According to data released on Monday, the capital values of Dubai villas have increased by 32.4 percent since the previous year, including 2.2% in October.
Villas in Jumeirah Islands are now three times more expensive than in 2021, per a ValuStrat report for the October residential real estate market in Dubai. Palm Jumeirah (42.5%), Dubai Hills Estate (33.7%), and Emirates Hills (33.1%) are other high-performing neighborhoods. Mudon (17.1%) and Jumeirah Village Triangle saw the least amount of growth, with Mudon staying steady for the second consecutive month.
The price of apartments increased by 1.7% per month, or 24.3% annually. The Greens (32.4%), Discovery Gardens (30.9%), Palm Jumeirah (29.9%), and The Views (28.4%) were among the neighborhoods with the largest increases in apartment capital over the previous year. Dubai Sports City (17.5%) and International City (16.8%) had the lowest capital value increases.
The ValuStrat Price Index increased by 1.9% per month to 193.8 points in October 2024, which was a minor deceleration from the 2.1% growth in September. On an annual basis, the index grew by 28.3%. Both villa and apartment values were benchmarked to a base of 100 points from January 2021, with villa values reaching 248.5 points and apartments recording 158.1 points.
A valuation-based price index, the ValuStrat Price Index, or VPI, was created to reflect the regular fluctuations in capital and rental values that ordinary residential and commercial properties encounter.
The Speed of capital growth slowed for the second consecutive month. “More apartment communities have reached previous price peaks,” the ValuStrat report said.
Off-plan sales
Nearly three-quarters of all home sales last month were off-plan Oqood (contract) registrations, which increased 13.1% monthly and 99.7% annually.
Additionally, the number of ready secondary-home transactions increased by 31.1% annually and 11.7% monthly. Transactions in Sales Sales of Prime Homes There were 21 deals for ready-to-move-in properties in Palm Jumeirah, Dubai Hills Estate, Jumeirah Bay Island, Al Barari, and District One that cost more than AED 30 million.
Since the COVID-19 pandemic ended, Dubai’s real estate market has been experiencing previously unheard-of levels of growth. High net worth individuals have been swarming to the emirate in the face of global uncertainty, seeing it as a major safe haven in a turbulent world. Demand for real estate is constantly rising as a result of a number of factors, including the introduction of long-term residencies for property investors and a thriving non-oil economy that is drawing top talent to Dubai. Experts predict that this demand won’t go down anytime soon.
