highest volume and value of transactions for the month of June in the last ten years.

Buying trends in Dubai's real estate market

Ten districts contributed to nearly 68% of the total sales value and 54% of the total number of transactions in the real estate market in properties under construction. These neighborhoods are Dubai Marina, Palm Jumeirah, Dubai Harbour, Dubai Creek Harbour, Dubai Hills, Burj Khalifa, Jumeirah Lakes Towers, Jumeirah Village Circle, as well as Umm Suqeim Third and Dubai Design District. The real estate portal reports that the most popular areas to buy apartments are Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle and Palm Jumeirah. Meanwhile, for those looking to buy villas or townhouses, the most popular areas are Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills and Al Furjan.

According to Property Finder, 57.5% of property buyers were looking for apartments, while 42.5% were interested in villas or townhouses. The most popular size of apartment to buy is a two-bedroom apartment, which accounts for 34.1%, closely followed by a one-bedroom apartment with a 33.4% share. Scott Bond, CEO of Property Finder in the UAE, said, "In June 2023, Dubai's booming real estate sector once again posted record growth in both volume and value.

The real estate construction segment

sy played a significant role in the Dubai real estate market's rebound in June, accounting for 49.6% of the total number of transactions and 41.5% of the total transaction value. Construction site sales were up 46.6% from a year ago, with more than 5,165 transactions, compared to 3,523 in June 2022. This growth was also reflected in the value of properties under construction, which increased by 80.26% to over AED 12.6 billion, surpassing the AED 7.007 billion recorded in June 2022.

Trends in Dubai's rental market

In the rental segment, 78.5% of renters were looking for apartments, while 21.5% preferred villas or townhouses. About 61.8% of those looking for apartments preferred furnished options, while 34.2% were looking for unfurnished options. Among those who can afford to rent a villa or townhouse, 54.5% preferred unfurnished options and 42.1% preferred furnished options. The percentage of renters looking for one-bedroom apartments was 35.1%, while 31.1% expressed a preference for two-bedroom apartments and 22% were looking for studios. Among villas and townhouses, three-bedroom options were most popular at 43.4%, while 36.1% of renters were looking for options with four or more bedrooms.