In July 2024, Dubai’s residential property market experienced substantial growth, according to the latest ValuStrat Price Index (VPI) report.
The VPI increased by 2.2 percent from the previous month, reaching 178.2 points, which marks a 28.5 percent rise over the past year.
Villas outperformed apartments, with the villa sub-index reaching 232.1 points compared to 149.6 points for apartments. These figures are based on a baseline of 100 points set in January 2021.
Dubai property prices rose 28.5 percent in July 2024.
“Three-quarters of all established freehold villa communities in Dubai are now valued at more than double their worth from four years ago. However, only apartments in Palm Jumeirah have seen a similar doubling in price,” the report stated.
The report highlighted significant annual capital gains in specific areas. Discovery Gardens led the apartment segment with 34.6 percent growth, followed by The Greens with a 34.1 percent increase. In the villa segment, Palm Jumeirah experienced a 42.9 percent rise, closely followed by Jumeirah Islands at 42.7 percent.
Off-plan sales saw a significant boost, with Oqood (contract) registrations for off-plan homes increasing by 59.6 percent annually and 40.6 percent monthly. Off-plan transactions represented a record 68.5 percent of all sales.
Emaar Properties PJSC led the developer sales rankings with a 20.3 percent market share, with Damac Properties following at 7.2 percent.
The report also noted record-breaking transactions in specific areas, with Dubai Hills Estate and Dubailand Residence Complex witnessing the highest number of off-plan homes traded in a single month.
