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November 2023 - Dubai Real Estate Market Report

Welcome to the Dubai Real Estate Market Report for November 2023, where we delve into the latest insights and trends in one of the world's most dynamic property markets. With a staggering 10,065 property transactions and a total sales value of AED 37 billion, this month's report showcases the remarkable resilience and growth of Dubai's real estate sector. Notably, the total value of property transactions has surged by an impressive 25% compared to the same month last year, reflecting the city's ever-thriving property market. Join us as we explore the key highlights and developments shaping Dubai's real estate landscape in November 2023.


SALES VALUE AND TRANSACTIONS


In November 2023, the Dubai real estate market witnessed remarkable shifts in sales value and volume across various property categories. The sales value of plots experienced an exponential increase, surging by an astounding 219% compared to November 2022, with a total value of AED 11.4 billion. Apartments, on the other hand, displayed a slight decline of -16.8% in sales volume in comparison to the same period last year, totaling 6,539 units, with a sales value of AED 12.2 billion. Villas maintained their stability with a marginal increase of 0.5% in sales volume, reaching 2,143 units and a sales value of AED 12.9 billion. Furthermore, the commercial property segment demonstrated robust growth, recording a 24.1% increase in sales value, amounting to AED 581.3 million, with 1,059 transactions. These figures highlight the dynamic nature of Dubai's real estate market, with each property category contributing to its continued vitality and expansion.


MONTHLY PERFORMANCE AND SALES VOLUME


In November 2023, there was a remarkable year-on-year surge of 25.3% in transaction value, totaling AED 37 Billion.


TOP PERFORMING DUBAI AREAS


In November 2023, several key areas in Dubai stood out as top performers in the real estate market. Business Bay took the lead with a substantial sales volume of 899 transactions, resulting in a sales value of AED 1,668 million. Jumeirah Village Circle closely followed with 837 transactions and a sales value of AED 744 million. Dubai Marina exhibited robust performance, recording 528 transactions and a sales value of AED 1,570 million. MBR City continued to contribute significantly to the market with 521 transactions amounting to AED 765 million in sales value. Downtown Dubai showcased its allure with 422 transactions, contributing substantially to a total sales value of AED 1,384 million. These top-performing areas underscore the diverse opportunities and attractiveness of Dubai's real estate market, making them sought-after destinations for both investors and homebuyers.


SALES VOLUME BY PRICE RANGE & CATEGORY


Amidst the evolving real estate landscape, there's a notable trend of residents transitioning from renting to homeownership, injecting new vitality into the mid-market real estate sector. Notably, a significant 58% of property sales are concentrated on homes priced below 2 million AED, attracting not only local residents but also garnering increasing interest from international investors. These investors are enticed by the affordability and contemporary lifestyle offered by apartments, leading to a remarkable 74% demand for properties within the sub-3 million AED range. Additionally, the real estate market witnessed an exceptional surge in plot sales in October 2023, with 1,059 plots changing hands, valued at a total of AED 11.4 billion. This remarkable performance, reflecting a staggering 219% increase in sales value compared to the previous year, underscores heightened investor confidence and a growing appetite for properties in Dubai's dynamic real estate sector.


PROPERTY PRICE AVERAGES


The average property prices in Dubai saw an in increase for villas and the commercial sector. Within this period, average villa prices rose by 9.2%, while average commercial properties recorded even more substantial growth at +31.6%.


PRICE PER SQUARE FOOT CHANGES BY YEAR


In November 2023, the average price per square foot in Dubai's real estate market experienced a modest increase of 1.6% compared to the corresponding period in the previous year. This incremental growth reflects the market's resilience and stability, providing potential investors and homeowners with a favorable environment for their real estate endeavors.



SALES VALUE FOR NOVEMBER - BY YEAR


In November 2023, the total value of transactions in Dubai's real estate market surged to an impressive AED 37.7 billion, marking a substantial year-on-year growth of +27.56%. This robust performance signifies the continued strength and vibrancy of Dubai's real estate sector, attracting investors and stakeholders alike with its remarkable growth trajectory.


DUBAI MEDIAN PRICES


In November 2023, Dubai's real estate market exhibited diverse median prices and price per square foot values across various popular neighborhoods. Noteworthy trends include MBR City with a median price of AED 890,000 and a competitive price per square foot at AED 1,870, reflecting its attractiveness to buyers. Business Bay remained dynamic, showcasing a median price of AED 1,463,389 and a price per square foot of AED 2,031, with a significant 900 transactions, highlighting sustained interest in this area. Jumeirah Lake Towers offered a median price of AED 1,368,385 and a price per square foot of AED 1,161, with 226 transactions contributing to its market appeal. Meanwhile, Villanova attracted attention with a median price of AED 2,300,000 and a price per square foot of AED 1,092, indicative of its growing popularity. Arabian Ranches continued to be a high-end residential destination, boasting a median price of AED 3,200,000 and a price per square foot of AED 1,185, with 101 transactions. These diverse figures demonstrate Dubai's ability to cater to a wide range of preferences and budgets in its dynamic real estate landscape.


RENTAL PRICES


Rental prices in Dubai's real estate market saw significant changes. Average apartment prices rose to AED 70,000, marking a notable increase of 20.7% compared to November 2022. Similarly, villa rentals recorded substantial growth, with an average price of AED 175,500, reflecting a significant increase of 30% compared to the previous year. Commercial properties also experienced a positive trend, with average prices reaching AED 48,000, indicating a noteworthy increase of 20% compared to the same period in 2022. These shifts in rental prices reflect the dynamic nature of Dubai's property market and its evolving landscape.

The number of mortgage transactions and their value for Dubai residents in the month of October 2023
Mortgage Values and Transactions

MORTGAGE VALUES & TRANSACTIONS


As of November 2023, the Dubai real estate market has witnessed a notable increase in mortgage transactions, indicating a growing interest among residents to become homeowners. There were a total of 2,904 mortgage transactions, reflecting a significant surge of 27.8% compared to November 2022. However, it's important to note that the total mortgage value amounted to AED 9.1 billion, which represents a decrease of -47.5% when compared to the figures from November 2022. These trends suggest a shift towards homeownership in Dubai, with more residents exploring mortgage options, potentially driven by the evolving real estate landscape and changing market conditions.


MOST EXPENSIVE APARTMENTS SOLD


November 2023 witnessed some remarkable transactions in the luxury segment of Dubai's real estate market. The most expensive apartments sold during this period reflect the city's penchant for opulent living. Topping the list was Bulgari Lighthouse on Dubai Island, commanding an impressive AED 144,000,000. Following closely, Ava by Omniyat on Palm Jumeirah and One Za'abeel Tower in Zaabeel First were sold for AED 107,000,000 and AED 71,000,000, respectively. Additionally, BV Residences 3 in Jumeirah Bay fetched AED 60,000,000. These transactions exemplify the allure of Dubai's luxury property market, where discerning buyers seek elegance and sophistication in their residences


MOST EXPENSIVE VILLAS SOLD


November 2023 marked notable transactions in Dubai's high-end villa market, showcasing the city's affinity for luxurious living spaces. At the pinnacle of these sales was Eome on Palm Jumeirah, with an impressive price tag of AED 200,000,000. Following closely, Zaya Zuha Island in The World was sold for AED 72,000,000, while Hills Grove in Dubai Hills fetched AED 65,000,000. Additionally, a villa on Frond P in Palm Jebel Ali was sold for AED 46,000,000, and Signature Mansions in Jumeirah Golf recorded a sale of AED 43,000,000. These transactions underscore the demand for lavish, spacious homes in Dubai's upscale neighborhoods, where buyers seek exclusivity, comfort, and a luxurious lifestyle.


FINAL THOUGHTS


In conclusion, November 2023 has been a remarkable month for the Dubai real estate market. The surge in property transactions, with a total value of AED 37 Billion, reflects the city's vibrant property sector and its enduring appeal to investors and residents alike. This growth, with a YoY increase of +27.56%, underlines the city's resilience and continued potential as a global real estate hub.


While average prices per square foot saw a modest 1.6% rise compared to the previous year, the diversity in median prices across popular Dubai neighborhoods showcases the city's ability to cater to various preferences and budgets. From the bustling Business Bay to the tranquil Villanova, Dubai offers a wide range of options for property buyers and investors.


Furthermore, the shift towards homeownership, with rising demand in the mid-market segment and a notable increase in mortgage transactions, signals a changing landscape in Dubai's real estate. As the city continues to adapt and evolve, it remains an attractive destination for those seeking real estate opportunities, whether as investors or prospective homeowners.


For more insights and detailed statistics, you can download our full Dubai Real Estate Market Report for November 2023. It's an exciting time for Dubai's property market, and the future promises even more opportunities for growth and investment in the ever-evolving cityscape.


Download our full Dubai Real Estate Market Report for November 2023:


DUBAI REAL ESTATE MARKET REPORT NOV 23_REAP REAL ESTATE
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