Dubai Real Estate Market Achieves AED 40 Billion in November 2024 Transactions
Dubai’s real estate market maintained its upward momentum in November 2024, recording an impressive AED 40 billion in property transactions across 13,502 sales. Despite showing a more measured pace compared to recent months, the sector displayed strong fundamentals with a 10.5% year-over-year increase in transaction volume. This continued growth underscores the city’s status as a global hub for real estate investment, driven by high demand across various property types.
A Deep Dive into Apartment Sales: The Market Leader
Apartment sales dominated the real estate landscape, contributing AED 19.9 billion to November’s overall transactions. A total of 10,857 apartments were sold, marking a 31.2% increase in volume compared to November 2023. The rise reflects growing interest from both local and international buyers seeking high-quality residential properties in prime areas such as Dubai Marina, Downtown Dubai, and Business Bay.
Apartments in Dubai remain attractive for a variety of reasons:
- Investment Potential: Strong rental yields, especially in neighborhoods like Dubai Marina and Jumeirah Lake Towers.
- Lifestyle Appeal: Iconic locations with amenities such as beachfront access, world-class dining, and proximity to commercial hubs.
- Affordability Options: Mid-tier apartments in areas like Jumeirah Village Circle (JVC) and Al Furjan cater to first-time buyers and budget-conscious investors.
Villa and Plot Sales: A Mixed Performance
While villa sales accounted for AED 10.2 billion from 1,903 transactions, this category experienced a 35.8% decline in volume compared to November 2023. Similarly, plot sales contributed AED 8.1 billion from 387 transactions, representing a 39.6% drop in volume.
The dip in these categories is not necessarily a reflection of reduced interest but rather a shift in market dynamics. With apartment demand soaring and off-plan projects dominating the landscape, some buyers are focusing on properties that promise faster delivery and immediate returns.
Top villa locations include:
- Arabian Ranches: Popular among families for its serene environment and high-quality infrastructure.
- Palm Jumeirah: Continues to attract luxury seekers with its unparalleled beachfront living.
- Damac Hills: Offers a blend of affordability and exclusivity, drawing interest from diverse demographics.
Commercial Real Estate: Steady Growth
Commercial property sales showed resilience, with 354 transactions totaling AED 1.3 billion—a 5% increase in volume from November 2023. The rise highlights Dubai's growing reputation as a business-friendly city, attracting multinational corporations and startups alike.
Popular areas for commercial investments include Business Bay and Dubai Silicon Oasis, both of which offer modern office spaces and favorable connectivity.
Average Property Prices Continue to Climb
The average property price per square foot rose to AED 1,497 in November, marking an 8.8% increase from AED 1,373 in the same month last year. The consistent rise in property values over the past five years—up from AED 923 per square foot in 2020—signals Dubai’s growing prominence as a long-term investment market.
This price appreciation is fueled by factors such as:
- High-quality infrastructure and amenities.
- Demand for prime real estate in luxury and mid-tier segments.
- An influx of expatriates and international investors seeking stability and growth potential.
The Luxury Segment: A Market Highlight
Luxury properties in Dubai continued to shine, with sales of high-end apartments and villas contributing significantly to November’s totals. The most expensive transaction of the month was a luxury apartment in the Six Senses Residences, Palm Jumeirah, which sold for AED 130 million.
High-value properties priced above AED 5 million represented 8% of all sales, underscoring Dubai’s appeal to ultra-high-net-worth individuals (UHNWIs). Popular luxury areas include Palm Jumeirah, Emirates Hills, and Downtown Dubai, which consistently attract affluent buyers seeking exclusivity, opulence, and premium returns.
Top Performing Areas in November
Several key areas demonstrated strong sales performance in November, driven by their unique appeal and diverse offerings:
- Jumeirah Village Circle (JVC): Recorded 1,528 transactions worth AED 1.6 billion, reflecting its position as a hub for affordable and mid-tier residential properties.
- Dubai Marina: With 838 transactions totaling AED 3.1 billion, the area remains a top choice for investors seeking waterfront living.
- Business Bay: Logged 809 transactions valued at AED 2.7 billion, appealing to both residential and commercial buyers.
- Wadi Al Safa 5: Recorded 672 transactions worth AED 569.9 million, showing steady demand for suburban living options.
Off-Plan and Ready Property Trends
Off-plan projects dominated the market, accounting for 56% of the total transaction volume and 52% of the value. This highlights a shift toward future-ready developments, offering flexible payment plans and modern amenities.
Key off-plan projects in November include:
- Vida Residences Club Point: 227 apartments sold for AED 536.4 million, showcasing strong interest in branded luxury living.
- Greenridge: The top off-plan villa project with 113 units sold for AED 374.8 million.
In the ready property category, notable performers included:
- Maya 3: Recorded 103 ready apartment sales totaling AED 52.7 million.
- Mag Eye Phase 1: Led ready villa sales with 14 transactions worth AED 44.1 million.
Market Drivers: Sustained Confidence and Economic Growth
Dubai’s thriving real estate market is supported by several key drivers:
- Economic Growth: The city’s robust economy and diversification efforts attract global investors.
- Regulatory Reforms: Policies encouraging foreign ownership and long-term visas bolster investor confidence.
- Global Appeal: Dubai’s reputation as a world-class destination continues to lure buyers from Europe, Asia, and the Middle East.
Firas Al Msaddi, CEO of fäm Properties, emphasized the market’s stability and growth potential, stating:
“Dubai’s real estate sector consistently reflects a clear and stable trend of robust demand. Investors are drawn to its strong fundamentals, international appeal, and sustained growth trajectory.”
Dubai Real Estate in 2025
With property prices on the rise and sustained demand across all segments, Dubai’s real estate market is poised for continued growth in 2025. Investors can expect new off-plan launches, further luxury offerings, and a rise in demand for properties in emerging areas like Dubai South and Mohammed Bin Rashid City.
The market’s ability to adapt to global trends, combined with its investor-friendly environment, positions Dubai as a leading player in the global real estate sector.
