Property in Dubai continues to be very popular.
This is evidenced by new data on completed transactions for November 2024.
In total, 13,502 property purchase and sale agreements were signed in the UAE's largest city during the last month of autumn, with a total value of 40 billion dirhams. Of these: 10,857 for apartments worth AED 19.9 billion (+31.2% compared to the same month last year), 1,904 for villas worth AED 10.2 billion (-35.8% compared to the same month last year), 387 for land plots worth AED 8.1 billion (-39.6%) and 354 for commercial properties worth AED 1.3 billion (+5%).
Although November was not the best month of the year in terms of total value and sales volume, the number of transactions still increased by 10.5% year-on-year.
Interestingly, the average cost per square metre of property in Dubai continues to rise gradually.
In November, this figure increased by 8.8% to 1,497 AED, compared to 1,373 AED in November 2023 and 1,310 AED in November 2022. The most expensive property sold in November 2024 was a luxury apartment at Six Senses Residences on Palma Jumeirah for 130 million AED.
The most popular development in which Dubai buyers invested the most in November 2024 was Vida Residences Club Point (227 units sold for 536.4 million AED). The best-selling unbuilt villa project was Greenridge, where 113 units were sold for 374.8 million AED. Maya 3 was the top seller of apartments ready for sale with 103 transactions worth 52.7 million AED, while Mag Eye Phase 1 was the top seller of villas ready for sale (14 units worth 44.1 million AED).
Overall, sales of new-build properties by developers outpaced those in the secondary market - 56%t versus 44% in terms of volume and 52% versus 48% in terms of transaction value. Meanwhile, 8% of total sales in November 2024 were for properties valued over 5 million AED, 32% between 1 million AED and 2 million AED, 17% between 2 million AED and 3 million AED and 12% between 3 million AED and 5 million AED.