Dubai’s residential market activity hits new high in November

Dubai’s residential market activity hits new high in November

Dubai’s residential market has reached record activity levels in November with its total transaction volumes hitting 10,505, up 60% over last year, mainly backed by a sharp rise in the off-plan and secondary market transactions, according to global property expert CBRE.

In the year to date to November 2022, a total of 81,919 residential transactions have been recorded, surpassing the record highs registered in 2009 over the same period, stated CBRE in its Dubai Residential Market Snapshot – December 2022.

In the 12 months to November 2022, average prices increased by 9.5%. Over this period, average apartment and villa prices increased by 9.0% and 12.7%, respectively, it added.

According to CBRE, Dubai’s average apartment prices stood at AED1,161 per sq ft, while average villa prices stood at AED1,374 per sq ft.

These average rates for apartments and villas remain below the highs recorded in 2014 by 22.0% and 4.9%, respectively, it stated.

Taimur Khan, the Head of Research (Mena), said: "Activity levels in Dubai’s residential market have reached record levels in the year-to-date to November with total transactions volume reaching 81,919, surpassing record highs of full year 2009, when transaction numbers totaled 81,182."

"This strong level of activity has continued to support increases in average prices,