Dubai Rents Jump 21% to $24,600, with $8.3b in Apartment and Off-plan Sales

Dubai’s real estate market has been recognized for its ability to adapt to global economic shifts offering a combination of luxurious properties and an attractive investment climate. This was more evident in November, when the market posted impressive figures, further cementing the city’s position as a leader in the global property landscape. 

In November sales transactions totalled AED 30.53 billion ($8.3 billion) across 12,543 deals. This strong performance highlights the market resilience despite seasonal fluctuations and ongoing global economic shifts.

Apartments and Off-Plan Properties 

The apartment segment continued to dominate the market, with 10,552 transactions valued at AED 19.27 billion ($5.2 billion). This is a clear indication that buyers remain attracted to the variety and convenience that apartments offer, from luxurious waterfront properties to more affordable residential units in emerging districts.

Off-plan properties also had a robust showing, with 7, 537 transactions totalling AED 15.84 billion ($4.3 billion). This strong performance highlights the trust buyers continue to place in new developments, signaling long-term optimism in Dubai’s property market. 

Strong Demand Across Various Segments

Dubai’s appeal remains broad, attracting both high-net-worth individuals and middle-income buyers. Locations like Business Bay, Downtown Dubai, and Palm Jumeirah continue to be popular among luxury buyers, while areas like Jumeirah Village Circle have seen steady demand from more budget-conscious investors. With an average price of AED 1.05 million ($286,000), Jumeirah Village Circle offers a balanced option for those seeking value without compromising on quality.

The balance between luxury developments and affordable housing options underpins Dubai’s strategic growth. This trend is expected to continue, particularly as the city’s infrastructure evolves. New urban developments, backed by the Dubai Real Estate Sector Strategy 2033, will further drive growth, providing an attractive environment for investors and residents alike.

Rental Market Shows Resilience

The rental market in Dubai also displayed signs of stability in November 2024, with a total value of AED 3.53 billion ($961 million) in rental transactions. While transaction volumes saw a slight dip compared to the previous year, the average annual rent surged by 20.8%, reaching AED 90,288 ($24,600). This rise underscores the ongoing demand for quality rental properties in the city, reaffirming Dubai’s status as a global hub for investors.

Real estate is not just an investment; it’s a cornerstone of financial stability and long-term growth. As markets like Dubai continue to flourish, investors have a rare opportunity to enter regions on the brink of major transformation.

At One Investments, we make the investment journey effortless. With hands-off rental management and secure, high-return opportunities, we ensure consistent results with minimal involvement. Contact us today to secure your financial future!