Dubai's skyline continues to rise, with the average property price per square foot showing a steady increase. As of November, the price rose by 8.8% to AED 1,497 from AED 1,373 in the same month last year.

The emirate's real estate market remained vibrant in November, recording 13,502 property sales with a total value of AED 40 billion. According to a market update by fäm Properties, apartment sales surged by 31.2% in volume to 10,857 transactions, worth AED 19.9 billion. Villa sales also saw a significant number of transactions, with 1,903 sales amounting to AED 10.2 billion, while plot sales reached 387 transactions worth AED 8.1 billion.

Commercial property transactions saw a 5% increase in volume, totaling AED 1.3 billion. Despite being the most moderate month since April in terms of overall sales value and volume, the total number of transactions was still up by 10.5% compared to November of the previous year.

The average property price per square foot has been on an upward trajectory, rising from AED 923 in 2020 to AED 1,115 in 2021, AED 1,310 in 2022, and now AED 1,497 in 2023. Firas Al Msaddi, CEO of fäm Properties, noted that the market's performance continues to reflect exceptional strength, driven by investor confidence, economic growth, and Dubai's global appeal.

Over the past five years, Dubai's property sales have shown consistent growth, rising from 3,800 transactions (AED 7.4 billion) in 2020 to 12,200 transactions (AED 42.4 billion) in 2023. The most expensive property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah, fetching AED 130 million.

The top-performing areas in November included Jumeirah Village Circle, Dubai Marina, Business Bay, Jumeirah Village Triangle, and Wadi Al Safa 5. Off-plan projects also saw significant sales, with Vida Residences Club Point leading in value and Greenridge in volume.

In terms of property value ranges, 32% of sales were below AED 1 million and between AED 1-2 million, 17% between AED 2-3 million, and 12% between AED 3-5 million. Properties worth more than AED 5 million accounted for 8% of total sales.

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