Our Dubai real estate market update still shows signs of resilience and growth despite global events. November 2024 recorded 13,502 property sales transactions valued at AED 40 billion, which is nearly $11 billion.
We have to say the month marked a more moderate pace compared to earlier record-breaking months. However, the overall figures still highlight the market’s exceptional strength and investor confidence.
Surge in Apartment and Villa Sales
Apartment sales in November were a significant driver of the market’s performance. Transactions for 10,857 apartments totaled AED 19.9 billion, reflecting a 31.2% increase in volume compared to the same month last year. Villa sales followed with 1,903 transactions worth AED 10.2 billion, although the volume was down by 35.8% year-on-year, highlighting a shift in demand dynamics.
Commercial properties also saw a notable uptick, with 354 transactions valued at AED 1.3 billion. This is a 5% increase in volume compared to November 2023.
Steady Price Growth
The average property price per square foot climbed to AED 1,497, an 8.8% increase from November 2023. This continues a year-on-year growth trend, up from AED 923 in 2020 to AED 1,373 in 2023. All this demonstrates sustained investor confidence and the city’s global appeal.
High-Performing Areas and Projects
Some areas outperformed others in terms of transactions and value. The top five areas and stars of our market update for November were:
- 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
Among the standout projects:
- Vida Residences Club Point emerged as the best-selling off-plan apartment project, with 227 units sold for AED 536.4 million.
- Mag Eye Phase 1 led the way for ready villas, with 14 properties sold for AED 44.1 million.
Shifts in Dynamics – Market Update
A key trend in November was the dominance of first-time developer sales, which accounted for 56% of total transaction volume and 52% of sales value. Properties priced below AED 2 million made up the bulk of transactions, while luxury properties above AED 5 million accounted for 8% of sales.
November 2024 continues reinforcing Dubai’s global real estate hotspot position. With sustained demand, rising prices, and increasing investor confidence, the market shows no signs of slowing down. As Dubai remains an attractive destination for international and local buyers alike, the future looks bright for its thriving real estate sector.
After this market update, we’re sure you’ll want to participate right away. Contact Glidai Properties today, and we’ll find the best property that fits your needs. Start your investor journey with confidence and Glidai Properties at your side.