Villas and townhouses capture 40 percent of buyer interest in Dubai, the Property Finder report said.

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In the dynamic landscape of Dubai's real estate, Property Finder, the MENA region's leading property portal, has unveiled the latest insights into the property market trends for November 2023. The data, released by the Dubai Land Department, paints a promising picture of the emirate's real estate landscape, showcasing significant growth and evolving preferences among property seekers.

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Surge in Transaction Value:

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November 2023 witnessed a remarkable surge in Dubai's property market, with transaction values reaching nearly AED42 billion. This represents a substantial 36 percent increase compared to the same month in the previous year. This surge highlights a robust demand for property ownership, accompanied by spikes in ready transactions.

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Rental Preferences:

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The data reveals interesting patterns in rental preferences. Approximately 36 percent of tenants were actively seeking one-bedroom units, while 30 percent expressed a preference for two-bedroom apartments. Studios were also in demand, with 24 percent of tenants on the lookout for compact living spaces.

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Simon Pitkin, Managing Partner at dv Property International, emphasizes the positive momentum as the year concludes, anticipating a rewarding 2024 with sustained performance in both transaction value and volume, driven by new projects.

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Villa and Townhouse Insights:

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When it comes to villas and townhouses, 42 percent of tenants were primarily interested in three-bedroom units, while 35 percent had their sights set on four-bedroom or larger options. Interestingly, 51 percent of tenants leaned towards unfurnished units for villa/townhouse rentals, in contrast to the 48 percent considering furnished properties.

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Ready Property Market Uptrend:

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The ready properties market played a pivotal role in supporting Dubai's real estate uptrend in November. Accounting for 52 percent of total sales transactions and 67 percent of the total transaction value, the market experienced a 10 percent year-on-year increase in the volume of ready property sales.

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Key Areas and Insights:

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The data highlights that only ten areas, including Palm Jabal Ali, Me’Aisem Second, Burj Khalifa, Palm Jumeirah, Business Bay, and others, contributed significantly to the total sales value and transactions. Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah emerged as the top areas searched for owning apartments, while Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills, and Mohammed Bin Rashid City were the most desired locations for owning or renting villas and townhouses.

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As we bid farewell to 2023, Dubai's property market remains vibrant and dynamic, driven by a surge in transaction values, evolving rental preferences, and the thriving ready properties market. The insights provided by dv Property International offer a glimpse into the evolving landscape of Dubai's real estate, setting the stage for a promising and rewarding 2024.

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