November 2023 Property Market Snapshot

November 2023 Property Market Snapshot

Thursday 01 February 2024Wed 16 Feb
November 2023 Property Market Snapshot

Welcome to the Allsopp & Allsopp November 2023 Dubai Property Market Snapshot, a comprehensive look into how the Dubai property market performed over the last month.

As we approach the end of an exceptionally active year for Dubai’s real estate market, we come to close with a significant milestone being achieved in November 2023. The 9-year record for the average sales price per square foot in Dubai had finally surpassed, marking a 2% increase over the previous high in 2014.

According to data from the Allsopp & Allsopp Data Hub, the new pinnacle reached an impressive AED 1,257 per square foot, a testament to the robustness of the current 36-month market growth cycle.

November also saw a notable 2.3% upswing in total sales transactions across Dubai when compared to October 2023, additionally off-plan sales constituted 48% of total sales with secondary comprising 52% of the total market. .

As we assess the November figures, it becomes evident that Dubai's property market, as the year draws to a close, is poised to maintain its characteristic undersupply against a backdrop of sustained buyer and investor demand entering 2024. Projections indicate that fewer than 50,000 new properties will reach completion in 2023, with an anticipated 50,000 to 70,000 units slated for handover in 2024. The demand for luxury, prime, waterfront, and established residential communities is expected to persist at elevated levels.

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