With 13,502 property sales worth AED 40 billion in November, the Dubai real estate market is still doing well, according to a market update from fäm Properties.
With 10,857 transactions totaling AED19.9 billion, a 31.2 percent increase in volume over November 2023, apartment sales dominated the market.
The industry recorded 1,903 villa sales worth AED10.2 billion and 387 plot sales worth AED8.1 billion, despite declines of 35.8 percent and 39.6 percent, respectively, in all categories.
Developer first sales dominate Dubai’s property market in November
Firas Al Msaddi, CEO of fäm Properties, said:
“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,”
354 commercial real estate transactions totaling AED 1.3 billion marked a 5% volume increase over the previous year. Although it was the mildest month since April, the overall number of transactions was up 10.5% year over year.
The average price of real estate per square foot was AED 1,373 in November 2023, but it rose to AED 1,497, an 8.8% rise. This shows a significant increase from AED923 in 2020 to AED1,115 in 2021 and AED1,310 in 2022.
Real estate sales have risen gradually over the past five years, from 3,800 transactions (worth AED7.4 billion) in 2020 to 12,200 agreements (worth AED42.4 billion) in 2023.
The most costly single property sold was a high-end condominium at Six Senses Residences, Palm Jumeirah, which brought in AED 130 million.
The best-performing site was Jumeirah Village Circle, with 1,528 transactions totaling AED 1.6 billion. With 838 transactions worth AED 3.1 billion, Dubai Marina came in second.
In the off-plan market, Vida Residences Club Point led apartment sales with 227 units valued at AED536.4 million, while Greenridge led villa sales with 113 units valued at AED374.8 million.
Developer-first sales dominated the market, accounting for 56% of volume and 52% of value as compared to secondary market re-sales.
The market showed a wide range of property values, with 32% of transactions falling between AED1-2 million and below AED1 million, 17% falling between AED2-3 million, and 12% falling between AED3-5 million.
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