The Dubai Land Department and Property Finder have both released information regarding the market trends in Dubai in November 2023. The emirate not only saw the gap between buying and renting decrease, it felt a 36% surge in total transaction value from the month prior.

When it came to renting apartments, more than one-third of tenants were looking for 1-bedroom options, about a third were looking for 2-bedroom options and a quarter were interested in studios. Two-thirds of renters preferred furnished apartments over the one-third that preferred unfurnished. The most popular areas to choose rental accommodation included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay and Jumeirah Lake Towers. As for purchasing an apartment, the top areas are identical except for Palm Jumeirah replacing Jumeirah Lake Towers.

Those interested in renting or buying a villa or townhouse preferred more spacious residences with more than 40% looking for 3-bedroom options and 35% searching for 4-bedroom or larger homes. As for being furnished or unfurnished, preferences were split nearly 50/50. Both renters and buyers sought out residences in Dubai Hills Estate, Arabian Ranches and DAMAC Hills 2, though buyers also chose Palm Jumeirah and MBR City, whereas renters chose Jumeirah and Al Barsha.

Ready properties accounted for more than half of all sales transactions in Dubai in November, and nearly 70% of the total transaction value. In just a year, the value of ready properties increased by more than AED 10B (USD 2.72B) or 60%.These properties were primarily concentrated in the following ten areas: Business Bay, Palm Jumeirah, Burj Khalifa, Madinat Dubai Almelaheyah, Jumeirah Village Circle, Madinat Al Mataar, Palm Jebel Ali, Me’aisem Second, Dubai Marina and Falcon City of Wonders.

Thanks to these reports and insights on the market trend in Dubai, developers and investors can more accurately predict what buyers and renters want and need in the nearest future. Considering that the majority of property seekers prefer furnished 1-2 bedroom apartments and either furnished and unfurnished 3-bedroom villas or townhouses, investors may opt to add more of these types of properties to their portfolios to diversify and increase capital.