In November 2023, Dubai recorded a total of 9,034 residential transactions, marking a 13.2% decrease compared to the previous year. This decline is attributed to a 26.4% drop in off-plan sales, while secondary market sales saw a 5.1% increase. The year-to-date figure for transactions up to November 2023 reached a record high of 112,356.
The residential market in Dubai is undergoing a slight moderation in price growth, with average prices increasing by 18.9% in the year to November 2023, down from 19.1% the previous month. Apartment prices rose by 18.3%, and villa prices increased by 22.2%. As of November 2023, average apartment prices reached AED 1,374 per square foot, while average villa prices reached AED 1,679 per square foot. Despite these increases, average apartment sales rates are still 7.7% below the record highs of 2014, though several submarkets have surpassed their 2014 figures. The average villa sales rates are currently 16.2% above the 2014 levels.
Jumeirah recorded the highest sales rate per square foot in the apartment segment at AED 2,497, while Palm Jumeirah registered the highest sales rate per square foot in the villa segment at AED 5,217.
In the rental market, there is a slowdown in the rate of growth, with average residential rents in Dubai increasing by 19.2% in the year to November 2023, compared to 19.7% the previous month. Over the same period, average apartment and villa rents increased by 19.6% and 16.6%, respectively. The average annual apartment rent reached AED 111,622, and the average villa rent reached AED 324,835. Palm Jumeirah recorded the highest average annual apartment rent at AED 258,335, while Al Barari had the highest average annual villa rent at AED 1,150,552.
