25 December 2024

Dubai Real Estate Market: Key Areas and Sales Trends in November

Table of content

Dubai’s real estate market continues to demonstrate stable growth, reinforcing its appeal to investors. In November 2024, the residential sector recorded a 15.4% year-on-year increase, while the commercial segment achieved total sales of AED 9.2 billion ($2.5 billion), according to the latest report from Engel & Völkers Middle East.

Growth in the Residential Sector

November saw 12,695 sales transactions in the residential segment. While this figure was lower than October’s record-breaking numbers, it highlights the market’s stability and sustainable growth.

Average property prices increased by 0.38% for the month, reflecting the continued upward trend.

Key Trends in Residential Real Estate:

  1. Properties priced under AED 1 million ($272,000) accounted for 32.2% of total sales, up from 26.7% in October.
  2. Studios and one-bedroom apartments saw the highest demand, solidifying apartments as the dominant asset class (84% of total sales).

Top 3 Areas by Sales Transactions:

  1. Jumeirah Village Circle (JVC): 1,035 units sold.
  2. Jumeirah Village Triangle (JVT): 670 units sold.
  3. Business Bay: 423 units sold.

Strong Performance in Commercial Real Estate

The commercial real estate sector also performed well:

  1. Total sales value reached AED 9.2 billion ($2.5 billion), a 3.1% year-on-year increase.
  2. Office sales surged by 24.2%, while average prices rose by 31.1% year-on-year, underscoring high demand for premium office spaces amidst limited supply.

Rental Market Growth:

  1. Rental transaction volumes increased by 21.9% compared to October.
  2. Average rental prices rose by 18% year-on-year, with office spaces leading the way with a 28.1% increase.

Top 3 Areas for Office Transactions:

  1. Business Bay: 119 units sold.
  2. Jumeirah Lakes Towers (JLT).
  3. Barsha Heights (TECOM).

Top 3 Areas for Rental Transactions:

  1. Deira.
  2. Dubai Investment Park (DIP).
  3. Bur Dubai.

Conclusion

Dubai’s real estate market ends 2024 on a high note. Steady growth, investor confidence, and broad development prospects solidify the city’s position as a key global hub for business, living, and investment. 2025 promises to bring new milestones and record-breaking achievements.