Dubai Real Estate Market Update: November Sales Reach AED40 Billion
Dubai’s real estate market showcased its resilience and vibrancy in November, recording 13,502 property transactions worth a total of AED40 billion, as reported by fam Properties.
Highlights of November Sales
- Apartment Sales: AED19.9 billion from 10,857 units, reflecting a 31.2% year-on-year growth in volume.
- Villa Sales: AED10.2 billion from 1,903 transactions, though this marked a 35.8% decline in volume compared to November 2023.
- Plot Sales: AED8.1 billion from 387 transactions, a decrease of 39.6% in volume year-on-year.
- Commercial Property Transactions: 354 deals worth AED1.3 billion, reflecting a 5% increase in volume compared to the same period last year.
Despite being the most moderate month since April in terms of overall sales value and volume, the total number of transactions rose by 10.5% year-on-year, highlighting sustained market activity.
Rising Property Values
The average property price per square foot increased by 8.8%, reaching AED1,497 in November 2024, up from AED1,373 in the same month last year. This steady growth builds on previous trends, with average prices rising from AED923 in 2020 to AED1,310 in 2022.
Insights from Industry Leaders
Firas Al Msaddi, CEO of fam Properties, remarked,
“Dubai’s real estate market continues to exhibit remarkable strength, driven by investor confidence, economic growth, and the city’s global appeal. Sales volumes consistently reflect healthy, sustainable demand.”
Performance Over Five Years
The market’s upward trajectory over the past five years is evident:
- 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)
- 2024: 13,502 transactions (AED40 billion)
The most expensive property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah, which fetched AED130 million.
Top-Performing Areas in November
- Jumeirah Village Circle: 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: 717 transactions worth AED596.9 million
- Wadi Al Safa 5: 672 transactions worth AED569.9 million
Notable Projects and Sales Trends
- Off-Plan Sales: Vida Residences Club Point led with 227 apartments sold for AED536.4 million, while Greenridge was the top-selling off-plan villa project with 113 units sold for AED374.8 million.
- Ready Properties: Maya 3 led ready apartment sales with 103 transactions worth AED52.7 million, while Mag Eye Phase 1 topped villa sales with 14 units sold for AED44.1 million.
Market Segmentation
- First sales from developers accounted for 56% of the volume and 52% of the value.
- Properties valued above AED5 million represented 8% of total sales.
- Transactions in the AED1 million–AED2 million range made up 32% of sales.
Conclusion
Dubai’s real estate market continues to thrive, demonstrating a balanced growth trajectory fueled by robust demand, rising property values, and investor confidence. With its unique appeal and sustained economic development, Dubai remains a top destination for real estate investment.
