Dubai’s residential transactions reach new record highs in November 2023, says CBRE

Dubai’s residential transactions reach new record highs in November 2023, says CBRE

Dubai: In November 2023, the total number of residential transactions in Dubai stood at 9,034, down 13.2% compared to the previous year. This slowdown in activity levels has been driven by a decline of 26.4% in off-plan sales, whereas secondary market sales registered an increase of 5.1%. In the year to date to November 20231, the total volume of transactions reached 112,356. This is the highest level on record to date.

Dubai’s residential market has started experiencing a slight moderation in price growth, where in the year to November 20232, average prices grew by 18.9%, down from 19.1% a month earlier. Over this period, average apartment prices increased by 18.3% and average villa prices by 22.2%. As at November 2023, average apartment prices reached AED 1,374 per square foot, and average villa prices reached AED 1,679 per square foot. These average apartment sales rates are still 7.7% below the record highs registered in 2014, although a number of submarkets have long surpassed their 2014 comparable figures. The average villa sales rates are currently 16.2% above the 2014 levels.

Jumeirah registered the highest sales rate per square foot in the apartment segment of the market at AED 2,497, whilst Palm Jumeirah registered the