The Dubai real estate market continued its upward climb in November 2023, with overall transaction volumes remaining robust. However, a closer look reveals a slight moderation in the ready apartment segment, while off-plan apartments and villas sustained their strong momentum.

Ready apartments:

Transactions dipped by 16.8% compared to November 2022, suggesting a potential plateauing in this segment.

Median price per square foot stood at AED 1,271, reflecting a 9.1% decrease year-on-year.

Average apartment size involved in transactions reached 1,208 sq ft, indicating buyer preference for larger units.

Off Plan Apartments

Off-plan apartments defied the overall moderation, recording a notable 24.1% increase in transactions year-on-year.

This segment’s median price per square foot remained stable at around AED 1,197, showcasing continued investor confidence.

The average size of off-plan apartments sold was 1,362 sq ft, aligning with the trend for ready apartments.

Villas:

The villa market remained a bright spot, with transaction volumes up 0.5% compared to November 2022.

Median villa prices witnessed a healthy 9.2% year-on-year increase, reaching AED 2.8 million.

This segment’s sustained performance highlights its enduring appeal to high-net-worth individuals and families.

Market Trends:

While ready apartments show a slight moderation, the overall market remains positive, supported by strong off plan sales and a resilient villa segment.

This trend aligns with experts’ predictions of a sustained upward trajectory in Dubai’s real estate market over the next five years.

The influx of foreign investors seeking value-for-money propositions continues to fuel market optimism.