Jumeirah Village Circle led with 1,528 transactions worth AED1.6 billion, followed by Dubai Marina with 838 transactions totaling AED3.1 billion.
Dubai’s real estate sector maintained strong momentum in November, recording 13,502 property transactions worth AED40 billion, according to fäm Properties.
Apartment sales dominated, with 10,857 transactions valued at AED19.9 billion, marking a 31.2% increase in volume compared to November 2023.
Villa sales reached 1,903, totaling AED10.2 billion, and 387 plot sales were recorded at AED8.1 billion, reflecting declines of 35.8% and 39.6%, respectively.
Developer first sales dominate November
“The market’s performance continues to showcase remarkable strength this year, reflecting healthy demand driven by investor confidence, economic growth, and Dubai’s global appeal,” said Firas Al Msaddi, CEO of fäm Properties.
Commercial property sales amounted to 354 transactions worth AED1.3 billion, a 5% year-on-year volume increase. While November was the slowest month since April, total transactions rose by 10.5% compared to last year.
The average property price per square foot climbed 8.8% to AED1,497, up from AED1,373 in November 2023. Prices have steadily risen from AED923 in 2020 to AED1,115 in 2021, and AED1,310 in 2022.
Over five years, property sales volumes have grown significantly, from 3,800 transactions worth AED7.4 billion in 2020 to 12,200 transactions valued at AED42.4 billion in 2023.
The priciest sale of the month was a luxury apartment at Six Senses Residences, Palm Jumeirah, sold for AED130 million.
In the off-plan market, Vida Residences Club Point led apartment sales with 227 units worth AED536.4 million, while Greenridge topped villa sales with 113 units valued at AED374.8 million.
First sales from developers accounted for 56% of volume and 52% of value compared to secondary market re-sales.
Property values showed diversity, with 32% of sales in both the AED1-2 million and below AED1 million ranges, 17% between AED2-3 million, and 12% between AED3-5 million.
