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Dubai real estate market: November 2023 insights

The total number of dealings reached 9,034, marking a 13.2% decline compared to the last year's period.

The total number of dealings reached 9,034, marking a 13.2% decline compared to the last year’s period.

Residential Transaction Trends:

In November 2023, the Dubai real estate sector witnessed a significant shift in residential transactions, recording a total of 9,034 transactions. This marked a notable 13.2 percent decrease compared to the corresponding period in the previous year, as detailed in CBRE’s Dubai Residential Market Snapshot.

Driving Factors:

The observed decline primarily stemmed from a substantial 26.4 percent decrease in off-plan sales. In contrast, the secondary market displayed a contrasting trend with a 5.1 percent increase in sales during the same period.

Year-to-Date Overview:

Despite the monthly downturn, the year-to-date figures until November 2023 showcased a historic high, tallying 112,356 transactions. This trajectory underscores the ongoing dynamism and resilience within Dubai’s real estate landscape.

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