Market Insights: November 2024

17,700 off-plan units launched, bringing the year-to-date total to over 135,000.

The AED 500k-750k price tier saw the highest growth, up 2.3%, now making up 14.4% of the market.

October may have set new highs, but November delivered solid performance across the board. Prices continued to edge up, albeit more modestly at 0.48% this month. While this is a step down from the brisk 1%+ gains seen in recent months, the market appears more grounded - unlike the last cycle's 24 months of sharp, speculation-driven price increases exceeding 2% per month.

After October’s record-breaking 13.4% surge in sales, November naturally eased, with activity dipping by 29.2%. Even so, it set a new November record, surpassing the previous high by 18%. This cements November as the strongest on record, showcasing the market's consistent strength. As expected, residential properties dominated, accounting for 93.5% of transactions, with apartments, townhouses, and villas leading the way.

The off-plan market stayed active in November, with over 17,700 new units launched - proof that developers are as confident as ever. Transactions reached 8,550, marking steady activity despite a dip from last month.

In November, the AED 500k-750k price tier stole the spotlight, growing by 2.3% to claim 14.4% market share. This surge came on the back of successful launches like Binghatti Apex and Belle Reve in Jumeirah Village Circle, where lower-mid category apartments sold for an average of AED 1,437 and AED 1,442 per sq.ft.. Buyers clearly found great value in these competitively priced developments.

The AED 750k-1M tier wasn’t far behind, adding another 1.6% to its market share. Projects like LUM1NAR Towers and Red Square in Jumeirah Village Triangle led the charge here, with average prices hitting AED 1,497 and AED 1,560 per sq.ft., making them attractive options for investors.

Meanwhile, the AED 2M-3M price tier had a tougher month, losing 1.7% market share to settle at 17.2%. Based on these figures, buyers are increasingly drawn to lower-priced segments, where exciting new launches offer both value and opportunity.

When grouping the nine price tiers into three broader categories, the mid-tier (AED 1M-3M) dominated in November by capturing 48.6% market share. However, it also dropped by 3.7% from last month, suggesting a slight cooling in demand for properties in this range.

On the other hand, the lower-priced segments (under AED 1M) made a strong comeback, rising 5.2% to capture 31.7% market share. This growth was driven by the standout performance of the AED 500k-750k tier, which increased by 2.3% from October.

Lastly, the high-end segment (over AED 3M) slipped by 1.5% to account for 19.7% of transactions. As luxury properties appear to be stabilising, there seems to be an obvious shift towards more affordable and mid-range options in the market. This balance highlights the diverse demand across Dubai's property landscape.

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