- Dubai’s real estate market experienced a significant boost in August, with sales rising by 43% to reach $9.1bn.
- 10 regions in Dubai have contributed 53% of the number of off-plan sales transactions and 65.3% of the value of sales transactions.
- Wealthy international families have displayed particular interest in villas with upward of four bedrooms.
A recent report has indicated that 10 specific regions in Dubai have made up 40% of all transactions, with Burj Khalifa and Palm Jumeirah emerging as the most desirable areas, accounting for almost 30% of all transactions.
The August Property Search report from Property Finder revealed that the number of transactions in real estate sales reached 11,818, an increase of 25% compared to August 2022.
The report also suggests that Dubai’s luxury real estate market has experienced a year-on-year increase of 63%, with the number of transactions increasing from 4,189 in August 2022 to 6,837 in the same period this year.
The value of sales for real estate under construction has seen a growth of approximately 103%, surpassing the $2.2bn recorded in August 2022 to reach $4.6bn in August 2023, with many off-plan purchases being made by high net-worth individuals (HNWIs) from overseas.
The property search data for August 2023 reveals that 63.9% of tenants show a preference for furnished apartments, while 34.5% of requests are specifically for unfurnished units.
Additionally, one-bedroom units remain popular, accounting for 36% of renters, with two-bedroom units following closely at 31%. Studio units make up 21% of the market, with these specific apartments being favoured by skilled workers and international travellers.
Larger properties are also attracting attention, with three-bedroom villas and townhouses being the most popular choices for wealthy families migrating to the city. Large units with four or more bedrooms have captured the largest share of interest at 43% and 35% respectively.
International HNWIs wishing to purchase or rent a luxury property in Dubai should research the currency exchange rates when completing transactions.
According to Sherif Soliman, Chief Revenue Officer at Property Finder, international interest in the market remains robust, demonstrating a sustained trend of significant growth as the positive trajectory remains constant.
In the past 10 years, the UAE – particularly Dubai and Abu Dhabi – has solidified its place as a global hotspot for luxury living.
Wealthy internationals looking to move to Dubai should utilise safe modes of money transfer to complete their purchase for primary or secondary residences.
HNWIs interested in purchasing property in the UAE can explore the best exchange rates using our online money transfer comparison tool.
