Dubai villa prices have surged by 31.9 per cent on an annual basis, according to a recent study released on Monday. ValuStrat’s November report for Dubai revealed that the Greens and Palm Jumeirah have both surpassed decade-long price peaks. The ValuStrat Price Index (VPI) increased by 1.8 per cent in November 2024, reaching 197.3 points, marking a slight deceleration from October’s 1.9 per cent growth. This marks the third consecutive month of softening since August. On an annual basis, the VPI saw a robust increase of 27.9 per cent. Villa values climbed to 253.7 points, while apartment values stood at 160.5 points, both indexed to a base of 100 points in January 2021.
The VPI is a valuation-based index designed to reflect periodic changes in capital and rental values for typical residential and commercial properties. Villa prices experienced a monthly capital gain of 2.1 per cent and a substantial 31.9 per cent increase over the past year. Notable annual performers include villas in highly desirable areas such as Palm Jumeirah (42.5 per cent), Jumeirah Islands (42.4 per cent), Emirates Hills (32.7 per cent), and Dubai Hills Estate (32.2 per cent). In contrast, Mudon (15.1 per cent) and Jumeirah Village Triangle (20.4 per cent) saw the lowest gains, with Mudon remaining stable for the third month in a row. Apartment prices rose by 1.6 per cent monthly and 23.9 per cent annually. Areas with the highest apartment capital gains included The Greens (31.6 per cent), Palm Jumeirah (29 per cent), Discovery Gardens (28.5 per cent), and The Views (27.6 per cent). International City (16.6 per cent) and Dubai Sports City (17.2 per cent) recorded the least capital value gains.
In terms of off-plan vs. ready homes, Oqood registrations for off-plan properties decreased by 41.9 per cent month-over-month but remained 76.5 per cent higher than in November last year, accounting for 64 per cent of all home sales in the month. The volume of ready secondary-home transactions also declined by 8.9 per cent month-over-month but increased by 3.2 per cent annually. There were 24 transactions for ready properties priced over Dh30 million, located in prime areas such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, Al Barari, Dubai Hills Estate, and District One.
Emaar (14.7 per cent), Damac (7.6 per cent), Sobha (6.5 per cent), Binghatti (5.9 per cent), and Tiger Properties (4.6 per cent) led the developer sales charts in November 2024. Top off-plan locations included projects in Jumeirah Village Circle (13.1 per cent), Jumeirah Village Triangle (8.5 per cent), Business Bay (5.4 per cent), and Dubailand Residence Complex (5.1 per cent). Meanwhile, most ready homes were sold in Jumeirah Village Circle (10.2 per cent), Dubai Marina (5.9 per cent), Business Bay (5.1 per cent), Downtown Dubai (4.7 per cent), and Uptown Motor City (4.1 per cent). Notably, Dubailand Residence Complex set a new record last month with the highest number of ready homes traded in a single month.
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