Dubai's real estate market remained active in November, with 13,502 property sales valued at AED40 billion. Apartment sales surged by 31.2% in volume, reaching AED19.9 billion, while villa and plot sales declined. The average property price rose by 8.8%, reflecting steady growth. The market's overall performance continues to demonstrate strength, driven by investor confidence and economic growth. High-value properties and off-plan sales, including Vida Residences and Greenridge, led the market in both volume and value. Developer sales outpaced re-sales, with properties priced above AED5 million making up 8% of total sales.
Dubai's real estate market had another bustling month in November, recording 13,502 property sales with a total value of AED40 billion. A market update from fam Properties revealed that apartment sales amounted to AED19.9 billion, increasing by 31.2% in volume to 10,857 units compared to the same month last year.
November also saw 1,903 villa sales valued at AED10.2 billion and 387 plot sales worth AED8.1 billion. However, volumes for villa and plot sales decreased by 35.8% and 39.6%, respectively, compared to November 2023. Meanwhile, 354 commercial property transactions were completed for AED1.3 billion, reflecting a 5% increase in volume compared to November 2023.
Although November was the most moderate month since April in terms of overall sales value and volume, the total number of transactions still increased by 10.5% compared to the same month last year. The average property price per square foot continued to rise steadily, increasing by 8.8% to AED1,497, compared to AED1,373 in November 2023. This follows a trend of month-by-month growth from AED923 in 2020, AED1,115 in 2021, and AED1,310 in 2022.
Firas Al Msaddi, CEO of fam Properties, said that "The market's overall performance continues to demonstrate exceptional strength in what has already been a remarkable year for Dubai real estate.Sales volumes consistently reflect a clear and consistent trend of healthy, sustainable demand driven by investor confidence, economic growth, and Dubai's global appeal."
Dubai property sales for November have increased in volume over the past five years: from 3,800 transactions (AED7.4 billion) in 2020 to 7,000 (AED17.9 billion) in 2021, 11,100 (AED31 billion) in 2022, and 12,200 (AED42.4 billion) in 2023. The most expensive property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah, which fetched AED130 million.
The top five performing areas in November were Jumeirah Village Circle with 1,528 transactions worth AED1.6 billion, Dubai Marina with 838 transactions worth AED3.1 billion, Business Bay with 809 transactions worth AED2.7 billion, Jumeirah Village Triangle with 717 transactions worth AED596.9 million, and Wadi Al Safa 5 with 672 transactions worth AED569.9 million. In terms of off-plan sales, the highest value was achieved by Vida Residences Club Point, where 227 apartments sold for AED536.4 million. The top-selling off-plan villas project was Greenridge, with 113 units sold for AED374.8 million.
Maya 3 topped the sales of ready apartments with 103 transactions worth AED52.7 million, while Mag Eye Phase 1 led ready villa sales with 14 properties sold for AED44.1 million. Overall, first sales from developers outnumbered re-sales in the secondary market, accounting for 56% of the volume and 52% of the value, compared to 44% and 48%, respectively, for re-sales. Properties valued above AED5 million made up 8% of the total sales, while 32% of transactions fell within the AED1 million to AED2 million range, 17% between AED2 million and AED3 million, and 12% between AED3 million and AED5 million.
In conclusion, Dubai's real estate market continues to demonstrate resilience, with consistent demand and increasing prices. The steady rise in property values, coupled with strong sales figures, highlights the sector's strength despite fluctuations in volume. The market's performance remains promising, reflecting a sustainable growth trajectory fueled by investor interest and economic development.
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