Dubai real estate market figures for November 2024
Dubai's real estate market continues to move forward. The figures for November are once again very good, and growth is on the up. In this article, Dubai Immo takes a look at the key figures for the Dubai real estate market in November 2024.
Thanks to DXB Interact and the Dubai Land Department for providing these figures.
Strong sales growth
The number of sales has risen sharply. With 13,502 transactions recorded, November 2024 saw a 10.5% increase on November 2023. The average price per m2 also increased (+8.8%), to just over €4,000. In detail, off-plan sales rose by 7.4%, against 14.7% for the resale market. The number of apartments sold during the period was 10,857, for 1,903 villas. Total sales amounted to 40 billion dirhams, or 10 billion euros. This figure is down on 2023 (-5.7%). This is due to the type of property sold during the period, marked by the launch of low-cost projects in the JVC and Dubailand districts, for example.
Dubai neighborhoods: JVC still tops the sales charts
Jumeirah Village Circle (JVC) recorded 1,538 sales. That's 690 more than Dubai Marina, which ranks second. With 809 sales recorded in November, Business Bay rounded out the podium of neighborhoods with the highest number of transactions in November 2024.
Explosion in the number of mortgages
The number of purchases made using a mortgage jumped by 40% between November 2023 and November 2024. For the first time, the number of bank-financed sales exceeds 30%. This development reflects the fact that, as Dubai's population grows, more and more residents are eligible for credit.
Record sales in November 2024
The most expensive apartment sold in November 2024 was a penthouse at Six Senses Palm Jumeirah. It sold for 130 million dirhams, or around 32.5 million euros. The most expensive villa sold is located on Palm Jumeirah, for a price of 10 million euros.
Conclusion
Dubai's real estate market remains buoyant, supported by a growing number of local and international investors. Of particular note is the sharp rise in the number of bank-financed sales, which should help support the secondary market.
Guillaume Giroux, Dubai Immo founder and real estate expert, Dubai, UAE
As founder of the Dubai Immo Group and a real estate investor, I bring you daily updates on the Dubai market. My aim is to provide you with all the keys you need to invest wisely and securely, by sharing my in-depth analysis and strategic advice.
