Villa Prices Surpass Apartments as Dubai’s Real Estate Market Sees Significant Gains
Dubai’s residential property market continued its upward trajectory in July 2024, as revealed by the latest data from the ValuStrat Price Index (VPI).
The VPI recorded a monthly increase of 2.2 percent, reaching 178.2 points, which represents a 28.5 percent rise compared to the same period last year.
Villas outshone apartments in performance, with the villa sub-index climbing to 232.1 points, while apartments registered 149.6 points. These indices are benchmarked against a base of 100 points set in January 2021.
Dubai Property Prices Climb 28.5 Percent in July 2024
“Three quarters of all established freehold villa communities in Dubai are now worth more than twice their value from four years ago. However, in the apartment sub-market, only units in Palm Jumeirah have seen their prices double,” the report highlighted.
The report also pointed out notable annual capital appreciation in specific locations. Among apartments, Discovery Gardens saw the highest growth at 34.6 percent, followed by The Greens at 34.1 percent. In the villa segment, Palm Jumeirah led with a 42.9 percent increase, closely followed by Jumeirah Islands at 42.7 percent.
Off-plan sales experienced a substantial surge, with Oqood (contract) registrations for off-plan properties rising 59.6 percent year-on-year and 40.6 percent month-on-month. These off-plan transactions made up a record 68.5 percent of all sales.
Emaar Properties PJSC led the developer sales market, securing a 20.3 percent share, while Damac Properties held a 7.2 percent share.
Additionally, the report noted record-breaking transactions in some areas, with Dubai Hills Estate and Dubailand Residence Complex witnessing the highest number of off-plan homes sold in a single month.
Dubai’s property market sustained strong growth in July 2024, with villas outperforming apartments. The ValuStrat Price Index revealed a 28.5% annual increase, highlighting significant gains across key areas.