Dubai Property Market Records 15.4% Rise in Residential Sales & $2.5B Commercial Deals
Based on the stats of November, the Dubai property market continues to flourish. The city observed a 15.4% growth in residential sales and $2.5 billion in commercial deals on a year-over-year basis. According to Engel & Volkers Middle East, there were around 12,695 residential sales, reflecting the market’s potential sustainability and persistent growth.
Considering the available data, the month also experienced a slight 0.38%increase in average prices of properties, showcasing the market’s steady growth. The sales of affordable properties in Dubai grew significantly as the sales of properties valued under AED 1 million grew 26.6% in the month of November as compared to October, making around 32.2% of the sales. The sales of apartments comprised over 84% of the total sales.
Jumeirah Village Circle with sales of 1,035 units, Jumeirah Village Triangle with 670 and Business Bay with sales of 423 units became the top 3 neighborhoods in terms of sales transactions.
Along with residential properties, the sale of commercial real estate also grew largely as it saw a 3.1% increase on a year-on-year basis. The sale of office spaces also went up by around 24.2%, demonstrating the demand for premium office spaces in Dubai.
“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.” said the CEO of Engel & Volkers Middle East, Daniel Hadi.
He further stated, “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.”