Dubai real estate sales top Dh40 billion in November – Khaleej Times

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Fri, Jan 03, 2025 | Rajab 3, 1446 | DXB 0°C
Apartments lead the way as November brings 13,502 transactions
Published: Thu 5 Dec 2024, 7:27 PM
Towers in Dubai. The average property price per sq ft continued its steady rise, increasing by 8.8 per cent to Dh1,497 compared with Dh1,373 last November. — File photo
Dubai’s real estate market has enjoyed another busy month, recording a total of 13,502 property sales with an overall value of Dh40 billion in November.
A market update by fäm Properties showed that apartment sales worth Dh19.9 billion rose 31.2 per cent in volume to 10,857 compared with the same month last year.
November also generated 1,903 villa sales for Dh10.2 billion as well as 387 plot sales worth Dh8.1 billion, although volumes were down 35.8 per cent and 39.6 per cent respectively on the same month in 2023.
Meanwhile, 354 commercial property transactions amounted to Dh1.3 billion, an increase of 5 per cent 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 per cent on last November.
The average property price per sq ft also continued its steady rise, increasing by 8.8 per cent to Dh1,497 compared with Dh1,373 last November, after previous month-by month growth from Dh923 in 2020, Dh1,115 in 2021, and Dh1,310 in 2022.
“The market’s overall performance continues to demonstrate exceptional strength in what has already been a remarkable year for Dubai real estate,” said Firas Al Msaddi, CEO of fäm Properties. “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 (Dh7.4 billion) in 2020 to 7,000 (Dh17.9 billion) in 2021, 11,100 (Dh31 billion) in 2022, and 12,200 (Dh42.4 billion) in 2023.
The most expensive individual property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah which went for Dh 130 million.
The top five performing areas in November were:
Jumeirah Village Circle – 1,528 transactions worth Dh1.6 billion.
Dubai Marina – 838 worth Dh3.1 billion
Business Bay – 809 transactions worth Dh2.7 billion
Jumeirah Village Triangle – 717 transactions worth Dh596.9 m
Wadi Al Safa 5 – 672 transactions worth Dh569.9m
The best-selling off-plan project in terms of value in November was Vida Residences Club Point, where 227 apartments sold for Dh536.4 million. The top-selling off plan villas project was Greenridge, with 113 units fetching Dh374.8 million.
Maya 3 topped sales of ready apartments with 103 transactions worth Dh52.7 million, while Mag Eye Phase 1 led the way in ready villa sales, with 14 properties selling for Dh44.1 million.
Overall, first sales from developers outnumbered re-sales in the secondary market – 56 per cent over 44 per cent in terms of volume, and 52 per cent against 48 per cent in value.
With properties worth more than Dh5 million accounting for 8 per cent of total sales, 32 per cent came in both the below Dh1 million Dh1-2 million ranges, 17 per cent between Dh2-3 million and 12 per cent between Dh3-5 million.
Somshankar Bandyopadhyay is a News Editor with close to three decades of experience. Currently, he manages the business section, ensuring that the top economic and business news of the day reaches its readers.
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