Dubai real estate market records sales worth $10.8bn in November
The most expensive individual property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah which sold for $35.1mn
Dubai’s real estate market has enjoyed another busy month, recording a total of 13,502 property sales with an overall value of US $10.8bn in November. A market update issued by fäm Properties showed that apartment sales worth $5.42bn rose 31.2% in volume to 10,857 compared with the same month last year.
November also generated 1,903 villa sales worth $2.78bn as well as 387 plot sales worth $2.21bn, although volumes were down 35.8% and 39.6% respectively on the same month in 2023. Meanwhile, 354 commercial property transactions amounted to $353.93mn, an increase of 5% in volume compared with November 2023, the report said.
While November was the most moderate month since April 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 sqft also continued its steady rise, increasing by 8.8% compared with last November, after previous month-by month growth from 2020.
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.”
Dubai property sales for the month of November have now risen in volume over the last five years from 3,800 transactions $1.998bn in 2020 to 7,000 $4.83bn in 2021, 11,100 $8.37bn in 2022, and 12,200 $11.45bn in 2023. The most expensive individual property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah which sold for $35.1mn.
The best-selling off-plan project in terms of value in November was Vida Residences Club Point, where 227 apartments sold for $144.8mn. The top-selling off plan villas project was Greenridge, with 113 units fetching $101.2mn. Maya 3 topped sales of ready apartments with 103 transactions worth $14.23mn, while Mag Eye Phase 1 led the way in ready villa sales, with 14 properties selling for $11.91mn.
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 $1.35mn accounting for 8% of total sales, 32% came in both $270mn between 17% to 12%.
