Dubai property market on solid track
- 23 Dec 2024
Dubai’s real estate market continued to demonstrate remarkable resilience and robust growth in November, with the residential sector achieving a 15.4% year-over-year increase and the commercial market recording a total sales value of Dhs9.2 billion, according to the latest report from Engel & Völkers Middle East, a leader in premium residential and commercial real estate services.
The city’s residential sector recorded 12,695 sales transactions, and while the figure reflects a cooling off from October’s record-breaking figures, it underscores the market’s sustainable and steady growth. The month also saw a modest 0.38% increase in average prices, reinforcing the market’s continued uptrend.
An increasing appetite for affordability was evident, with properties under Dhs 1 million climbing to 32.2% of sales, up from 26.7% in October. Studios and one-bedroom apartments saw heightened interest, further solidifying apartments as the dominant asset class, comprising over 84% of total sales.
Daniel Hadi, CEO of Engel & Völkers Middle East noted: “Dubai’s real estate market continues to demonstrate exceptional strength and adaptability, driven by sustained demand and solid fundamentals. The residential sector’s steady growth, with increasing interest in affordable and compact living options, reflects a dynamic and maturing market catering to diverse needs.
Meanwhile, the commercial sector’s impressive performance—marked by surging office sales and rental growth—underscores Dubai’s position as a global business hub.”
“As Dubai’s economy expands and continues to attract global businesses and residents, the city’s real estate sector remains on track for sustained growth. The November report highlights the market’s adaptability, strong investor confidence, and potential for record-breaking achievements as we approach 2025,” concluded Hadi.
The top three communities by sales transactions were Jumeirah Village Circle with 1,035 units sold, Jumeirah Village Triangle with 670 units and Business Bay with 423 units.