Dubai’s property market continued its upward trajectory in Q4 2024, with capital values showing sustained growth, albeit slightly slower than in previous months. Here’s a comprehensive overview of the market’s performance in November 2024:
Capital Values
- Villas: 2.1% monthly increase, 31.9% annual growth
- Apartments: 1.6% monthly increase, 23.9% annual growth
- Off-plan: 64% of all sales, 76.5% increase from November ’23
- 24 sales over AED 30m: Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, Dubai Hills Estate, District One
Top Performing Areas
Villas
Palm Jumeirah: 42.5% annual growth
Palm Jumeirah maintains its position as the top-performing villa area, with an impressive 42.5% annual growth in capital values. The island’s limited supply and continued demand from high-net-worth individuals contribute to its sustained price appreciation.
Jumeirah Islands: 42.4% annual growth
Another Nakheel master community, Jumeirah Islands follows closely behind, with a remarkable 42.4% annual growth in capital values. This exclusive community of only 800 villas has now more than tripled its value since the start of 2021, highlighting its strong appeal to luxury buyers.
Apartments
The Greens: 31.6% annual growth
The Greens leads the apartment segment as usual with a substantial 31.6% annual increase in capital values. This family-friendly community has now joined Palm Jumeirah in surpassing its decade-long price peak, indicating strong demand for well-established neighborhoods. Even though the Greens has not improved it’s roads, infrastructure and connectivity, it manages to increase in value by delivering family friendly living at an affordable price.
Palm Jumeirah: 29% annual growth
Palm Jumeirah apartments continue to perform well, with a 29% annual growth in capital values. The area’s prestigious status and world-class amenities continue to attract both local and international buyers.
Market Dynamics
Off-Plan vs Ready Homes
November 2024 did see a decline in overall sales volume compared to the previous month. Off-plan sales dropped 41.9% monthly but were still 76.5% higher than November last year, representing 64% of all home sales this month. Ready home transactions also declined by 8.9% monthly but were up 3.2% annually.
Prime Home Sales
The luxury segment remained robust, with 24 transactions for ready properties priced over AED 30 million. These high-value sales were concentrated in prime areas such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, Al Barari, Dubai Hills Estate, and District One.
Top Developers and Locations
Leading developers in November’s sales charts include Emaar (14.7%), Damac (7.6%), Sobha (6.5%), Binghatti (5.9%), and Tiger Properties (4.6%).
Popular off-plan locations included projects in Jumeirah Village Circle (13.1%), Jumeirah Village Triangle (8.5%), Business Bay (5.4%), and Dubailand Residence Complex (5.1%). For ready homes, top locations were Jumeirah Village Circle (10.2%), Dubai Marina (5.9%), Business Bay (5.1%), Downtown Dubai (4.7%), and Uptown Motor City (4.1%).
Market Outlook
As we approach the end of 2024, Dubai’s real estate market continues to demonstrate resilience and growth. The sustained appreciation in both villa and apartment segments, particularly in prime areas, indicates strong investor confidence. However, the slight softening in monthly growth rates and the decline in overall sales volume suggest a potential market stabilization.
The continued influx of high-net-worth individuals and favorable government policies, such as the expansion of the Golden Visa program, are likely to support demand in the luxury segment. As you can see from the chart above, the largest arrival of millionaires in the world in 2024 was Dubai, with a shopping 6,700 of them landing on the golden shores of the Emirate in just this one year. And as we’ve said before, everything in Dubai is seen through the lens of real estate, so 2025 will have a very promising start.
Looking ahead, investors and homebuyers should keep a close eye on emerging areas and off-plan projects, which continue to offer potential for significant returns such as JVC, JVT and Dubai South. However, as always, due diligence and careful consideration of individual investment goals are crucial when navigating Dubai’s dynamic real estate landscape.
In conclusion, while the market shows signs of moderation in growth rates, the overall trend remains positive. As always, if you want a quick recap of every months real estate data, keep checking Viewit for updates!