November was the best-performing month in the history of the Dubai property market.
There were nearly 10,600 transactions in the month of November.
We witnessed a sales volume increase of over 50% compared to November 2021.
The total sales value reached nearly AED 30B, and the property sales value is up by 65% compared to November 2021.
Apartments continue to be the main interest of investors. There was an increase of over 74% in apartment sales compared to November 2021, with nearly 8,000 transactions being made.
Monthly apartment sales volume - 2022 | Off-plan and ready combined
Property sales volume in November over the years - All types - Off-plan and ready combined - DXB Interact
Property sales value in November over the years - All types - Off-plan and ready combined - DXB Interact
Mortgage Transactions and Value
We are seeing a major increase in both the number of mortgage transactions and mortgage value, indicating a growing number of live-in buyers, and people moving to Dubai from other countries.
November’s mortgage value was more than double that of 2021, at over AED 17B.
The average price per square foot is the highest on record for the month of November, at just over AED 1,300/sqft.
Average property price/sqft for November - All property types
Price Changes by Property Type
Avg. AED Price
vs. Aug 2014 %
vs. Aug 2021 %
Apartment sales were once again responsible for a vast majority of the transactions.
- Over 7,800 apartments were sold, up nearly 75% vs. November 2021, amounting to AED 16.6B.
- Over 900 villa transactions occurred, which is a decrease of more than 50% vs. November 2021, amounting to nearly AED 3B.
- Over 1,500 plots were sold, at a 426% jump compared to November 2021, amounting to nearly AED 10B in sales value.
- Over 260 commercial property transactions took place, which is down by 5% compared to November 2021, amounting to just over AED 400M.
Off-Plan Vs. Ready
Off-plan sales made for 55% of the total sales volume, and 63% of the overall sales value. (all property types)
Top Performing Areas
1,084 off-plan and ready property transactions occurred in Business Bay, taking this highly sought-after location to the top of our list, with a total sales value of over AED 2B.
Al Merkadh (MBR City) was the highest-selling off-plan apartment community by a long shot, with over 800 transactions valued at a total of over AED 1.2B
Off-plan apartment sales - November
- Off-Plan: Al Merkadh - 828 transactions - Total value: AED 1.2B
- Ready: Dubai Marina - 451 transactions - Total value: AED 1.2B
- Off-Plan: Wadi Al Safa 5 - 96 transactions - Total value: AED 214M
- Ready: Villanova - 54 transactions - Total value: AED 92M
- Off-Plan: Al Merkadh - 8 transactions - Total value: AED 14M
- Ready: Business Bay - 124 transactions - Total value: AED 200M
Buyers of all ages are showing great interest in off-plan apartments. Most notably, the age group of 36-40 had a 74% increase in sales volume compared to November 2021.
The age group of 56-60 is beginning to show growing trust in off-plan properties, with an increase of over 70% in transactions compared to 2021.
Off-plan apartment transactions - Age demographics - DXB Interact
Marsa Dubai is the top-performing area for apartment rental transactions, with a total of 271 transactions taking place.
Top 10 Performing Areas - Rental Transactions
One-bedroom apartments make up nearly 70% of rental transactions.
Property Sales Volume by Price Range
Properties that sold for up to AED 3M made for 61% of the total sales volume with 6,422 total transactions.
Over 1,000 properties were sold for AED 5M+.
November Property Sales Volume by Price Range (off-plan/ready-made combined, all property types)
For the Love of Luxury
We are witnessing a surge in luxury transactions, with sales values on the rise. The highest transaction value took place at the Club Villas on Palm Jumeirah for AED 145M.
Six Senses Residences - Palm Jumeirah
Top five projects with the most expensive sold apartments:
- Six Senses Residences - 📍Palm Jumeirah - AED 81M
- Dorchester Collection, 📍Business Bay - AED 66M
- One At Palm Jumeirah, 📍Palm Jumeirah - AED 62M
- Royal Atlantis Residences, 📍Palm Jumeirah - AED 58M
- Mr. C Residences,📍Block B1, Jumeirah Second - AED 52M
Top five areas with the most expensive sold villas:
- Club Villas, 📍Palm Jumeirah - AED 145M
- MBR City, 📍MBR District 1 - AED 44M
- Villa Amalfi, 📍Island 2 - AED 28M
- Sur La Mer, 📍La Mer - AED 18M
- Nad Al Sheba Gardens Phase 2, 📍Nad Al Shiba 1st - AED 15M
November was the strongest month on record in terms of both sales volume and value. The total sales value reached just under AED 30B.
- Apartment transactions were responsible for the majority of sales. Over 7,800 apartments were sold, up over 71% vs. November 2021, amounting to AED 16.6B.
- The mortgage transaction value has more than doubled that of November 2021. This comes from an increase in ex-pats moving to Dubai, as well as an increased number of luxury transactions.
- Off-plan apartment sales rose by over 56% in Business Bay.
- Over 1,500 plots were sold, adding up to a value of AED 10B.
- We are witnessing a surge in luxury transactions, with sales values on the rise. The most expensive villa sale was at Palm Jumeirah - Club Villas for AED 145M.
For more information on the record-breaking state of Dubai’s property market and trends, have a quick look at our Interactive Reporting Tool.
*Notes and Disclaimers:
- Prepared by Fateh Al-Msaddi&Steven Worlow.
- In this report, “transaction” refers to the actual property sales, which do not include mortgage or gift transactions.
- Off-plan property could be sold by a developer or individual.
- Some villa transactions were registered as plots in The Dubai Land Department, so we modified what we notice to be villas with a high level of accuracy.
- Plot transactions are excluded when it comes to comparing off-plan vs. ready property sales.
- We are not responsible for any investment decision made based on the information in this report.
- Figures have been rounded to the neared tenth for clarity.