Jumeirah Village Circle emerged as the top-performing area with 1,528 transactions worth AED1.6 billion, followed by Dubai Marina with 838 transactions valued at AED3.1 billion
Dubai Real Estate Market Report: November’s Impressive Growth
Dubai’s real estate market sustained its remarkable momentum in November, recording 13,502 property transactions totaling AED40 billion, according to a market report by fäm Properties.
Apartment Sales Take the Lead
Apartment sales dominated the sector, with 10,857 transactions worth AED19.9 billion, marking a 31.2% increase in volume compared to November 2023. However, villa sales saw a decline, with 1,903 transactions amounting to AED10.2 billion, reflecting a 35.8% drop. Similarly, plot sales fell by 39.6%, with 387 transactions valued at AED8.1 billion.
Strong Developer First Sales
First sales from developers continued to lead the market, accounting for 56% of transaction volume and 52% of value, outperforming secondary market re-sales.
“The market’s performance in November underscores Dubai’s strong global appeal and investor confidence,” said Firas Al Msaddi, CEO of fäm Properties. “This sustained growth reflects healthy demand fueled by economic expansion and the city’s dynamic appeal.”
Commercial Properties Show Growth
The commercial real estate sector recorded 354 transactions, valued at AED1.3 billion, a 5% increase in volume year-on-year. While November was the most moderate month since April, the market still saw a 10.5% annual increase in total transactions.
Property Prices on the Rise
The average price per square foot climbed 8.8% year-on-year, reaching AED1,497 compared to AED1,373 in November 2023. This continues the trend of steady price growth observed over the last few years:
- AED923 in 2020
- AED1,115 in 2021
- AED1,310 in 2022
Notable Transactions and Top Areas
- The most expensive property sold was a luxury apartment at Six Senses Residences, Palm Jumeirah, which fetched AED130 million.
- Jumeirah Village Circle (JVC) emerged as the leading area for transactions, with 1,528 sales totaling AED1.6 billion.
- Dubai Marina followed with 838 transactions, amounting to AED3.1 billion.
Off-Plan Market Highlights
- Vida Residences Club Point led off-plan apartment sales with 227 units worth AED536.4 million.
- For villas, Greenridge topped the charts, selling 113 units for AED374.8 million.
Diverse Price Segments
The diversity of Dubai’s property market remained evident in November:
- 32% of sales were in the AED1-2 million range.
- Another 32% were priced below AED1 million.
- 17% fell between AED2-3 million.
- 12% ranged from AED3-5 million.
Five Years of Consistent Growth
Over the past five years, Dubai’s property market has shown significant growth in both volume and value:
- 2020: 3,800 transactions worth AED7.4 billion
- 2023: 12,200 transactions worth AED42.4 billion
Dubai’s real estate sector continues to set new benchmarks, fueled by investor confidence, a thriving economy, and the emirate’s global allure. With steady growth and opportunities across diverse segments, the market remains a powerhouse of economic activity.
