Dubai’s real estate sector has ignited the new year with a bang, boasting a record-breaking Dh35.4 billion in sales for January 2024. This impressive achievement signals a robust trajectory for the industry, driven by escalating demand for off-plan properties and sustained momentum from the preceding year.

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In a significant uptick, January 2024 witnessed a remarkable 27% surge from Dh27.9 billion in January 2023, highlighting a consistent upward trend in recent times.

According to insights from Property Finder, the number of recorded sales transactions soared by 17% year over year, surpassing 11,000 transactions compared to 8,712 in January 2023.

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Cherif Sleiman, Chief Revenue Officer at Property Finder, underlined the positive momentum carried forward from the previous year, indicating promising prospects for sustained success in 2024. Sleiman noted a substantial increase in off-plan activity, reflecting heightened demand for new projects and evolving consumer preferences within the dynamic real estate landscape.

Off-plan transactions surged to approximately 6,000, marking a 25% year-over-year volume increase, with values reaching around Dh15 billion, up 21% from Dh12.2 billion in January 2023.

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A report from Zazen Properties underscores the pivotal role of the robust off-plan real estate market in propelling the UAE’s overall market to Dh455.7 billion in sales in 2023. Anticipating continued demand outstripping supply, particularly as Dubai’s population growth remains among the world’s fastest, the off-plan sector is poised to drive market growth in 2024 and beyond.

Dubai’s vibrant tourism industry buoyed domestic demand in 2023, propelling the city’s sales value to Dh160.46 billion, a substantial 72.3% increase from Dh93 billion in 2022.

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Data from Property Finder reveals the preference trends among prospective buyers and renters. Approximately 58% of buyers sought apartments, while 42% looked for villas or townhouses. In the rental market, 20% preferred villas or townhouses, while 80% opted for apartments.

Prime locations for apartment ownership include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah, while sought-after areas for villas and townhouses include Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan, and Damac Hills properties.

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With over 5,000 property transactions recorded, representing an approximate 8.0% increase in volume year over year, the total value of transactions surged by 31% annually to Dh21 billion in January 2024 from Dh15.7 billion in January 2023.

The robust performance of Dubai’s real estate market in January 2024 underscores its resilience and attractiveness to investors, setting a promising tone for the year ahead.