November property sales volume grows 255%, value touches Dh40 billion

Staff Report

Dubai, UAE 

Dubai’s real estate is riding high with buoyant transaction rates as November 2024 witnessed volume of property sales soar to 13,502 worth Dh40 billion, exhibiting 255 percent growth from November 2020. The sales for the month of November increased from Dh3,800 in 2020 to 7,000, 11,100, and 12,200 in 2020, 2021, and 2022, respectively. Despite being the most moderate month since April in this record-breaking year in terms of overall sales value and volume, November’s transaction record was up by 10.5 percent from last November. The ascent in volume and value reflects the resilience of the real estate sector in Dubai, demonstrating signs of sustained growth in the future.

According to fam Properties, apartment sales accounted for Dh19.9 billion in value in November 2024, rising 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 in 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.

The average property price per square foot 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.

Firas Al Msaddi, CEO of fäm Properties, said, “The market’s overall performance continues to demonstrate exceptional strength in what has already been a remarkable year for Dubai real estate. Sales volumes consistently reflect a clear and consistent trend of healthy, sustainable demand driven by investor confidence, economic growth, and Dubai’s global appeal.”

The most expensive individual property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah which went for Dh130 million.

In terms of areas that registered maximum transactions in November, Jumeirah Village Circle topped the list with 1,528 transactions worth Dh1.6 billion. Dubai Marina and Business Bay followed with 838 worth Dh3.1 billion and 809 transactions worth Dh2.7 billion, respectively.

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 percent 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 and Dh 1-2 million ranges, 17 percent between Dh2-3 million, and 12 percent between Dh3-5 million.

Ends

Also read: One Development announces sell-out of first phase of Laguna Residence

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