Dubai’s property sector maintained its strong momentum in November 2024, achieving 13,502 transactions worth AED40 billion, based on the latest fäm Properties market report. This performance highlights Dubai’s continuing appeal as a prime real estate destination.
Apartment Sales Lead Market Growth
The residential sector showed remarkable strength, with apartment sales reaching 10,857 transactions valued at AED19.9 billion – marking a significant 31.2% increase from the previous year. This growth demonstrates the sustained demand for apartment living in Dubai’s dynamic communities.
Villa transactions recorded 1,903 sales totalling AED10.2 billion, while land plots saw 387 transactions worth AED8.1 billion. The commercial property segment displayed positive movement with 354 transactions reaching AED1.3 billion, showing a 5% increase year-on-year.
Price Growth and Market Performance
Property values continue their upward trend, with average prices per square foot reaching AED1,497 – an 8.8% rise from AED1,373 in November 2023. This growth pattern builds on previous years’ performance:
- 2020: AED923 per square foot
- 2021: AED1,115 per square foot
- 2022: AED1,310 per square foot
Top-Performing Areas and Notable Sales
Jumeirah Village Circle led the market with 1,528 transactions valued at AED1.6 billion, while Dubai Marina secured second place with 838 transactions worth AED3.1 billion. The luxury market saw impressive activity, with a Six Senses Residences apartment in Palm Jumeirah selling for AED130 million.
Developer Sales and Market Distribution
New developments dominated the market landscape:
- First sales represented 56% of transaction volume
- Developer sales accounted for 52% of total value
- Vida Residences Club Point led apartment sales (227 units, AED536.4 million)
- Greenridge topped villa sales (113 units, AED374.8 million)
The market showed balanced distribution across price segments:
- 32% of sales below AED1 million
- 32% between AED1-2 million
- 17% in the AED2-3 million range
- 12% between AED3-5 million
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