Dubai, UAE; Dubai’s real estate market continued to demonstrate remarkable resilience and robust growth in November, with the residential sector achieving a 15.4% year-over-year increase and the commercial market recording a total sales value of AED9.2 billion, according to the latest report from Engel & Völkers Middle East, a leader in premium residential and commercial real estate services.

The city’s residential sector recorded 12,695 sales transactions, and while the figure reflects a cooling off from October’s record-breaking figures, it underscores the market’s sustainable and steady growth. The month also saw a modest 0.38% increase in average prices, reinforcing the market’s continued uptrend.

An increasing appetite for affordability was evident, with properties under AED 1 million climbing to 32.2% of sales, up from 26.7% in October. Studios and one-bedroom apartments saw heightened interest, further solidifying apartments as the dominant asset class, comprising over 84% of total sales.

The top three communities by sales transactions were Jumeirah Village Circle with 1,035 units sold, Jumeirah Village Triangle with 670 units and Business Bay with 423 units.

Meanwhile, the commercial real estate market showcased a strong performance, with total sales value reaching AED 9.2 billion—a 3.1% year-on-year increase. Office sales surged by 24.2%, accompanied by a remarkable 31.1% year-over-year rise in average prices, highlighting the persistent demand and limited supply of premium office spaces.

Rental activity mirrored this growth, with transaction volumes increasing 21.9% compared to October. Average rents across all sectors rose by 18.0% year-on-year, led by office spaces, which saw a 28.1% increase in average rents. High occupancy rates and strong competition for Grade A spaces continue to define Dubai’s thriving commercial sector.

Office transactions were highest in Business Bay with 119 units sold, followed by Jumeirah Lakes Tower and Barsha Heights (TECOM). Top communities by rental transactions were Deira, DIP and Bur Dubai.

Daniel Hadi, CEO of Engel & Völkers Middle East noted: "Dubai’s real estate market continues to demonstrate exceptional strength and adaptability, driven by sustained demand and solid fundamentals. The residential sector’s steady growth, with increasing interest in affordable and compact living options, reflects a dynamic and maturing market catering to diverse needs. Meanwhile, the commercial sector’s impressive performance—marked by surging office sales and rental growth—underscores Dubai’s position as a global business hub.”

“As Dubai’s economy expands and continues to attract global businesses and residents, the city’s real estate sector remains on track for sustained growth. The November report highlights the market’s adaptability, strong investor confidence, and potential for record-breaking achievements as we approach 2025,” concluded Hadi.

About Engel & Völkers: Engel & Völkers is one of the world’s leading service companies specialized in the brokerage of premium residential property, commercial real estate, yachts and aircrafts. For over 45 years now, the wishes and needs of private and institutional clients have had top priority, giving rise to the ongoing development of a range of services relating to all aspects of real estate. Sales and leaseholds, as well as consultancy for various investment opportunities in the real estate segment are among the core competencies of more than 16,500 people operating under the Engel & Völkers brand. The company is currently operating in over 35 countries on five continents. Intensive training schemes in its in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the company’s success. Engel & Völkers develops digital tools and IT products on an ongoing basis in order to keep its service as efficient as possible. In doing so, the company is setting new standards in digital solutions for property brokerage. www.engelvoelkers.com

About Engel & Völkers Middle East: Established in 2014, Engel & Völkers Middle East has its offices in Dubai, United Arab Emirates. The team consists of over 200 trusted agents, each focusing on premium residential and commercial properties, serving as experts in their respective areas. The company recently established a separate entity for commercial real estate (Engel & Völkers Commercial Middle East). Engel & Völkers Commercial serves as an entry point to exceptional commercial real estate opportunities in Dubai, from attractive office spaces to industrial complexes. The Private Office provides services for affluent clients and has access to premium real estate globally. Whether you're in the market to rent, buy, or sell a property, Engel & Völkers Middle East is a perfect choice to achieve your real estate goals. www.engelvoelkers.com/ae/en