Dubai, UAE — April 2023 was the best month in a decade for Dubai’s real estate market, both in terms of the number of transactions and the value of these deals.
The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022, according to the recent data by Property Finder, a property portal.
The value of the transactions witnessed a surge of 46 percent compared to the same month last year, reaching AED 26.5 billion ($7.21 billion).
The data said 58.2 percent of people who desire to own property were looking for an apartment, while 41.8 percent were interested in villas/townhouses. The month saw an increase in the percentage of investors or home seekers looking for apartments from 55.8 percent in April 2022 to 58.2 percent. Among home seekers, the most commonly searched apartment size was two-bedroom, accounting for 35.2 percent, followed by one-bedroom apartments at 31 percent.
In the rental segment, 78.3 percent of tenants searched for apartments, and 21.7 percent looked for villas/townhouses. Around 64.1 percent of the tenants were seeking apartments for a more extended stay favored furnished properties, while 34.2 percent were searching for unfurnished apartments. Among the tenants who can afford to rent a villa/townhouse, approximately 56.8 percent preferred unfurnished units, while 42.1 percent were looking for furnished villas/townhouses.
Around 33.4 percent of tenants were looking for one-bedroom units in April 2023, followed by two-bedroom units, which accounted for 30.7 percent of the tenants’ preferences, while 23.8 percent were searching for studios. For villas/townhouses, 41.6 percent of tenants were primarily looking for three-bedroom units, while 36 percent were searching for four-bedroom or larger options.