Dubai real estate sales reach $8.3bn in November, according to Springfield Properties research
Dubai Real Estate Market Thrives with AED 30.53 Billion in Sales for November 2024
Dubai’s real estate market showcased remarkable strength and adaptability in November 2024, recording total sales transaction values of AED 30.53 billion ($8.3 billion) from 12,543 transactions, as highlighted by research from Springfield Properties.
Despite seasonal adjustments, the market’s performance reflects unwavering investor confidence in Dubai’s property sector. Apartments and off-plan properties led the way, indicating a robust demand for diverse housing solutions.
Apartment Market Drives Demand
Apartments emerged as the dominant segment, with 10,552 transactions generating a value of AED 19.27 billion ($5.2 billion).
Off-Plan Sector Gains Momentum
The off-plan property sector also experienced significant growth, registering 7,537 transactions worth AED 15.84 billion ($4.3 billion). This reaffirms buyers’ trust in new developments and the potential they hold.
Emerging communities like Dubai South and Dubai Islands attracted attention due to their strategic locations and competitive pricing. These areas complemented the ongoing allure of luxury hubs such as Business Bay, Downtown, and Palm Jumeirah, which remained magnets for high-net-worth individuals.
Farooq Syed, CEO of Springfield Properties, commented:
“November’s performance highlights Dubai’s ability to adapt and thrive in a dynamic global landscape. The strong activity in the off-plan segment and the consistent demand for apartments underscore Dubai’s status as a leader in the global property market. Buyers continue to be drawn to the city’s vision, innovative developments, and exceptional quality of life.”
Balanced Growth Across Segments
Mid-income neighborhoods like Jumeirah Village Circle (JVC) also witnessed steady activity, with average property prices around AED 1.05 million ($286,000). This balanced growth across luxury and mid-tier segments demonstrates the city’s appeal to a broad spectrum of buyers.
Dubai’s expanding urban infrastructure and strategic initiatives under the Dubai Real Estate Sector Strategy 2033 play a crucial role in ensuring sustainable growth. With the city’s population forecasted to rise from 3.8 million to 7.8 million by 2040, demand for diverse housing options is expected to soar, aligning with the goals of the 2040 Urban Master Plan.
Stability in Dubai’s Rental Market
The rental market remained steady, recording AED 3.53 billion ($961 million) in transactions for November 2024. While transaction volume saw a slight year-on-year decline, the average annual rent surged by 20.8% to AED 90,288 ($24,600), reflecting a consistent demand for quality rental properties.
Farooq Syed further stated:
“Dubai’s real estate sector continues to evolve, catering to a diverse demographic. The balance between luxury offerings and affordable housing solidifies the city’s position as a global investment hub. As innovative projects and urban infrastructure initiatives advance, Dubai remains a top choice for property investment worldwide.”
A Promising Outlook for Dubai Real Estate
As 2024 comes to a close, Dubai’s real estate market stands poised for continued growth. With strategic developments, a rising population, and resilient investor confidence, the city’s property sector is set to maintain its momentum, securing its place as a global leader in real estate.
