In December, villa prices in Dubai rose by 2.1%, marking a 31.6% increase year-on-year.
Dubai’s residential real estate market experienced a 27.5% annual rise in capital values in 2024, according to the ValuStrat Price Index (VPI), which has now doubled since the pandemic.
As of December 2024, the VPI stood at 200.7 points, reflecting a 1.7% rise from November, marking the fourth consecutive month of slowing growth.
Villa prices reached 259 points, while apartment values stood at 162.8 points.
Villa prices saw a 31.6% annual rise, with December values climbing by 2.1%. Jumeirah Islands (42.5%), Palm Jumeirah (42.3%), and Emirates Hills (32.3%) were the top-performing areas.
The smallest price increases were observed in Mudon (13.5%) and Jumeirah Village Triangle (21.5%).
Apartment prices grew by 1.4% month-on-month and 23.6% year-on-year, with The Greens showing the highest annual increase at 31%, followed by Palm Jumeirah (28.3%) and The Views (27.1%).
International City (16.9%) and Dubai Sports City (18.1%) experienced the lowest annual gains.
Off-plan sales dominated Dubai’s real estate market in December 2024, with Oqood registrations rising by 26.3% from November and 513.8% compared to December 2023, comprising 71.1% of total home sales for the month.
Sales of ready homes fell by 8.7% month-on-month and 3.4% year-on-year.
The report also highlighted 29 transactions for properties priced over AED 30 million, located in areas like Palm Jumeirah, Emirates Hills, and Business Bay.
In terms of developer sales, Emaar led in December with a 12.8% market share, followed by Damac (8.1%) and Binghatti (7.6%). Jumeirah Village Circle had the largest share of off-plan transactions (13.1%), while ready homes were most frequently sold in Jumeirah Village Circle (9.1%) and Dubai Marina (6.6%).
The weighted average value per square foot across the residential market was AED 1,448, and the average capital value was AED 3,079,716.
Villas had an average value per square foot of AED 1,294, while apartments averaged AED 2,442.
