18 Nov - 24 Nov

In the week ending November 24th, 2023, the Dubai real estate scene was buzzing with 2768 property transactions, hitting a whopping total value of 9,241 Million AED.

Market Overview

In the week ending November 24th, 2023, the Dubai real estate scene

was buzzing with 2768 property transactions, hitting a whopping total

value of 9,241 Million AED. What caught our eye is that each deal, on

average, weighed in at a solid 3.34 million AED. This week wasn't just

busy; it was a heavyweight in terms of both the number and value of

property exchanges.

In the bustling real estate activity of the week, a significant

60.5% of the 2,768 transactions were dedicated to the

acquisition of flats, amassing a substantial value of 2481.5

million AED. This reflects a prevailing preference for apartment

living among buyers.

Villas also had their moment, constituting 15.5% of the

transactions, with a corresponding value of 1050 Million AED.

Meanwhile, the remaining 24% of transactions embraced a

diverse range, including commercial, residential, and more.

A noticeable trend has emerged in the Dubai real estate market: a continuous decline in transaction numbers and value over the past three weeks, marking a decrease of 17.5% and a whopping 42% compared to 28 Oct - 3 Nov respectively. This dip in activity suggests a potential shift in market dynamics.

The diminishing transaction hints at evolving buyer behaviors and preferences, adding an intriguing layer to the market's recent performance.

Commercial Vs Residential

In the latest real estate snapshot, a clear distinction emerges in buyer intent. A mere 20.6% of transactions were driven by commercial purposes, while a significant 79.4% reflected a residential focus, emphasizing the prominence of homes in the market.

Mortgage Market

Observing the graph, there's a noticeable shift in the Dubai real estate landscape –The mortgage market which was

Interestingly in decline enjoyed an increase in transactions by 35% compared to last week. This all happened despite mortgage rates holding steady.

The question on everyone's mind now is: where does this trend lead in the coming week? Will it continue its descent or take an upward turn? Stay tuned as we keep a close eye on the evolving dynamics of the Dubai real estate market, unraveling the mysteries behind this intriguing trend.

Price Ranges of Properties Sold

The majority of transactions fall below 1 million, showing 40.5% of transactions. The 1-2 million range follows with 26.2% of transactions, indicating a substantial mid-range market. As prices increase, transaction numbers increase, with 2-3 million contributing 14.1% and 3-5million standing at 14.1%.

The "Above 5 million" category, while fewer in transactions, represents high-end deals, showcasing a diverse distribution in property values. though it's evident that these premium transactions are comparatively fewer in number but carry a notable impact on the market's financial landscape.

Hot Areas in Dubai

five hot areas in Dubai based on the number of transactions are Arjan, Jumeirah Village Circle, Business Bay, Dubai Marina, and lastly Falcon City of Wonders.

Falcon’s movement to the top was unpredictable because even the last three weeks’ transactions combined did not exceed the transactions this week.

The first busiest area based on the number of transactions this week

was Arjan which accounted for 8.53% of the total transactions. Whereas,

last week this position was owned by Jumeirah Village Circle with 321

transactions. The total number of transactions was 236 with their value

amounting to be around 100.04 Million AED. The biggest transaction that

took place in Arjan was a flat for 1.445 Million AED.

The second busiest area based on the number of transactions this

week was Jumeirah Village Circle, coming down from being the first last

week. It accounted for 7.2% of the total transactions. The total number of

transactions was 199 with their value amounting to around 245.55

Million AED. The biggest transaction that took place here was for 25.53

Million AED.

Business Bay was the third busiest area this week based on the number of

transactions, whereas it held the title of second busiest area last week. The

total number of transactions was 179 with their value amounting to be

around 397.87 Million AED. The biggest transaction that took place here was

a residential land for 140 Million AED.