As 2024 comes to a close, Dubai’s real estate market continues to outperform expectations. In November, property prices experienced a modest 0.48% increase, reaching AED 1,480 per square foot, 20% above the 2014 peak. With a consistent average monthly growth of 1.23% over the past 49 months, the market remains stable and less subject to speculation. While transaction volumes fell by 29.2% to 14,483, this figure still represents the highest November total recorded, exceeding last year’s performance by more than 18%.
Off-plan sales, which have been a major driver of Dubai’s property market, saw a notable shift in November. Off-plan transactions dropped by 35.8%, now representing 59% of the market share. However, the launch of over 17,700 new residential units, valued at AED 53.7 billion, continued to drive the market. Year-to-date, nearly 135,000 units have been introduced, with a total sales value reaching AED 333 billion. Apartments make up the majority of new inventory, representing 71.8% of the residential units launched. Townhouses and villas follow at 23.9% and 4.3%, respectively.
Resale transactions rose by 8.4%, making up 39.6% of all sales, with off-plan resales declining slightly. Mortgage activity dropped 7.3%, with new purchase money mortgages comprising 60.9% of borrowing. The average loan amount was AED 2.03 million, indicating strong demand despite cautious market sentiment.
As Dubai’s property market continues its upward trajectory, the balance between stability and growth becomes more apparent.
