Dubai Real Estate Market Surpasses AED 40 Billion in November Sales

The Dubai real estate market continued its impressive performance in November, achieving property sales worth AED 40 billion across 13,502 transactions.

Key Highlights:

• Apartment Sales: AED 19.9 billion from 10,857 units, reflecting a 31.2% increase in volume compared to November 2023.

• Villa Sales: AED 10.2 billion from 1,903 units, with volumes decreasing by 35.8% year-on-year.

• Land Transactions: AED 8.1 billion from 387 plot sales, a 39.6% drop in volume compared to last year.

• Commercial Properties: AED 1.3 billion from 354 transactions, marking a 5% increase in volume compared to November 2023.

Despite being the most moderate month since April in terms of value and volume, the number of transactions grew by 10.5% compared to November 2023.

Price Trends

The average property price per square foot rose by 8.8%, reaching AED 1,497 compared to AED 1,373 in November 2023. This steady increase follows a consistent year-on-year rise from AED 923 in 2020, AED 1,115 in 2021, and AED 1,310 in 2022.

Firas Al Msaddi, CEO of fäm Properties, remarked:

“The market’s overall performance demonstrates exceptional strength in what has already been a remarkable year for Dubai real estate. Sales volumes reflect a clear and consistent trend of healthy, sustainable demand driven by investor confidence, economic growth, and Dubai’s global appeal.”

November Sales Over the Years

Dubai’s property market has shown steady growth over the last five years:

• 2020: 3,800 transactions worth AED 7.4 billion

• 2021: 7,000 transactions worth AED 17.9 billion

• 2022: 11,100 transactions worth AED 31 billion

• 2023: 12,200 transactions worth AED 42.4 billion

Top Property Sales

The priciest transaction in November was a luxury apartment at Six Senses Residences, Palm Jumeirah, sold for AED 130 million.

Best-Performing Areas

The top-performing neighborhoods included:

1. Jumeirah Village Circle: 1,528 transactions worth AED 1.6 billion

2. Dubai Marina: 838 transactions worth AED 3.1 billion

3. Business Bay: 809 transactions worth AED 2.7 billion

4. Jumeirah Village Triangle: 717 transactions worth AED 596.9 million

5. Wadi Al Safa 5: 672 transactions worth AED 569.9 million

Top Projects and Developments

• Off-Plan Sales:

  • Vida Residences Club Point: 227 apartments sold for AED 536.4 million.

  • Greenridge Villas: 113 units sold for AED 374.8 million.

• Ready Properties:

  • Maya 3 Apartments: 103 transactions worth AED 52.7 million.

  • Mag Eye Phase 1 Villas: 14 properties sold for AED 44.1 million.

Market Dynamics

First-time sales from developers accounted for 56% of total transactions in volume and 52% in value, surpassing the secondary market.

Property Price Segmentation

• Properties over AED 5 million made up 8% of sales.

• 32% of sales fell in the below AED 1 million and AED 1-2 million ranges.

• 17% were between AED 2-3 million, while 12% ranged from AED 3-5 million.

Dubai’s real estate market continues to attract investors, offering lucrative opportunities and showcasing the emirate’s global appeal as a thriving economic hub.