Dubai’s Real Estate Market in November: Transactions Surge by 29.4% Year-on-Year

November witnessed 8,605 real estate transactions in Dubai’s off-plan market, reflecting a 29.4% increase compared to November 2023, which recorded 6,649 deals. However, the volume of deals fell by 36.9% from October 2024, following a four-year record high.

The November slowdown mirrors last year’s seasonal trend, albeit with a one-month delay. In 2023, the upward momentum seen from June to September shifted to a correction phase lasting until January 2024.

Transaction volumes across segments saw notable declines month-on-month: apartment sales dropped by 34%, villa sales by 53%, and commercial property transactions by 17%.

Demand for specific projects also became more evenly distributed. In October 2024, the top 10 most popular developments accounted for 26% of transactions, while in November, this share decreased to 19.9%.

The cumulative value of off-plan properties sold in November amounted to $5.14 billion, representing a 16% decline from November 2023 and a 33.5% drop from the previous month.

The median price per square metre for off-plan apartments in Dubai fell to $4,911 in November 2024, a 5% decrease compared to October.

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The ongoing shift in buyer demand toward more affordable segments continues. In November, 32% of transactions were for properties priced below $272,000, a 2-percentage-point increase from October. Meanwhile, 40% of deals fell within the $272,000–$544,000 range.

Most Popular Projects

The projects with the highest transaction shares included:

• Vida Residences Club Point (3.03%)
• Sobha Orbis (2.74%)
• Skyscape Avenue (2.66%)