Strong Market Performance

Dubai’s real estate market remained robust in November, recording 13,502 property transactions valued at AED 40 billion. The continued high sales volume highlights the market’s resilience and investor confidence, with a notable 31.2% increase in apartment transactions compared to the previous year. Despite slight declines in villa and plot sales, the overall market remains strong and shows sustained growth.

Developer-First Sales Dominate

New developments are driving the market, with developer-first sales making up 56% of the transaction volume and 52% of the value. This trend underscores the demand for newly launched properties, as buyers continue to invest in the latest projects, particularly in popular areas like Jumeirah Village Circle and Dubai Marina. The preference for off-plan properties is evident, with developers continuing to lead the market.

Luxury Properties Lead the Way

The luxury segment saw significant activity, including the record sale of a penthouse at Six Senses Residences, Palm Jumeirah, which fetched an impressive AED 130 million. The growing appeal of high-end properties is further reflected in the rising average price per square foot, which increased by 8.8% to AED 1,497 in November. This surge highlights Dubai’s continued attraction to luxury investors and high-net-worth individuals.

Continued Growth in Price Per Square Foot

The average price per square foot saw a steady increase of 8.8% from AED 1,373 in November 2023 to AED 1,497. This price growth is part of a broader trend, with prices steadily rising over the past few years. From AED 923 in 2020 to AED 1,115 in 2021, and AED 1,310 in 2022, this consistent increase signals a strong demand for quality properties in Dubai, particularly in the mid-range and luxury markets.