Dubai's real estate market continues to thrive, with November 2024 recording a total of 13,502 property sales valued at AED 40 billion, according to a market update from fäm Properties.
Highlights of November 2024 Real Estate Performance
- Apartments: AED 19.9 billion from 10,857 sales, up 31.2% in volume compared to November 2023.
- Villas: AED 10.2 billion from 1,903 sales, though volume declined by 35.8% year-on-year.
- Plots: AED 8.1 billion from 387 sales, representing a 39.6% drop in volume.
- Commercial Properties: AED 1.3 billion from 354 transactions, a 5% rise in volume year-on-year.
Despite being the most moderate month since April in terms of value and volume, total transactions increased by 10.5% compared to November 2023.
The average property price per square foot climbed 8.8% to AED 1,497, continuing its year-on-year upward trajectory from AED 1,373 in November 2023 and AED 923 in 2020.
Market Trends and Insights
"The Dubai property market continues to show exceptional strength, reflecting healthy demand driven by investor confidence, economic growth, and the city's global appeal," said Firas Al Msaddi, CEO of fäm Properties.
Sales volumes have steadily increased over the past five years, with November totals growing from 3,800 transactions (AED 7.4 billion) in 2020 to 12,200 transactions (AED 42.4 billion) in 2023.
Top Performers and Key Sales
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Most Expensive Property: A luxury apartment at Six Senses Residences, Palm Jumeirah, sold for AED 130 million.
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Top Five Areas:
- Jumeirah Village Circle: 1,528 transactions worth AED 1.6 billion
- Dubai Marina: 838 transactions worth AED 3.1 billion
- Business Bay: 809 transactions worth AED 2.7 billion
- Jumeirah Village Triangle: 717 transactions worth AED 596.9 million
- Wadi Al Safa 5: 672 transactions worth AED 569.9 million
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Top Off-Plan Projects:
- Vida Residences Club Point: 227 apartments sold for AED 536.4 million
- Greenridge Villas: 113 units sold for AED 374.8 million
Best-Selling Ready Projects:
- Maya 3 Apartments: 103 transactions worth AED 52.7 million
- Mag Eye Phase 1 Villas: 14 transactions worth AED 44.1 million
Market Segmentation
- First Sales vs. Resales: Developer sales accounted for 56% of transactions in volume and 52% in value, outpacing secondary market resales.
- Price Segmentation:
- Properties above AED 5 million: 8% of total sales
- AED 1-2 million range: 32% of sales
- AED 2-3 million range: 17% of sales
Dubai's real estate market continues to attract significant interest from both investors and end-users, signaling robust performance and sustained confidence in the emirate's growth trajectory.
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