Dubai’s property market continues its record-breaking performance in February

Dubai’s property market continues its record-breaking performance in February

Dubai's real estate market has continued its stellar performance in the first quarter of 2024, with February sales rising 27% year on year (YoY) to reach 11,900 property transactions.

According to the latest data from online real estate portal Property Finder, the value of these transactions reached nearly AED36.6 billion (US$10bn), marking an impressive 35% increase compared to a year prior.

February’s results also capped a record-breaking January performance where sales exceeded AED35.4 billion, up 27% YoY.

Investor demand for both completed and off-plan properties was strong in February, according to Property Finder, with the former racking up 5,500 transactions (+23% YoY) for a total value of AED23.5 billion (+46% YoY), and the latter posting 6,385 deals (+31% YoY) for a total value of AED13 billion (+18.5% YoY).

"February's results reaffirm the resilience and dynamism of the industry, reflecting positive trends and promising opportunities for investors and home seekers alike,” commented Cherif Sleiman, chief revenue officer at Property Finder.

“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.”

For investors seeking to purchase apartments, the most popular locations were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. Meanwhile, those looking to buy villas or townhouses preferred Dubai Hills Estate, Al Furjan, Arabian Ranches, Palm Jumeirah, and Mohammed bin Rashid City.

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