Dubai Real Estate Sales top DH40 billion in November
Dubai’s real estate market has enjoyed another busy month, recording a total of 13,502 Dubai real estate sales with an overall value of Dh40 billion in November.
A market update by fäm Properties showed that apartment sales worth Dh19.9 billion rose 31.2 percent in volume to 10,857 compared with the same month last year.
November also generated 1,903 villa sales for Dh10.2 billion as well as 387 plot sales worth Dh8.1 billion, although volumes were down 35.8 percent and 39.6 percent respectively on the same month in 2023.
Meanwhile, 354 commercial property transactions amounted to Dh1.3 billion, an increase of 5 percent in volume compared with November 2023.
While it was the most moderate month since April in this record-breaking year in terms of overall sales value and volume, the total number of transactions was still up by 10.5 percent on last November.
The average property price per sq ft also continued its steady rise, increasing by 8.8 percent to Dh1,497 compared with Dh1,373 last November, after previous month-by month growth from Dh923 in 2020, Dh1,115 in 2021, and Dh1,310 in 2022.
“The market’s overall performance continues to demonstrate exceptional strength in what has already been a remarkable year for Dubai real estate sales ,” said Firas Al Msaddi, . “Sales volumes consistently reflect a clear and consistent trend of healthy, sustainable demand driven by investor confidence, economic growth, and Dubai’s global appeal.”
Dubai property sales for the month of November have now risen in volume over the last five years from 3,800 transactions (Dh7.4 billion) in 2020 to 7,000 (Dh17.9 billion) in 2021, 11,100 (Dh31 billion) in 2022, and 12,200 (Dh42.4 billion) in 2023.
The most expensive individual property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah which went for Dh 130 million.
The top five performing areas in November were:
Jumeirah Village Circle – 1,528 transactions worth Dh1.6 billion.
Dubai Marina – 838 worth Dh3.1 billion
Business Bay – 809 transactions worth Dh2.7 billion
Jumeirah Village Triangle – 717 transactions worth Dh596.9 m
Wadi Al Safa 5 – 672 transactions worth Dh569.9m
The best-selling off-plan project in terms of value in November was Vida Residences Club Point, where 227 apartments sold for Dh536.4 million. The top-selling off -plan villas project was Greenridge, with 113 units fetching Dh374.8 million.
Maya 3 topped sales of ready apartments with 103 transactions worth Dh52.7 million, while Mag Eye Phase 1 led the way in ready villa sales, with 14 properties selling for Dh44.1 million.
Overall, first sales from developers outnumbered re-sales in the secondary market – 56 percent over 44 per cent in terms of volume, and 52 percent against 48 percent in value.
With properties worth more than Dh5 million accounting for 8 percent of total sales, 32 percent came in both the below Dh1 million Dh1-2 million ranges, 17 percent between Dh2-3 million and 12 percent between Dh3-5 million.
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Source: Khaleej Times
06th December 2024
