Dubai Real Estate Market Report — November, 2022

Dubai Real Estate Market Report – November 2022

Dubai's property market ended November 2022 at a record high. Across apartments, villas and commercial property, 10,827 transactions changed hands for AED 27.58 billion — volume ahead +62% and value ahead +81% on November 2021, the strongest figures the nine-year series has yielded for the month on both counts.

Counting every property type, plots included, the month recorded 11,093 deals worth AED 31.03 billion at a median of AED 1,336/sqft. The expansion was broad but far from uniform: apartments carried the load, villas kept pace, and commercial was the single category to shed volume.

Headline figures

Year-on-year performance by category

Apartments drove the expansion. The segment booked 8,241 sales — 3,713 more than a year earlier, a +82% leap that marks the highest November volume in the nine-year series. Value climbed even faster, up +105% to AED 17.60 billion, more than doubling the year-earlier figure. The median reached AED 1,649/sqft, itself the highest November price per square foot on record, up +20% year on year and +36% above the 2014 base. Yet the typical ticket rose only +7% to AED 1,332,331 — a sign that buyers absorbed higher per-foot pricing partly by choosing smaller units.

Villas matched the momentum without the fireworks. Sales reached 2,329, up 428 deals or +23% — also a nine-year November high — and value gained +53% to AED 9.58 billion. Pricing firmed to AED 1,019/sqft (+17% year on year, +34% versus 2014), and the median villa ticket of AED 2,578,800 rose +16%, more than twice the pace of the apartment ticket. The premium on larger homes held firm.

Commercial was the outlier. Volume eased -6% to 257 deals, the only category to fall, even as value still advanced +14% to AED 394.69 million. Pricing tells the more revealing story: at AED 955/sqft the median was up +28% year on year — the highest November figure since 2015 — yet it still sits -18% below its 2014 level, the only segment trading beneath where it began the series. The median commercial ticket rose +22% to AED 826,630.

Every category, including plots and buildings

Plots, which sit outside the apartment-villa-commercial totals, added 266 transactions worth AED 3.45 billion — more value than the entire commercial segment. At a median AED 6,225,000 per deal and just AED 440/sqft, land trades in far larger, lower-per-foot lots than any built segment, and it largely explains the gap between the headline all-property total and the narrower category figures.

Primary versus resale

New-build supply led the market. Primary sales made up 65% of volume and 68% of value — 7,030 deals worth AED 18.63 billion — against 3,797 resale transactions totalling AED 8.95 billion (35% of volume, 32% of value). Resale's value share sitting a few points beneath its volume share signals that off-plan launches skewed toward higher-priced stock, leaving resale deals a touch cheaper on average.

Where the activity was

Palm Jumeirah headed the value table at AED 4.61 billion, ahead of Marsa Dubai (AED 2.73 billion), Business Bay (AED 1.98 billion), Hadaeq Sheikh Mohammed Bin Rashid (AED 1.93 billion) and Al Merkadh (AED 1.65 billion). By deal count the ranking reshuffles toward volume hubs: Business Bay led with 1,058 transactions, then Al Merkadh (907), Marsa Dubai (817), Jabal Ali First (766) and Palm Jumeirah (707) — the Palm topping value on comparatively few deals underscores its high average ticket.

Rental market

The leasing market registered heavy activity. New apartment contracts reached 21,140 (+53.37%) at a median AED 49,999, up +21.95%, while 21,226 renewals jumped +160.38% in count but held flat on price (median AED 45,940, -0.13%) — a wide gap between what sitting tenants pay and the going market rate. New villa leases (2,411, +108.38%) commanded a median AED 140,000 (+21.74%), and new commercial contracts (3,016, +73.13%) led all segments on rent growth at +36.06% to a median AED 92,520. Across every segment new leases repriced far faster than renewals, widening the premium tenants pay to move.

Supply

Developers kept the pipeline running well ahead of completions. 26 projects launched 5,708 units during the month against 1,830 units delivered across 9 projects — a launch-to-delivery ratio of 3.1 and a net 3,878 more units launched than handed over. With demand at record highs, forward supply is being committed faster than current stock is clearing.

Launched

• The Eugene Townhouses – Wadi Al Safa 3 (Tanmiyat), 47 units
• Park Horizon - Tower 2 – Hadaeq Sheikh Mohammed Bin Rashid (Emaar), 302 units
• Samana Santorini – Al Hebiah Second (Samana), 157 units
• Mayas Geneva – Al Barsha South Fourth (Sama Ezdan), 87 units
• Marquis Signature – Al Barsha South 3 (2020 Holdings), 91 units
• Joya Dorado Residence – Al Barsha South 3 (Green Yard), 422 units
• My Tower – Marsa Dubai (Al Masah International), 421 units
• Liv Lux – Marsa Dubai (Liv), 229 units
• Burj Binghatti Jacob & Co. Residences – Business Bay (Binghatti), 330 units
• Mr.C Residences Downtown – Al Wasl (Alta), 169 units
• Miami By Sd – Al Barsha South Fifth (Samana), 115 units
• One Canal – Al Wasl (Ahs Canal), 45 units
• Orla By Omniyat – Palm Jumeirah (Omniyat), 90 units
• North Forty Three Serviced Residences – Al Barsha South Fourth (North Forty Three Development), 229 units
• Maha Townhouses – Al Yelayiss 2 (Nshama), 500 units
• Equiti Residence – Jabal Ali First (Bnh), 100 units
• Mohammed Bin Rashid Al Maktoum City, District 11- Opal Gardens – Wadi Al Safa 3 (Meydan), 435 units
• Jouri Hills – Me'Aisem First (Arada), 294 units
• Levanto By Oro24 – Al Barsha South Fourth (Oro24), 579 units
• Equiti Apartments – Warsan Fourth (Bnh), 136 units
• Lanai Island – Al Hebiah Fourth (Majid Al Futtaim), 13 units
• Zazen Gardens – Jabal Ali First (Zazen), 157 units
• Petalz By Danube - 2 – Al Warsan First (Danube), 350 units
• Elegance Tower – Downtown Dubai (Damac), 296 units
• Equiti Arcade – Jabal Ali First (Bnh), 83 units
• Bulgari Lighthouse Dubai – Jumeirah Bay Islands (Meraas), 31 units

Delivered

• Azizi Riviera 6 – Al Merkadh (Azizi), 161 units
• Burj Royale – Downtown Dubai (Emaar), 609 units
• The Terraces S – Al Merkadh (Bolton), 255 units
• Elysee Ii By Pantheon – Al Barsha South Fourth (Pantheon), 162 units
• Azizi Riviera 13 – Al Merkadh (Azizi), 236 units
• Binghatti Jasmine – Al Barsha South Fourth (Binghatti), 93 units
• Mohammed Bin Rashid Al Maktoum City, District One Phase Iii, Residences 5 – Al Merkadh (Meydan), 123 units
• Sur La Mer 2 – Jumeirah First (Meraas), 34 units
• Belgravia Heights I – Al Barsha South Fourth (Ellington), 157 units

Most expensive sales

Top apartment sales

1. AED 51,944,523 – Mr C Residences Jumeirah - Block B1, Jumeirah Second
2. AED 44,413,000 – Safa One Tower A, Al Wasl
3. AED 37,807,375 – Mr C Residences Jumeirah - Block A, Jumeirah Second
4. AED 32,655,000 – Serenia Living - Tower 4, Palm Jumeirah
5. AED 24,500,000 – La Cote 2, Jumeirah First

Top villa sales

1. AED 145,000,000 – Palm Jumeirah
2. AED 104,404,800 – Me'Aisem First
3. AED 95,000,000 – Jumeirah Bay Islands
4. AED 78,000,000 – Emirates Living
5. AED 44,750,000 – Hadaeq Sheikh Mohammed Bin Rashid

Notes on methodology

Scope. Headline totals and the category table span every property category captured in the data, Plot and Building included. The primary/resale split, top-area rankings and the year-on-year series relate to Apartment, Villa and Commercial only, so those figures are deliberately smaller than the headline and should not be summed across sections.

Rounding. The headline totals are the authoritative rounded figures. 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 twelve months earlier. All values are in AED; areas in square feet.