Dubai Real Estate Market Achieves AED 40 Billion in November 2024 Transactions – CEO Today

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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.
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:
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:
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.
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:
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.
Several key areas demonstrated strong sales performance in November, driven by their unique appeal and diverse offerings:
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:
In the ready property category, notable performers included:
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Dubai’s thriving real estate market is supported by several key drivers:
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.”
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.