November Snapshot: Dubai Real Estate Market Continues to Thrive
Dubai’s real estate market remained a hub of activity in November, achieving remarkable milestones with 13,502 property sales transactions valued at AED40 billion. The latest market update from fäm Properties highlights the sustained growth and resilience of the sector.
Impressive Apartment Sales
Apartment sales were a standout, contributing AED19.9 billion to the total, a significant 31.2% increase in volume compared to November last year. A total of 10,857 apartments were sold, reinforcing the strong demand for residential units.
Performance of Villas, Plots, and Commercial Properties
While villa sales totaled AED10.2 billion with 1,903 transactions, and plot sales amounted to AED8.1 billion from 387 transactions, both categories experienced a decline in volume compared to 2023, at 35.8% and 39.6%, respectively. On the commercial front, 354 transactions worth AED1.3 billion marked a 5% increase in volume, showcasing continued interest in business properties.
Market Trends and Pricing
Although November was relatively moderate compared to previous months in 2023, the overall number of transactions still grew by 10.5% year-on-year. Property prices also saw consistent growth, with the average price per square foot rising by 8.8% to AED1,497, reflecting steady demand and investor confidence.
Firas Al Msaddi, CEO of fäm Properties, stated:
“The market’s overall performance continues to demonstrate exceptional strength in what has already been a remarkable year for Dubai real estate. This growth is driven by healthy demand, economic expansion, and Dubai’s global appeal.”
A Record-Breaking Year in Sales
Dubai’s real estate sales volumes have seen consistent growth over the last five years:
- 2020: 3,800 transactions (AED7.4 billion)
- 2021: 7,000 transactions (AED17.9 billion)
- 2022: 11,100 transactions (AED31 billion)
- 2023: 12,200 transactions (AED42.4 billion)
November 2024 added to this momentum, with the most expensive sale being a luxury apartment at Six Senses Residences, Palm Jumeirah, sold for AED130 million.
Top-Performing Areas
The busiest areas in November included:
- Jumeirah Village Circle (JVC): 1,528 transactions worth AED1.6 billion
- Dubai Marina: 838 transactions worth AED3.1 billion
- Business Bay: 809 transactions worth AED2.7 billion
- Jumeirah Village Triangle (JVT): 717 transactions worth AED596.9 million
- Wadi Al Safa 5: 672 transactions worth AED569.9 million
Best-Selling Projects
Off-Plan Projects:
- Vida Residences Club Point led with 227 apartments sold for AED536.4 million.
- Greenridge topped villa sales with 113 units fetching AED374.8 million.
Ready Properties:
- Maya 3 saw 103 ready apartment sales worth AED52.7 million.
- Mag Eye Phase 1 led villa sales, with 14 properties sold for AED44.1 million.
Market Dynamics
Primary market sales dominated the landscape, accounting for 56% of total volume and 52% of total value, while the secondary market captured 44% of volume and 48% of value.
Price Ranges Breakdown:
- Below AED1M: 32%
- AED1-2M: 32%
- AED2-3M: 17%
- AED3-5M: 12%
- Above AED5M: 8%
Conclusion
November 2024 reflects Dubai’s real estate market’s strength and potential for long-term growth. With rising investor confidence and sustained global appeal, the emirate continues to attract buyers from all over the world, solidifying its position as a premier real estate destination.
