Dubai Real Estate Market Surpasses AED 40 Billion in November 2024
Dubai’s real estate market continued its impressive growth trajectory in November 2024, achieving AED 40 billion in property transactions from 13,502 sales. While growth was more measured compared to previous months, the market showed resilience with a 10.5% year-on-year increase in transaction volume. These figures highlight Dubai’s global reputation as a premier destination for real estate investments, driven by robust demand across various property types.
Apartment Sales: The Undisputed Market Leader
Apartments dominated the property landscape, contributing AED 19.9 billion from 10,857 sales, a remarkable 31.2% increase compared to November 2023. This surge reflects growing interest among both local and international buyers, particularly in sought-after areas like Dubai Marina, Downtown Dubai, and Business Bay.
Key factors driving apartment sales include:
- High Returns on Investment: Popular areas like Dubai Marina and Jumeirah Lake Towers offer strong rental yields.
- Exceptional Lifestyle: Prime locations feature world-class amenities, beachfront access, and vibrant social scenes.
- Affordable Options: Budget-friendly apartments in Jumeirah Village Circle (JVC) and Al Furjan cater to first-time buyers and investors.
Villas and Plots: Shifting Preferences
Villa sales totaled AED 10.2 billion across 1,903 transactions, while plot sales reached AED 8.1 billion from 387 transactions. However, these categories saw a decline in volume—35.8% and 39.6%, respectively—compared to the same period last year.
This trend reflects a shift in buyer preferences, with increasing focus on apartments and off-plan properties offering quicker delivery and returns.
Top villa communities include:
- Arabian Ranches: Family-friendly living with top-tier infrastructure.
- Palm Jumeirah: Unmatched luxury and beachfront lifestyle.
- Damac Hills: An appealing mix of exclusivity and affordability.
Commercial Properties: A Resilient Sector
Dubai’s commercial real estate market recorded AED 1.3 billion from 354 transactions, a 5% increase in volume from November 2023. Areas like Business Bay and Dubai Silicon Oasis remain key hubs for corporate offices, attracting multinational companies and startups alike.
Rising Property Prices
The average property price per square foot climbed to AED 1,497 in November 2024, reflecting an 8.8% increase from AED 1,373 a year earlier. Since 2020, prices have surged by over 60%, underlining Dubai’s growing appeal as a long-term investment hub.
Driving factors include:
- High-quality infrastructure and amenities.
- Consistent demand for luxury and mid-tier properties.
- Steady influx of international investors.
Spotlight on Luxury Real Estate
The luxury segment continues to thrive, with high-value properties accounting for 8% of total sales. In November, a record-breaking AED 130 million was spent on a luxury apartment in Six Senses Residences, Palm Jumeirah.
Preferred luxury areas include Palm Jumeirah, Emirates Hills, and Downtown Dubai, all of which attract ultra-high-net-worth individuals (UHNWIs) seeking exclusive and opulent living experiences.
November’s Top-Performing Areas
Several neighborhoods stood out for their strong sales performance:
- Jumeirah Village Circle (JVC): 1,528 transactions totaling AED 1.6 billion.
- Dubai Marina: 838 transactions worth AED 3.1 billion.
- Business Bay: 809 transactions valued at AED 2.7 billion.
- Wadi Al Safa 5: 672 transactions amounting to AED 569.9 million.
Off-Plan vs. Ready Properties
Off-plan projects dominated November’s market, accounting for 56% of transaction volume and 52% of total value. Flexible payment plans and modern amenities continue to attract investors to developments like:
- Vida Residences Club Point: 227 units sold for AED 536.4 million.
- Greenridge Villas: 113 units sold for AED 374.8 million.
Among ready properties, notable projects included:
- Maya 3 Apartments: 103 units sold for AED 52.7 million.
- Mag Eye Phase 1 Villas: 14 units sold for AED 44.1 million.
Key Drivers of Market Growth
Dubai’s real estate market is bolstered by:
- Economic Strength: A diversified and growing economy.
- Investor-Friendly Policies: Regulatory reforms and long-term visas.
- Global Appeal: Dubai’s status as a world-class destination.
As Firas Al Msaddi, CEO of fäm Properties, explains:
“Dubai continues to showcase a stable and growing real estate sector, underpinned by strong fundamentals and international demand.”
Looking Ahead to 2025
The market’s adaptability, coupled with investor-friendly initiatives, positions Dubai as a global leader in real estate. With property prices rising and new projects emerging, areas like Dubai South and Mohammed Bin Rashid City are expected to gain traction in 2025.
Dubai’s real estate sector remains a beacon of opportunity for investors worldwide, offering unparalleled growth potential and a secure investment environment
