Dubai Real Estate Market Report — November, 2024

Dubai Real Estate Market Report – November 2024

Dubai's real estate market ended November 2024 on a record footing, registering 14,529 transactions totalling AED 43.25 billion — its best-ever November on both volume and value within the series. That top-line figure, however, conceals a split market: apartment activity soared while villas pulled back, leaving the citywide median unchanged at AED 1,515/sqft.

On the apartment, villa and commercial basis alone, volume rose +21% year on year to 14,175 deals, yet value nudged higher by only +2% to AED 35.13 billion — and that divergence defines the month, with a surge of apartment trading counterbalancing a steep drop in pricier villa sales.

Headline figures

Year-on-year performance by category

Apartments powered the growth. Volume leapt +39% to 11,581 deals — 3,262 above the prior year and the strongest November count in the 11-year series — as value advanced +33% to AED 21.24 billion. Notably, the median rate per square foot sat flat at AED 1,570/sqft (0%, yet still +30% higher than 2014), while the median ticket softened -5% to AED 1,200,000. The upswing reflected volume, not pricing: purchasers took up more lower-value units without pushing rates up.

Villas moved in the reverse direction, the sole segment to decline. Deals fell -27% to 2,232 — 842 below last November and the thinnest November total since 2021 — pulling value down -30% to AED 12.59 billion. Here price was driven by scarcity rather than softness: with land costly and lightly traded, the median rate hit AED 1,422/sqft, a sharp +27% higher year on year and +87% above 2014 — the loftiest November rate per square foot in the series. The median ticket ticked up +3% to AED 3,200,000.

Commercial is a minor share but ran hot. Volume edged up a modest +7% to 362 deals — a November high in itself — while value more than doubled, climbing +108% to AED 1.29 billion as bigger transactions landed. Prices firmed all round, to AED 1,500/sqft (+24% year on year and +29% since 2014), with the median ticket at AED 1,500,000, up +30%.

Every category, including plots and buildings

Outside the apartment, villa and commercial categories, land carried real weight: 353 plot transactions produced AED 7.62 billion at a median of AED 463/sqft, with a typical plot trading at AED 6,432,156. One building sale contributed a further AED 505.00 million. Combined, these pushed the all-property total well beyond the AED 35.13 billion apartment-villa-commercial base — a reminder that Dubai's record headline rests partly on land and whole-asset transactions.

Primary versus resale

Off-plan and developer sales set the pace, with primary deals capturing 62% of volume and 59% of value — 8,723 transactions worth AED 20.82 billion. Resale made up the rest: 5,452 deals, or 38% of volume, but a heavier 41% of value at AED 14.30 billion. That divergence — resale taking a larger slice of dirhams than of deals — indicates secondary-market buyers tilted toward pricier, completed stock.

Where the activity was

By geography, value and volume diverged. Marsa Dubai topped the value ranking at AED 3.09 billion, ahead of Business Bay (AED 2.75 billion), Wadi Al Safa 5 (AED 1.81 billion), Al Barsha South Fourth (AED 1.70 billion) and Hadaeq Sheikh Mohammed Bin Rashid (AED 1.64 billion). On deal count, however, the affordable master-communities came out on top: Al Barsha South Fourth led with 1,574 transactions, trailed by Wadi Al Safa 5 (1,053), Marsa Dubai (841), Business Bay (822) and Al Barsha South Fifth (734).

Rental market

Leasing held firm. New apartment contracts grew +8.75% to 12,615, with median rent rising +15% to AED 69,000, while the larger renewals book of 14,002 contracts saw median rent advance +11.11% to AED 55,000 — renewing tenants are still closing the gap to the market. Villa rents also moved up, new leases at a median AED 170,250 (+6.41%) and renewals climbing +13.44% to AED 154,000. Commercial stood apart: new contracts surged +27.79% to 2,373 even as their median rent eased -15% to AED 85,000, while commercial renewals firmed +19.70% to AED 108,900.

Supply

Supply tilted sharply toward new launches. Developers introduced 15,570 units across 48 projects, versus only 1,923 units handed over from 8 finished projects — a launch-to-delivery ratio of 8.1 and a net 13,647 more units launched than delivered. The pipeline is filling much faster than it clears, keeping upcoming completion volumes firmly in focus.

Launched

• The Valley - Kaia – Al Yufrah 1 (Emaar), 156 units
• Damac Hills (2) - Violet 4 – Madinat Hind 4 (Damac), 803 units
• Saas Hills – Al Barsha South 2 (Saas), 859 units
• One Beverly – Al Barsha South 3 (Hmb Homes), 389 units
• Brand Centro – Al Satwa (Ems), 56 units
• Rove Home Dubai Marina – Marsa Dubai (Irth), 682 units
• Damac Riverside Views - Marine 2 -B – Dubai Investment Park Second (Damac), 716 units
• Hillsedge Tower B – Hadaeq Sheikh Mohammed Bin Rashid (Emaar), 396 units
• Azizi Zain – Jabal Ali First (Azizi), 115 units
• Golf Edge – Dubai South (Emaar), 179 units
• Rome 2 By Sd – Wadi Al Safa 3 (Samana), 42 units
• Binghatti Elite – Me'Aisem First (Binghatti), 1,745 units
• 4b Living – Warsan Fourth (H S E Realty), 74 units
• Lacina Building 3 – Wadi Al Safa 4 (Majid Al Futtaim), 250 units
• Al Serh Residences 11 By Asak Real Estate Development – Al Barsha South Fourth (Asak), 105 units
• Amethyst By Siroya – Wadi Al Safa 3 (Siroya Ventures), 53 units
• Ocean Pearl By Sd - 2 – Dubai Islands (Samana), 146 units
• The Eighty Three – Dubai South (Oksa Developer), 70 units
• Damac Riverside Views - Marine 1 -B – Dubai Investment Park Second (Damac), 716 units
• Marina Place 1 – Madinat Dubai Almelaheyah (Emaar), 162 units
• Bayz 102 By Danube – Business Bay (Danube), 1,088 units
• Forest City Tower – Wadi Al Safa 3 (Al Helal Al Zahaby), 253 units
• Binghatti Starlight – Al Jaddaf (Binghatti), 511 units
• Terra Heights Building 4 – Dubai South (Emaar), 1,004 units
• Binghatti Grove – Al Barsha South Fourth (Binghatti), 404 units
• Rome By Sd – Wadi Al Safa 3 (Samana), 42 units
• The Community-Sports Arena – Al Hebiah Fourth (Aqua Properties), 396 units
• Eden House - The Park G – Al Wasl (H&H), 466 units
• Voi Residence By Hvm Living – Dubai South (Hvm Living), 68 units
• Bonds Avenue Residences – Dubai Islands (Nakheel), 75 units
• The One By Prestige One – Al Thanyah First (Prestige One), 41 units
• Val By Kasco – Al Jaddaf (Kasco), 134 units
• Olivo Park Residences By Evera – Al Barsha South Fourth (Evera Development), 122 units
• Damac Riverside Views - Marine 4 – Dubai Investment Park Second (Damac), 276 units
• 11 Hills Park – Al Barsha South 2 (Townx), 571 units
• Avenue Park Towers - B – Al Kifaf (Wasl), 586 units
• The Valley - Elea – Al Yufrah 1 (Emaar), 128 units
• Damac Riverside Views - Marine 3 – Dubai Investment Park Second (Damac), 276 units
• Claydon House By Ellington – Bukadra (Ellington), 415 units
• Mackerel Tower – Dubai Islands (Tarrad Development), 62 units
• Discovery Dunes – Dubai South (Dlc Ds Developer), 80 units
• Knightsbridge Park – Wadi Al Safa 3 (Leos), 66 units
• Blossom 76 By Tranquil – Al Barsha South Fourth (Tranquil Infra), 113 units
• Binghatti Pinnacle – Al Jaddaf (Binghatti), 178 units
• Zephyra Residences – Dubai Islands (Arsenal East), 102 units
• Lexington – Al Yelayiss 2 (Nshama), 142 units
• Marina Place 2 – Madinat Dubai Almelaheyah (Emaar), 180 units
• Evora Residence – Jabal Ali First (Anax), 77 units

Delivered

• The Valley-Nara – Al Yufrah 1 (Emaar), 372 units
• Creek Palace – Dubai Creek Harbour (Emaar), 354 units
• Rosewater At Creek Beach Building 3 – Dubai Creek Harbour (Emaar), 223 units
• Gemz By Danube – Jabal Ali First (Danube), 279 units
• Maya Residences 5 – Al Barsha South Fifth (London Gate), 59 units
• Oxford Terraces 2 – Al Barsha South Fourth (Iman Developers), 101 units
• Grove At Creek Beach Building 5 – Dubai Creek Harbour (Emaar), 291 units
• La Violeta 1 – Wadi Al Safa 5 (Dubai Properties), 244 units

Most expensive sales

Top apartment sales

1. AED 58,718,813 – Baccarat Residence T2, Downtown Dubai
2. AED 54,000,000 – Bulgari Residences 1, Jumeirah Bay Islands
3. AED 32,995,593 – Sobha Seahaven - Tower A, Marsa Dubai
4. AED 27,750,000 – Bulgari Residences 2, Jumeirah Bay Islands
5. AED 23,777,278 – Dubai Harbour Residences (Area 1)-A, Marsa Dubai

Top villa sales

1. AED 200,000,000 – Hadaeq Sheikh Mohammed Bin Rashid
2. AED 125,000,000 – Emirates Living
3. AED 75,000,000 – Palm Jumeirah
4. AED 71,560,000 – Al Hebiah Fourth
5. AED 65,000,000 – Wadi Al Safa 3

Notes on methodology

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

Rounding. Headline totals are the authoritative rounded numbers. 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 same period a year before. All values in AED; areas in square feet.