According to the latest data, residential transactions in Dubai totaled 9,034 in November 2023, a 13.2% decrease compared to the same period last year. According to leading real estate experts at CBRE, this slowdown is primarily attributed to a 26.4% decrease in off-plan sales.

However, the secondary housing market in Dubai showed a positive trend. As of November, the sales volume in the secondary housing market increased by 5.1% year-on-year, reaching a record high of 112,356 units. This indicates a positive impact of the secondary housing market on the overall real estate market.

CBRE pointed out that the price growth in Dubai's residential market has started to slightly slow down. Over the past year, average home prices increased by 18.9%, slightly lower than the 19.1% reported a month ago. Specifically, apartment prices increased by 18.3%, while villa prices increased by 22.2%.

As of November 2023, the average selling price per square foot for apartments reached AED 1,374, while for villas, it reached AED 1,679. Although prices in some sub-markets have surpassed 2014 levels, the average selling price for these apartments is still 7.7% lower than the historical peak. In comparison, the average selling price for villas has increased by 16.2% since 2014.

According to CBRE data, the Jumeirah area has the highest selling price per square foot in the apartment market, reaching AED 2,497, while the Palm Jumeirah area has the highest selling price per square foot in the villa market, reaching AED 5,217.

In the rental market, Dubai's average residential rent growth rate has slowed down. Over the past year, the average residential rent in Dubai increased by 19.2%, slightly lower than the 19.7% reported a month ago. Specifically, the average rent for apartments increased by 19.6%, and for villas, it increased by 16.6%.

The average annual rent for apartments and villas in Dubai reached AED 111,622 and AED 324,835, respectively. The Palm Jumeirah and Barari areas are the highest in both apartment and villa annual rents, at AED 258,335 and AED 1,150,552, respectively.

Taimur Khan, Head of Research at CBRE Dubai, stated, "As of November 2023, the transaction volume in Dubai's residential market reached 112,356 units, continuing to break records, a 22.5% increase compared to the total for the entire year of 2022."

However, he also pointed out that the transaction volume in the coming months may continue to decline. This is mainly influenced by the decrease in off-plan sales volume, as developers aim to deliver a large number of recently launched projects as soon as possible. While the slowdown in transaction volume may have some impact on price and rent growth, it also contributes to the stable development of the market.