Dubai Real Estate Market: November Highlights Reflect Resilient Growth
Dubai’s real estate market continues to showcase its resilience and impressive growth trajectory. According to a recent report by Engel & Völkers Middle East, a prominent name in premium residential and commercial real estate, the sector achieved notable milestones in November 2024.
The residential market recorded a 15.4% year-over-year increase, supported by 12,695 sales transactions. Although the figures show a slight cooldown from October’s record-breaking activity, the steady momentum emphasizes the market’s sustainable progress. Average property prices saw a marginal increase of 0.38%, further highlighting the upward trend in this thriving sector.
Demand for Affordable Housing Gains Momentum
Affordability took center stage, with properties priced below Dhs 1 million representing 32.2% of total sales, a significant rise from 26.7% in October. Studios and one-bedroom apartments remained the most sought-after, reinforcing apartments as the preferred property type, accounting for over 84% of total sales.
Daniel Hadi, CEO of Engel & Völkers Middle East, commented:
“Dubai’s real estate market continues to evolve, driven by strong demand and solid market fundamentals. The growing interest in affordable and compact living solutions reflects a maturing sector catering to diverse preferences.”
Commercial Sector Strengthens Dubai’s Global Standing
Dubai’s commercial real estate market also performed exceptionally well, achieving a total sales value of Dhs 9.2 billion. The surge in office sales and rental growth further solidifies Dubai’s position as a global business hub.
Hadi added:
“As Dubai’s economy attracts international businesses and residents, the real estate sector remains on a solid path for sustained growth. November’s figures highlight strong investor confidence, adaptability, and the potential for record-breaking achievements in the near future.”
Top-Selling Communities
Among the most active communities in November, Jumeirah Village Circle (JVC) led with 1,035 units sold, followed by Jumeirah Village Triangle (JVT) with 670 units, and Business Bay with 423 units.
Looking Ahead
As Dubai gears up for 2025, the city’s real estate market continues to reflect its strength, adaptability, and appeal to both local and international investors. With robust fundamentals and a growing appetite for diverse property options, Dubai remains a beacon for real estate excellence in the region.
