The Dubai real estate market witnessed a thriving November 2024, with 13,502 property sales valued at Dh40 billion. This marks a significant year-on-year growth, driven by strong investor confidence and Dubai’s global reputation.
Key Highlights of November 2024:
- Apartment Sales: Dh19.9 billion from 10,857 transactions, a 31.2% increase in volume compared to November 2023.
- Villa Sales: Dh10.2 billion from 1,903 transactions, though volumes dropped by 35.8% compared to last year.
- Plot Sales: Dh8.1 billion from 387 transactions, reflecting a 39.6% decrease in volume year-on-year.
- Commercial Properties: 354 transactions totaled Dh1.3 billion, a 5% growth in volume.
While overall sales volume for November was slightly lower than April’s peak, it still showed a 10.5% increase compared to November 2023.
Average Price Growth
Property prices continued their upward trend, with the average price per square foot rising to Dh1,497, an 8.8% increase from Dh1,373 in November 2023. This follows consistent growth from Dh923 in 2020, Dh1,115 in 2021, and Dh1,310 in 2022.
Expert Insights
Firas Al Msaddi, CEO of fäm Properties, highlighted the market’s sustained strength:
“This year has been remarkable for Dubai’s real estate. The consistent sales volume reflects strong investor confidence, economic growth, and Dubai’s global appeal.”
Top Performing Areas in November 2024
- Jumeirah Village Circle – 1,528 transactions (Dh1.6 billion)
- Dubai Marina – 838 transactions (Dh3.1 billion)
- Business Bay – 809 transactions (Dh2.7 billion)
- Jumeirah Village Triangle – 717 transactions (Dh596.9 million)
- Wadi Al Safa 5 – 672 transactions (Dh569.9 million)
Notable Sales
- The most expensive sale: A luxury apartment at Six Senses Residences, Palm Jumeirah for Dh130 million.
- Best-selling off-plan projects:
- Vida Residences Club Point: 227 apartments for Dh536.4 million.
- Greenridge Villas: 113 units for Dh374.8 million.
- Top ready properties:
- Maya 3 Apartments: 103 transactions worth Dh52.7 million.
- Mag Eye Phase 1 Villas: 14 transactions for Dh44.1 million.
Sales Breakdown
- Off-Plan vs. Secondary Market: Off-plan properties led with 56% of sales by volume and 52% by value, compared to 44% and 48% for secondary market sales.
- Price Ranges:
- Properties above Dh5 million: 8% of sales.
- Dh1-2 million range: 32%.
- Below Dh1 million: 32%.
- Dh2-3 million: 17%.
- Dh3-5 million: 12%.
Conclusion
Dubai’s real estate market continues to thrive, demonstrating steady growth in property prices and sales volumes. The city’s enduring appeal and robust economic environment are fueling sustainable demand, ensuring its position as a global investment hub.
