Dubai Property Sales Jump 30.9% in November

Jumeirah Village Circle (JVC)

• Property Type: Affordable & Mid-Range Apartments.
• Key Advantage: Known as "The Rental Yield King." It offers high rental income for investors due to its low entry price and strong demand from young professionals and families making it ideal for a first Dubai real estate investment.

Business Bay

• Property Type: Central and Luxury Apartments.
• Key Advantage: Prime central location near Downtown Dubai. High demand for luxury living and corporate rentals makes it a strong choice for both value and income.

Dubai Hills Estate

• Property Type: Premium Villas & Townhouses.
• Key Advantage: A high-end, master-planned family community known for golf course views and strong capital appreciation (value increase) over the long term, contributing significantly to Dubai housing growth.

Dubai Creek Harbour

• Property Type: Luxury Waterfront Apartments.
• Key Advantage: Expected to be the "future Downtown of Dubai," driven by massive projects from Emaar. It has high potential for long-term value growth and for becoming a future iconic landmark, like the new Creek Tower.

Dubai South

• Property Type: Affordable Off-Plan Apartments & Townhouses.
• Key Advantage: Known as "The Future Growth Hub." It's importance lies in the expansion of Al Maktoum Airport and Expo City, which promises massive infrastructure growth.

Key Observations:

• The Hubs of Volume: Areas like JVC and Business Bay frequently top the list for the highest number of transactions, reflecting strong demand across mid-range and central markets.
• Luxury Drivers: High-end deals continue to be centred in prime locations like Palm Jumeirah, Downtown Dubai, and Emirates Hills, which significantly boost the total sales value for the month.a

Dubai property sales data for November really underlines the exceptional, sustained growth of the Dubai real estate market, setting new annual records even before the year ends. This momentum provides a firm base for the 2025 forecast of the Dubai real estate market.

November Market Highlights

Transaction Volume:

• Reached approximately 19,019 deals, marking a significant 30.9% Year on Year YoY increase.
• Context: Whereas, contextually, the total number of transactions for this year, 2024, has already outperformed the total recorded for the past year, 2023.

Total Sales Value:

• Reached about AED 64.7 billion, or a massive leap of 49.6% YoY.
• Context: The total sales value for the year has also broken the previous record, showing that the surge is being driven by the sale of higher-value (premium) properties.

Average Price per Square Foot:

• Rose by 16.1% YoY.
• Context: This sharp increase demonstrates strong demand capable of pushing prices upward across the board, reflecting a market shift towards newer, more luxurious developments.

Main Drivers of the Surge:

• Strong Inward Migration: Dubai continues to attract high-net-worth individuals, investors, and long-term residents, fueling demand for both luxury and family homes.
• Increased Investor Confidence: The market is seen as stable and mature, driven by genuine end-users and long-term capital allocation rather than speculative "flipping," bolstering the case for long-term Dubai real estate investment.
• Off-Plan Launches: A massive volume of new project launches from major developers provides fresh inventory with attractive payment plans.

The market is mainly controlled by one type of sale. This shows that buyers are now mostly choosing to buy new buildings that aren't finished yet (off-plan), especially during November in Dubai.

The Breakdown

Off-Plan (New Developments) Dominance:

• Accounts for the majority of the market: approx 71% of total transactions and approx 64% of total value.
• Driven by attractive developer incentives (like payment plans) and a high volume of new apartment launches.

Resale (Ready Properties) Activity:

• Represents approximately 29% of transaction volume and a higher approx 36% of total sales value.
• Favoured by end-users who need immediate occupancy, and it includes high-value, established prime properties.

Off-Plan Dominance

Off-Plan sales (new projects sold directly by the developer) are the engine of the current boom.

• Dominance in Volume: Off-plan transactions account for the vast majority of deals. This is due to the sheer volume of new units launched and the attractive developer incentives (e.g., flexible payment plans).
• Confidence in New Launches: Investors and end-users are keen on buying into new master-planned communities and high-specification developments.
• Apartment Focus: The highest overall sales volume is driven by apartments, which are primarily in the off-plan sector.

Resale Activity

Resale (ready, existing properties) transactions have slowed in volume compared to the off-plan market, but they still account for a significant share of total sales value.

• End-User Market: The resale market is often favoured by end-users (people buying to live in the property) who prefer immediate occupancy.
• High Value: The high-value share of resales reflects stable demand and capital appreciation of prime-ready properties in established, high-value neighbourhoods like Dubai Marina and Palm Jumeirah.

Key developers are crucial in sustaining the Dubai real estate market boom by launching new, quality projects:

• Emaar Properties: The market leader, responsible for major landmarks and master communities, driving overall Dubai housing growth.
• DAMAC Properties: Focuses on ultra-luxury segments, contributing significantly to the high value recorded in Dubai property sales in November.