According to a market update from fäm Properties, the real estate market in Dubai continues to perform well in November, with 13,502 property transactions totaling AED 40 billion.
The market was dominated by apartment sales, with 10,857 deals totaling AED19.9 billion, a 31.2 percent increase in volume over November 2023.
Although both categories suffered reductions of 35.8 percent and 39.6 percent, respectively, the sector saw 1,903 villa sales totaling AED10.2 billion and 387 plot sales valued at AED8.1 billion.
Developer first sales dominate Dubai’s property market in November
“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,” Firas Al Msaddi, CEO of fäm Properties, said.
AED 1.3 billion, or 354 commercial real estate transactions, represented a 5% volume increase over the prior year. The total number of transactions was up 10.5 percent year over year, even though it was the most mild month since April.
In November 2023, the average price of real estate per square foot was AED1,373, but it increased 8.8% to AED1,497. From AED923 in 2020 to AED1,115 in 2021 and AED1,310 in 2022, this indicates a considerable increase.
From 3,800 transactions (AED7.4 billion) in 2020 to 12,200 deals (AED42.4 billion) in 2023, the volume of real estate sales has increased steadily during the previous five years.
A premium apartment at Six Senses Residences, Palm Jumeirah, sold for AED 130 million, making it the most expensive single property sold.
With 1,528 transactions totaling AED 1.6 billion, Jumeirah Village Circle was the best-performing location. Dubai Marina came in second with 838 transactions totaling AED 3.1 billion.
Greenridge topped villa sales in the off-plan market with 113 units valued at AED374.8 million, while Vida Residences Club Point led apartment sales with 227 units valued at AED536.4 million.
Compared to secondary market re-sales, developer-first sales accounted for 56% of volume and 52% of value, dominating the market.
With 32% of sales falling between AED1-2 million and below AED1 million, 17% falling between AED2-3 million, and 12% falling between AED3-5 million, the market demonstrated a wide range of property values.
