Dubai Real Estate Market Report — November, 2021

Dubai Real Estate Market Report – November 2021

Dubai's property market set a record in November 2021. Taking in every property type, 6,995 sales changed hands for AED 17.96 billion, at a median of AED 1,122/sqft. Narrowed to the apartment, villa and commercial basis, 6,702 deals were completed — up +84% versus November 2020 — with their AED 15.21 billion of value running +152% higher.

That leap looks large mainly because of the base it was measured against. 2021 marked the first full year after lockdown, and as restrictions lifted and overseas buyers returned, trading sprang back from the subdued levels of twelve months earlier. Both volume and value reached November records.

Headline figures

Year-on-year performance by category

Apartments drove the expansion. The category recorded 4,528 sales — the strongest November tally in the 8-year series and 1,869 above a year earlier, a +70% advance. In year-on-year terms value almost tripled, rising +168% to AED 8.59 billion, aided by sturdier prices: the median hit AED 1,372/sqft, +17% on 2020 and +13% over the 2014 base, while the typical ticket rose +34% to AED 1,250,000.

Villas expanded quicker still from their smaller starting point. Deals more than doubled, climbing +126% to 1,901 — likewise a November high for the series and 1,059 more than the prior year — as value gained +139% to AED 6.28 billion. It was on price that villas shone brightest: their AED 870/sqft median was +27% up year on year and the loftiest November rate per square foot in the 8-year series, +14% above 2014. The median ticket edged +17% higher to AED 2,227,000.

Commercial trading rebounded as well, though more modestly. Its 273 deals were the busiest November since 2014 — a +87% increase and 127 above a year earlier — while value rose +67% to AED 345.57 million. At AED 749, pricing per square foot was +10% up on the year and the firmest November figure since 2018, yet it sits -36% under the 2014 base, and the median ticket slipped -4% to AED 675,016 — a sign that offices and retail are still emerging from a deeper trough than homes.

Every category, including plots and buildings

Primary versus resale

Freshly completed and off-plan stock carried most of the load. Primary sales took 69% of volume and 70% of value — 4,605 deals worth AED 10.66 billion — set against 2,097 resale transactions representing 31% of volume, 30% of value and AED 4.56 billion. That lean toward primary product fits a market being lifted by new launches and reviving international appetite rather than by the resale channel.

Where the activity was

Trading concentrated in the long-established waterfront and central neighbourhoods. Marsa Dubai headed the value ranking at AED 2.14 billion, followed by Al Hebiah Fourth (AED 1.61 billion), Business Bay (AED 1.36 billion), Palm Jumeirah (AED 1.29 billion) and Downtown Dubai (AED 1.12 billion). On raw count Business Bay led with 877 sales, then Marsa Dubai (741) and Al Hebiah Fourth (590), with Wadi Al Safa 5 (431) and Al Barsha South Fourth (384) completing the busiest districts.

Rental market

Leasing painted a calmer picture than sales. New apartment contracts increased +11.89% to 13,784 at a median of AED 41,000 (+2.50%), and renewals rose +22.51% to 8,152, although renewal rents eased -7.16% to AED 46,000. Villa demand cut two ways: new contracts dropped -26.21% to 1,157 while renewals advanced +20.66%, and new-lease medians gained +4.55% to AED 115,000. Commercial leasing strengthened by volume, with new contracts up +30.10% to 1,742. Overall, new lettings saw firmer rents while renewals gave a little back.

Supply

New supply remained scarce next to completions. Developers rolled out 13 projects adding up to 3,000 units, while 8 projects handed over 3,676 — a net 676 more homes delivered than launched. With completions outpacing launches, the immediate forward pipeline stayed contained even as demand climbed.

Launched

• Jumeirah Living Marsa Al Arab – Um Suqaim Third (Meraas), 31 units
• Azizi Riviera 46 – Al Merkadh (Azizi), 422 units
• Alaya – Al Hebiah Fourth (Majid Al Futtaim), 409 units
• District One Views – Al Merkadh (Meydan), 104 units
• Celadon 3 – Al Wasl (Meraas), 183 units
• Golden Wood Views-1 – Al Barsha South Fifth (Golden Wood), 59 units
• Taraf 2 Residence – Al Barsha South Fifth (Taraf Development), 95 units
• Peninsula Two – Business Bay (Select Group), 462 units
• Sobha Hartland Waves Grande – Al Merkadh (Sobha), 466 units
• Viridian – Al Wasl (Meraas), 132 units
• Azizi Riviera 45 – Al Merkadh (Azizi), 190 units
• Azizi Riviera 44 – Al Merkadh (Azizi), 279 units
• Sun Point Dubai C – Me'Aisem First (Sol Properties), 168 units

Delivered

• Majestique Residence 2 – Dubai South (Credo Group), 60 units
• Park View Tower – Al Barsha South Fourth (Revi), 280 units
• Paramount Tower Hotel & Residences – Business Bay (Damac), 881 units
• Creek Gate Tower 2 – Dubai Creek Harbour (Emaar), 517 units
• Ar Ii Camelia 2 – Wadi Al Safa 7 (Emaar), 168 units
• Azizi Plaza – Jabal Ali First (Azizi), 449 units
• The Cove Ii Building 6 – Dubai Creek Harbour (Emaar), 352 units
• Terhab Hotel & Towers - Tower 2 – Al Barsha South Fifth (Manazil Global), 969 units

Most expensive sales

Top apartment sales

1. AED 40,000,000 – Bulgari Residences 2, Jumeirah Bay Islands
2. AED 37,000,000 – Five At Palm Jumeirah Dubai, Palm Jumeirah
3. AED 25,000,000 – Bluewaters Residences 9, Marsa Dubai
4. AED 17,782,577 – The Address Residences Dubai Opera T2, Downtown Dubai
5. AED 16,600,000 – Serenia Residences Building B, Palm Jumeirah

Top villa sales

1. AED 92,000,000 – Emirates Living
2. AED 41,838,000 – Palm Jumeirah
3. AED 32,000,000 – Hadaeq Sheikh Mohammed Bin Rashid
4. AED 21,800,000 – Al Merkadh
5. AED 16,800,000 – Me'Aisem First

Notes on methodology

Scope. The headline totals and the category table include every property category in the data, Plot and Building among them. The primary/resale split, top-area rankings and the year-on-year series relate to Apartment, Villa and Commercial alone, so those numbers are intentionally smaller than the headline and should not be summed across sections.

Rounding. The headline totals are the authoritative rounded values. Category-level breakdowns are rounded on their own and may not add up precisely to the headline.

Definitions. Price figures are medians rather than averages. Year-on-year sets the period against the matching period a year before. All values are in AED; areas in square feet.