Dubai’s residential deals hit record highs

Dubai’s residential deals hit record highs

In the year to November 2023, average residential prices in Dubai grew by 18.9 per cent. — File photo

Published: Wed 13 Dec 2023, 9:40 PM

Dubai’s residential transactions reached new record highs in the first 11 months of this year despite a decline in off-plan sales in November on the back of a slight moderation in price surge.

In November, however, the total residential transactions in Dubai stood at 9,034, down 13.2 per cent compared to the previous year, CBRE said in its Dubai Residential Market Snapshot – December 2023.

“This slowdown in activity levels has been driven by a decline of 26.4 per cent in off-plan sales, whereas secondary market sales registered an increase of 5.1 per cent. In the year-to-date to November 2023, the total volume of transactions reached 112,356. This is the highest level on record to date,” CBRE said.

“Dubai residential market continues to extend its record-breaking total, with 112,356 transactions taking place in the year to date to November 2023. This is up by 22.5 per cent from its 2022 full-year total,” said Taimur Khan, head of research – Mena at CBRE.

In the first nine months, Dubai's real estate market experienced significant growth with a 36.7 per cent increase