Dubai Real Estate Market Report: November Performance
The Dubai real estate market continued its robust trajectory in November, achieving significant milestones with 13,502 property sales transactions valued at AED 40 billion. This marks another thriving month in what has been a record-breaking year for the sector.
Surge in Apartment Sales
Apartment sales led the market with a total value of AED 19.9 billion, representing a 31.2% year-on-year increase in volume with 10,857 units sold. This growth highlights the ongoing demand for residential properties in Dubai’s dynamic urban landscape.
Villas and Plots: Mixed Performance
Villa sales accounted for 1,903 transactions worth AED 10.2 billion, while 387 plot sales generated AED 8.1 billion. However, these segments experienced a decline in volume compared to November 2023, with villa sales dropping by 35.8% and plot sales decreasing by 39.6%.
Commercial Property Growth
The commercial property sector showed positive growth, with 354 transactions valued at AED 1.3 billion, a 5% year-on-year increase in volume. This underscores Dubai’s growing appeal as a hub for business investments.
Property Prices on the Rise
The average price per square foot increased to AED 1,497, reflecting an 8.8% year-on-year growth. This steady rise in property value highlights the consistent demand and investor confidence in Dubai’s real estate market.
Long-Term Growth Trend
Over the past five years, Dubai’s November property sales have steadily risen:
- 2020: 3,800 transactions worth AED 7.4 billion
- 2021: 7,000 transactions worth AED 17.9 billion
- 2022: 11,100 transactions worth AED 31 billion
- 2023: 12,200 transactions worth AED 42.4 billion
This upward trend demonstrates the resilience and sustainability of Dubai’s property market.
Top Performers and Highlights
- Most Expensive Sale: A luxury apartment at Six Senses Residences, Palm Jumeirah, sold for AED 130 million.
- Top Areas by Transactions:
- Jumeirah Village Circle: 1,528 transactions worth AED 1.6 billion
- Dubai Marina: 838 transactions worth AED 3.1 billion
- Business Bay: 809 transactions worth AED 2.7 billion
- Jumeirah Village Triangle: 717 transactions worth AED 596.9 million
- Wadi Al Safa 5: 672 transactions worth AED 569.9 million
Best-Selling Projects
- Off-Plan Projects:
- Vida Residences Club Point: 227 apartments sold for AED 536.4 million
- Greenridge Villas: 113 units sold for AED 374.8 million
- Ready Properties:
- Maya 3 (Apartments): 103 transactions worth AED 52.7 million
- Mag Eye Phase 1 (Villas): 14 units sold for AED 44.1 million
Market Composition
Primary sales from developers dominated the market with 56% of total volume and 52% of total value, compared to secondary market resales at 44% volume and 48% value.
Sales Distribution by Price Range
- Below AED 1 million: 32%
- AED 1-2 million: 32%
- AED 2-3 million: 17%
- AED 3-5 million: 12%
- Above AED 5 million: 8%
Expert Insights
Firas Al Msaddi, CEO of fäm Properties, noted, “The market’s performance continues to demonstrate exceptional strength, driven by investor confidence, economic growth, and Dubai’s global appeal. This year is a testament to the sustainable demand for Dubai real estate.”
With remarkable achievements and sustained growth, Dubai’s real estate market remains a cornerstone of the emirate’s economic success, attracting both local and international investors.
