The Dubai real estate market showcased its resilience and adaptability in November 2024, with total sales transaction values reaching AED30.53bn ($8.3bn) across 12,543 transactions, according to Springfield Properties research.
Despite a seasonal recalibration, these figures underscore continued investor confidence in Dubai’s dynamic property sector. Apartments and off-plan properties remained the primary drivers of activity, reflecting sustained demand for diverse housing solutions.
Apartments dominated the market, accounting for 10,552 transactions valued at AED 19.27bn ($5.2bn).
Dubai real estate off-plan sales
The off-plan sector also recorded a strong performance, with 7,537 transactions totalling AED15.84bn ($4.3bn), reaffirming buyers’ trust in new developments.
Emerging areas such as Dubai South and Dubai Islands gained traction due to their strategic locations and competitive pricing, complementing the enduring appeal of luxury hotspots like Business Bay.
Farooq Syed, CEO of Springfield Properties, said: “November’s performance reflects the Dubai real estate market’s ability to adapt and thrive in an ever-changing global landscape.
“The strong activity in the off-plan segment and the steady demand for apartments underscore Dubai’s position as a leader in the global property market. Investors and end-users alike continue to be drawn to the city’s strategic vision, innovative developments, and unparalleled quality of life”.
Key areas such as Business Bay, Downtown, and Palm Jumeirah continued to attract high-net-worth buyers.
Meanwhile, mid-income areas like Jumeirah Village Circle maintained steady demand with an average price of AED1.05m ($286,000), showcasing thecity’s balanced growth across various property segments.
Dubai’s evolving urban infrastructure and strategic initiatives under the Dubai Real Estate Sector Strategy 2033 remain pivotal to sustaining long-term growth.
As the city’s population, currently at 3.8 million, is projected to reach 7.8 million by 2040, the demand for diverse housing options is set to rise further.
This growth aligns with the 2040 Urban Master Plan, aimed at fostering sustainable and inclusive urban development.
The rental market also demonstrated stability in November 2024, with total rental transactions valued at AED 3.53bn ($961m).
Despite a slight year-on-year decline in transaction volume, the average annual rent price surged by 20.8 per cent, reaching AED90,288 ($24,600).
This reflects strong demand for quality rental properties, reaffirming the city’s appeal as a global hub for residents and investors.
Farooq Syed added: “Dubai’s real estate sector is not only thriving but evolving to meet the needs of a diverse demographic. The city’s ability to balance luxury offerings with affordable housing options ensures its continued growth and resilience.
“As developers introduce innovative projects and urban infrastructure advances, Dubai remains at the forefront of global real estate investment opportunities”.
As 2024 concludes, the city’s real estate market is well-positioned for sustained growth, driven by its strategic developments, population expansion, and unwavering investor confidence.
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