Dubai Apartments Up 25% and Villas Climb 33% in a Year

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Over the past 12 months, Dubai has experienced a significant rise in residential property prices. Apartment prices have surged by 24.8%, while villa prices have increased by an impressive 33.1%. In September 2024, the ValuStrat Price Index (VPI) for Dubai reached 190.1 points, marking a monthly increase of 2.1%.

However, this growth was slightly slower than August's 2.2%. Annually, the VPI showed a 28.9% increase. Villas recorded 243.2 points, and apartments 155.4 points, with a base of 100 points set in January 2021.

While the overall trend for property capital values was positive, monthly gains showed some softening compared to the previous month. Villa prices increased by 2.3% monthly, with significant annual growth in areas such as Palm Jumeirah (42.8%), Jumeirah Islands (42.3%), and Dubai Hills Estate (35.3%). On the other hand, lower capital gains were observed in Jumeirah Village Triangle (20%) and Mudon (20.4%).

Apartment prices saw a monthly increase of 1.9%, with the highest annual gains in Discovery Gardens (33.5%), The Greens (33%), and Palm Jumeirah (30.9%). Jumeirah Beach Residence (17.6%) and Dubai Sports City (17.8%) had the lowest annual gains.

Off-plan property registrations, known as Oqood, grew significantly, with a 254.2% annual rise, contributing to nearly 75% of home sales in September. Additionally, ready secondary-home transactions increased by 10.9% monthly and 19% annually. Developers such as Emaar, Damac, and Sobha led the sales, while top off-plan locations included Jumeirah Village Circle and Damac Hills 2.

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Source:https://www.khaleejtimes.com/business/realty/dubai-apartment-prices-rise-almost-a-quarter-over-the-past-12-months