The real estate in Dubai reached AED 40 billion, according to Arabian Business, totaling 13,502 property sales in November, marking another successful month for Dubai.
According to the market update, apartment sales of AED 19.9 billion increased 31.2% to 10,857 compared to the same month last year.
Although volumes were down 35.8% and 39.6%, respectively, compared to the same month in 2023, November also saw the sale of 1,903 villas for AED10.2 billion and 387 plots for AED8.1 billion.
The real estate in Dubai in the meantime, 354 commercial real estate deals totaling AED 1.3 billion, represented a 5% rise in volume over November 2023
The total number of transactions was up 10.5% from last November, even though it was the mildest month since April in this record-breaking year in terms of overall sales value and volume.
Following month-by-month growth from AED923 in 2020, AED1,115 in 2021, and AED1,310 in 2022, the average home price per square foot also continued its upward trend, rising by 8.8% to AED1,497 from AED1,373 last November.
In what has already been an extraordinary year for real estate in Dubai, the market’s overall performance continues to demonstrate exceptional strength.
“Sales volumes consistently show a clear and consistent trend of healthy, sustainable demand driven by economic growth, investor confidence, and Dubai’s appeal on a global scale.”
Real estate in Dubai in November sales have increased in value over the past 5 years, from 3,800 deals (AED 7.4 billion) in 2020 to 7,000 transactions (AED 17.9 billion) in 2021, 11,100 transactions (AED 31 billion) in 2022, and 12,200 transactions (AED 42.4 billion) in 2023.
A premium condominium at Palm Jumeirah sold for AED 130 million, making it the most expensive single property sold in November.
The following were the top five performing areas of real estate in Dubai:
- 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 million
- Wadi Al Safa 5: 672 transactions worth AED569.9m
With 227 apartments selling for AED536.4 million in November, Vida Residences Club Point was the best-selling off-plan building in terms of value. With 113 apartments selling for AED374.8 million, Greenridge was the best-selling off-plan villa complex.
With 103 deals totaling AED52.7 million, Maya 3 had the ready apartment sales, while Mag Eye Phase 1 had the ready villa sales, with 14 homes selling for AED44.1 million.
Developers’ initial sales were higher than secondary market resales overall, with volume being 56% higher than 44% and value being 52% higher than 48%.
Properties valued over AED 5 million accounted for 8% of all sales, with 32% falling into the AED 1 million to AED 2 million areas, 17% into the AED 2–3 million range, and 12% into the AED 3–5 million category.
The Reasons Dubai Is a Great Place to Invest
- Consistent Increase in Sales Volume
Over the last five years, real estate in Dubai has grown steadily, from 3,800 transactions worth AED 7.4 billion in 2020 to 12,200 deals for AED 42.4 billion in 2023. The market’s resilience is demonstrated by its capacity to withstand changes in the world economy while retaining investor interest.
- Sales to Developers First Take the Lead
Sales made by developers first were responsible for:
- 56% of the total volume of transactions
- 52% of the entire amount
- Buyers’ faith in Dubai’s new developments, which are renowned for their cutting-edge design and strong return on investment (ROI), is reflected in this supremacy.
- Investment Hotspots: 1,528 deals totaling AED 1.6 billion were made at Jumeirah Village Circle (JVC).
- AED 3.1 billion was exchanged in 838 trades at Dubai Marina.
- While Dubai Marina’s upscale appeal and lively neighborhood draw high-net-worth individuals, JVC is a favorite with mid-tier investors due to its affordability and advantageous location.
- A Wide Range of Prices
- The market serves a broad spectrum of investors:
- AED 1-2 million and less than AED 1 million accounted for 32% of sales.
- Sales of AED 2-3 million, or 17%
- Sales 12%: AED 3–5 million
- Because of its diversity, real estate in Dubai has something to offer everyone, from luxury seekers to those on a tight budget.
Important Investment Possibilities
- Luxury investments
Most Expensive Sale: AED 130 million for a premium apartment at Six Senses Residences, Palm Jumeirah.
The real estate in Dubai luxury market continues to attract ultra-high-net-worth investors seeking exclusive properties with world-class amenities.
- Off-Plan Market Performance
Greenridge (Villa Sales): 113 units worth AED 374.8 million
Vida Residences Club Point (Apartment Sales): 227 units worth AED 536.4 million
Off-plan properties offer competitive pricing and high ROI, making them a favorite among forward-looking investors.
- Commercial Spaces
With AED 1.3 billion in transactions, commercial properties present a promising avenue for investors aiming to capitalize on Dubai’s economic growth.
Why Invest in Dubai Real Estate?
- Strategic global positioning as a reason to invest in real estate in Dubai.
Dubai draws investors from all over the world because it acts as a gateway between the East and the West. It attracts real estate investment because of its strong infrastructure, tax-friendly laws, and stable economy.
- High Capital Appreciation and ROI
Strong capital appreciation is guaranteed by the steady rise in property values, as evidenced by the increase in average prices per square foot. Furthermore, real estate in Dubai offers investors consistent cash flow with some of the greatest rental yields in the world.
- Policies Favoring Investors
With programs like long-term visas for property purchasers, the Dubai government promotes the real estate industry, boosting investor confidence and market appeal.
The performance of real estate in Dubai in November 2024 shows a flourishing environment full of chances for international investors. Dubai has a dynamic array of possibilities with significant potential for return on investment and capital appreciation, regardless of your preference for commercial spaces, luxury villas, or reasonably priced apartments.
Don’t pass up the opportunity to share in the boom in real estate in Dubai. Secure your position in one of the most profitable markets in the world by investigating your investing possibilities right now.
