Dubai real estate has another busy month with property sales worth AED40bln

Apartments lead the way as November brings 13,502 transactions

Dubai’s real estate market has enjoyed another busy month, recording a total of 13,502 property sales with an overall value of AED40 billion in November.

November also generated 1,903 villa sales for AED10.2 billion as well as 387 plot sales worth AED8.1 billion, although volumes were down 35.8% and 39.6% respectively on the same month in 2023.

Meanwhile, 354 commercial property transactions amounted to AED1.3 billion, an increase of 5% in volume compared with November 2023.

While it was the most moderate month since April in this record-breaking year in terms of overall sales value and volume, the total number of transactions was still up by 10.5% on last November.

The average property price per sq ft also continued its steady rise, increasing by 8.8% to AED1,497 compared with AED1,373 last November, after previous month-by month growth from AED923 in 2020, AED1,115 in 2021, and AED1,310 in 2022.

Dubai property sales for the month of November have now risen in volume over the last five years from 3,800 transactions (AED7.4 billion) in 2020 to 7,000 (AED17.9 billion) in 2021, 11,100 (AED31 billion) in 2022, and 12,200 (AED42.4 billion) in 2023.

The most expensive individual property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah which went for AED 130 million.

The top five performing areas in November were:

Jumeirah Village Circle - 1,528 transactions worth AED1.6 billion.

Dubai Marina – 838 worth AED3.1 billion

Business Bay - 809 transactions worth AED2.7 billion

Jumeirah Village Triangle – 717 transactions worth AED596.9 m

Wadi Al Safa 5 – 672 transactions worth AED569.9m

The best-selling off-plan project in terms of value in November was Vida Residences Club Point, where 227 apartments sold for AED536.4 million. The top-selling off plan villas project was Greenridge, with 113 units fetching AED374.8 million.

Maya 3 topped sales of ready apartments with 103 transactions worth AED52.7 million, while Mag Eye Phase 1 led the way in ready villa sales, with 14 properties selling for AED44.1 million.

Overall, first sales from developers outnumbered re-sales in the secondary market - 56% over 44% in terms of volume, and 52% against 48% in value.

With properties worth more than AED5 million accounting for 8% of total sales, 32% came in both the below AED1 million AED1-2 million ranges, 17% between AED2-3 million and 12% between AED3-5 million.