by admin
Dubai’s Population Has Surged By 115,327 This Year, Bringing The Total To 3.77 Million
Dubai’s population has significantly increased, rising by 115,327 this year to reach 3.77 million. This growth is fueling the demand for larger homes, with more families opting to buy properties in the city. The trend, observed throughout August, shows that families are looking for bigger apartments and villas as they switch to ownership and relocate to Dubai.
Popular Property Types
Data from Property Finder indicates that the most sought-after properties are two-bedroom apartments and villas with four or more bedrooms. Many families want to settle in Dubai in the long term, driving the demand for larger units. Approximately 59% of buyers searched for apartments, while 41% were interested in villas or townhouses.
For apartments, 36% of potential buyers were interested in two-bedroom units, while 32% sought one-bedroom options, and 14% focused on studios. In the villa market, 47% of buyers were looking for four-bedroom or larger homes, reflecting an apparent demand for spacious living.
Factors Driving Demand
Residents aiming to avoid rising rents largely drive the demand for homeownership. Foreign investors and businesspeople relocating to Dubai with their families also play a significant role. The influx of high-net-worth individuals is expected to continue, further boosting luxury property demand. According to Cherif Sleiman, chief revenue officer at Property Finder, the city is attracting younger families seeking affordable, community-oriented housing options and wealthy investors looking for upscale residences.
Popular Areas for Homebuyers
Regarding location, Jumeirah Village Circle (JVC), Dubai Marina, Downtown, Business Bay, and Palm Jumeirah remain the most popular choices for apartment buyers. For those looking for villas and townhouses, Dubai Hills Estate, Al Furjan, Palm Jumeirah, Damac Hills 2, and Dubai South are the top choices.
Increasing Demand for Rentals
The growing population is also boosting demand for rental properties. Around 79% of tenants seek apartments, while the remaining 21% are interested in villas and townhouses. Most tenants prefer furnished properties, particularly in the apartment category, with 63% of renters looking for furnished units.
Popular apartment rental locations include Dubai Marina, Jumeirah Village Circle, Downtown, Business Bay, and Jumeirah Lakes Tower. In the villa market, areas like Dubai Hills Estate, Jumeirah, Damac Hills 2, Al Barsha, and Umm Suqeim are highly sought after by renters.
Real Estate Transactions on the Rise
August saw a surge in real estate transactions, with values remaining high. There were 16,163 recorded transactions, marking a 37% increase compared to last year. The value of these transactions also grew by 38%, reaching Dh47.2 billion. This continued growth in both sales and rental markets reflects Dubai’s booming demand for properties, making it one of the world’s most dynamic real estate markets.
