Dubai announces the highest decade-long rise in apartment prices

Asma Ahmed - | UAE

In January 2024, Dubai experienced a notable surge in residential property transactions, particularly in the high-end segment.

The ValuStrat Price Index (VPI) reported remarkable capital growth, marking the highest annual increase in apartment prices in over a decade. This growth trend was attributed to robust off-plan sales within established communities, which dominated the residential market during this period.

The VPI, designed to reflect changes in capital and rental values of typical residential and commercial properties, showcased a significant annual increase of 21.5%, reaching 160.6 points. Apartment prices rose by 17% annually, with a monthly acceleration of 1.8%. Villas also saw a substantial annual increase of 26.4%.

Discovery Gardens, Palm Jumeirah, and The Greens emerged as top performers in the apartment segment, recording impressive capital gains ranging from 20.5% to 28.5% compared to the previous year. Meanwhile, villas in upscale communities like Jumeirah Islands and Palm Jumeirah experienced remarkable annual growth rates exceeding 30%.

Off-plan property registrations witnessed a notable annual increase of 10.4%, rebounding significantly from a weaker performance in December. However, transactions for ready properties, while experiencing a slight monthly decline, remained substantially higher compared to the previous year, comprising 36.2% of total monthly residential unit sales. Notably, January 2024 saw 22 transactions of ready-to-buy properties priced over Dh30 million, located across prestigious areas such as Palm Jumeirah, District One, and Emirates Hills.

Leading developers, including Emaar, Damac, Nakheel, and Select Group, dominated the sales charts, with off-plan projects in sought-after locations like Jumeirah Village Circle and Business Bay attracting significant investor interest. Ready homes, on the other hand, were predominantly sold in areas such as Jumeirah Village Circle, Business Bay, and International City.

Overall, January 2024 reflected a robust real estate market in Dubai, characterized by substantial capital growth, buoyant off-plan sales, and sustained demand for high-end properties across various prime locations.

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Asma Ahmed
Asma Ahmed
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