Dubai witnessed the highest annual capital growth in apartment prices in a decade, according to the ValuStrat Price Index (VPI) released on Wednesday.
The VPI, designed to reflect changes in capital and rental values of residential and commercial properties, reported a 21.5% annual growth, with monthly increases of 2%, reaching 160.6 points in January 2024. Apartments and villas scored 134 and 201.4 points, respectively, compared to the baseline of 100 points in January 2021.
The apartment market experienced a monthly capital gain increase of 1.8% and an annual expansion of 17%. Notable annual performances included Discovery Gardens (28.5%), Palm Jumeirah (26.5%), and The Greens (26.2%).
Villas saw a 2.3% increase since December, with top annual performers including Jumeirah Islands (34.2%) and Palm Jumeirah (33.8%). Off-plan registrations rose 10.4% annually, with a 284.9% monthly recovery. Despite a 14.3% monthly decline in ready home transactions, the yearly figures were 22.4% higher, representing 36.2% of overall monthly residential unit sales.
In January 2024, 22 transactions for properties priced over Dh30 million occurred, with top developers including Emaar (14.9%), Damac (10.8%), and Nakheel (5.2%). Key off-plan locations included Jumeirah Village Circle (13.5%) and Dubai Maritime City (9%). Major ready home sales were in Jumeirah Village Circle (10.3%) and Business Bay (10%).
