Dubai’s real estate market maintained its strong performance in November, recording 13,502 property sales worth a total of Dh40 billion, marking another successful month in an already stellar year.
Apartment sales reached 10,857 transactions, generating Dh19.9 billion, a 31.2% increase in volume compared to November 2023.
The market saw 1,903 villa sales, totaling Dh10.2 billion. However, villa sales volume dropped by 35.8% compared to the same period last year.
387 plots sold for Dh8.1 billion, a 39.6% decline in volume year-on-year.
354 commercial property transactions were recorded, worth Dh1.3 billion, a 5% increase from November 2023.
The average property price per square foot climbed to Dh1,497, up 8.8% from Dh1,373 last November. This continues the trend of annual price increases, with previous averages at Dh923 in 2020, Dh1,115 in 2021, and Dh1,310 in 2022.
Dubai’s property sales volumes have steadily risen over the past five years:
2020: 3,800 transactions worth Dh7.4 billion.
2021: 7,000 transactions worth Dh17.9 billion.
2022: 11,100 transactions worth Dh31 billion.
2023: 12,200 transactions worth Dh42.4 billion.
In 2024, November sales volume was up by 10.5% compared to the same month last year, reflecting sustained demand and market resilience.
The most expensive property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah, sold for Dh130 million.
Jumeirah Village Circle (JVC): 1,528 transactions worth Dh1.6 billion.
Dubai Marina: 838 transactions worth Dh3.1 billion.
Business Bay: 809 transactions worth Dh2.7 billion.
Jumeirah Village Triangle (JVT): 717 transactions worth Dh596.9 million.
Wadi Al Safa 5: 672 transactions worth Dh569.9 million.
Vida Residences Club Point led off-plan apartment sales, with 227 units sold for Dh536.4 million.
Greenridge topped off-plan villa sales, with 113 units fetching Dh374.8 million.
Maya 3 was the top-performing ready apartment project, with 103 transactions worth Dh52.7 million.
Mag Eye Phase 1 led villa sales, with 14 properties sold for Dh44.1 million.
First sales by developers accounted for 56% of total transactions by volume and 52% by value, surpassing re-sales in the secondary market (44% volume, 48% value).
Below Dh1 million: 32% of transactions.
Dh1-2 million: 32% of transactions.
Dh2-3 million: 17% of transactions.
Dh3-5 million: 12% of transactions.
Above Dh5 million: 8% of total sales.
“The market’s overall performance continues to demonstrate exceptional strength, driven by investor confidence, economic growth, and Dubai’s global appeal,” said Firas Al Msaddi, CEO of fäm Properties.
Despite being the most moderate month since April, November’s results affirm Dubai’s position as a hub for sustainable demand and record-breaking real estate achievements.
