November has proven to be a robust month for Dubai’s real estate marketplace. Property sales in the emirate reached a big Dh40 billion, marking another milestone in what has already been an amazing year for real estate. With the market continuing to prosper, many marvel at what is causing this sustained demand and why buyers are continuing to trust the Dubai property market. 13,502  property transactions had been made in November, displaying a boom in sale volume in evaluation to preceding months and years.

Dubai Real Estate Sales Top Dh40 Billion In November

Strong Apartment Sales Drive The Market

In November, apartment sales took the lead, contributing Dh19.9 billion to the overall sales figure. This represents a 31.2% increase in volume compared to the same month in 2023, with 10,857 apartments being sold. The surge in apartment sales highlights the continued strong demand for residential properties in Dubai. Apartments have consistently been the most popular choice for buyers, and this trend appears to be continuing. 

With prices rising steadily, Dubai’s apartment market remains an attractive investment option. The growing popularity of apartment living, especially in key areas of the city, seems to be a significant factor behind this increase in sales.

Villa Sales See Decline, But Still Strong

In contrast to the booming apartment market, villa sales showed a decline in both volume and value. November saw 1,903 villas sold for a total of Dh10.2 billion, marking a drop of 35.8% in volume compared to last year. Despite the decline, villa sales remain an essential part of the overall market, contributing significantly to the total sales figure. The decrease in volume is not necessarily a negative sign but rather a reflection of the high demand for apartments in the current market.

Similarly, plot sales also saw a decrease in volume, with 387 plots sold for Dh8.1 billion, representing a 39.6% decline compared to November 2023. However, these figures still point to a strong overall market, with real estate investments continuing to flow into Dubai.

Commercial Property Transactions On The Rise

Commercial property transactions also showed positive growth in November, with a 5% increase in volume compared to the same month in 2023. A total of 354 commercial properties were sold, amounting to Dh1.3 billion. This increase in commercial property sales reflects a steady demand for office spaces and retail properties, indicating strong investor confidence in Dubai’s commercial sector.

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Record-Breaking Sales In The Last Five Years

Looking at the bigger picture, property sales in Dubai have grown significantly over the last five years. In 2020, total sales amounted to Dh7.4 billion across 3,800 transactions. By 2021, this figure increased to Dh17.9 billion from 7,000 transactions, and in 2022, sales reached Dh31 billion from 11,100 transactions. Last year, Dubai saw Dh42.4 billion in sales, with 12,200 transactions. 

The growth over these years highlights the continued strength of Dubai’s real estate market, attracting both local and international buyers. Among the many property transactions in November, the most expensive sale was a luxury apartment at Six Senses Residences on Palm Jumeirah, which sold for an eye-watering Dh130 million. This sale reflects the growing demand for high-end, luxury properties in Dubai, particularly in prime locations like Palm Jumeirah.

Top Performing Areas

Several areas in Dubai showed strong sales in November, with Jumeirah Village Circle (JVC) leading the way with 1,528 transactions worth Dh1.6 billion. Other popular areas included Dubai Marina, with 838 transactions worth Dh3.1 billion, and Business Bay, which saw 809 transactions valued at Dh2.7 billion. Jumeirah Village Triangle and Wadi Al Safa 5 also ranked high, with 717 and 672 transactions respectively.

These areas are becoming increasingly popular among both investors and homebuyers due to their central locations and proximity to key business and leisure hubs. As the demand for these areas grows, property values in these regions are also expected to continue to rise.

Off-Plan Sales Lead The Way

In terms of off-plan property sales, Vida Residences Club Point emerged as the top performer in November. A total of 227 apartments were sold for Dh536.4 million, making it the highest-value off-plan project for the month. In terms of villas, the top off-plan project was Greenridge, where 113 villas were sold for Dh374.8 million. Off-plan properties continue to attract buyers due to their competitive pricing, appealing design, and the potential for strong capital appreciation over time.

For ready properties, the Maya 3 apartments led the way with 103 sales transactions worth Dh52.7 million. Mag Eye Phase 1 was the best-selling villa project, with 14 villas sold for Dh44.1 million. These sales indicate that both ready apartments and villas remain in high demand in the current market, despite the strong performance of off-plan projects. 

Arshad Darbar’s Thoughts

Arshad Darbar, a seasoned real estate expert, views the recent surge in Dubai’s property sales as a positive indication of the market’s continued strength. According to Darbar, the impressive Dh40 billion in sales in November is a testament to the ongoing demand and investor confidence in the Dubai real estate sector. He highlights that the growth in apartment sales, especially the significant rise in transaction volumes, reflects the increasing popularity of residential properties in prime locations across the city.

Darbar also notes that while villa and plot sales saw a decline in volume, the overall market remains resilient, with commercial properties showing growth as well. He believes that the diverse performance across different segments, including off-plan and ready properties, signals a balanced market where both investors and end-users are active. He points out that Dubai’s ability to attract global investors is a key factor in its success, with its strategic location, economic growth, and quality infrastructure continuing to drive demand.

The steady rise in property prices and the consistent growth in transactions reinforce Darbar’s outlook that Dubai’s real estate market is on track for continued success, offering both short-term and long-term opportunities for investors.

Conclusion

Dubai’s real estate market continues to show resilience and strength, even in the face of a slightly slower month compared to earlier in the year. With November’s total sales of Dh40 billion, the market remains on track for another record-breaking year. Apartment sales are leading the charge, but villa and commercial property transactions also contribute to the overall success. The market’s continued growth, supported by strong investor confidence and increasing property values, makes Dubai one of the most attractive real estate destinations in the world.