On a yearly basis, the cost of Dubai villas has increased by 31.9%.
According to a study published on Monday, the cost of a property in Dubai has gone up 31.9% annually.
According to ValuStrat’s November Dubai report, Palm Jumeirah’s pricing surpassed ten-year highs.
In November 2024, the ValuStrat Price Index weakened for the third time since August, increasing 1.8% month over month to 197.3 points, a slight decline from the 1.9% growth in October. Every year, the VPI increased by 279 percent. In January 2021, the values of villas and apartments were benchmarked to a base of 100 points; villa prices were 253.7 points, while apartment values were 160.5 points.
To account for the frequent changes in capital and rental values that typical residential and commercial buildings experience, a valuation-based price index known as the ValuStrat Price Index, or VPI, was developed.
Apartments vs villas
Villa capital gains increased by 31.9% from the previous year to 2.1% each month. Notable top performers each year are villas in desirable districts including Palm Jumeirah (42.5%), Jumeirah Islands (42.4%), which has had a more than threefold increase in value since the start of 2021, Emirates Hills (32.7%), and Dubai Hills Estate (32.2%). The two areas with the slowest growth were Mudon (15.1%) and Jumeirah Village Triangle (20.4%), with Mudon remaining mostly stable for the third consecutive month. Apartment prices rose by 1.6% per month, or 23.9% per year.
The neighborhoods that saw the highest growth in apartment capital over the past year were The Greens (31.6%), Palm Jumeirah (29%), Discovery Gardens (28.5%), and The Views (27.5%). The two cities with the lowest gains in capital value were Dubai Sports City (17.2%) and International City (16.6%).
Off-plan vs ready homes
Despite a monthly decline of 41.9 percent, off-plan home Oqood (contract) registrations still made up 64% of all home sales this month and were 76.5 percent more than in November of previous year. In addition, the number of ready secondary-home acquisitions rose 3.2% annually but fell 8.9% monthly.
Prime home sales
In Palm Jumeirah, Dubai Hills Estate, Jumeirah Bay Island, Al Barari, and District One, there were 24 offers for ready-to-move-in homes that were over Dh30 million.Top Sites and Developers In November 2024, Emaar accounted for 14.7 percent of total developer sales, followed by Damac (7.6 percent), Sobha (6.5 percent), Binghatti (5.9 percent), and Tiger Properties (4.6%).
The projects with the highest percentage of off-plan transactions were those in Dubailand Residence Complex (5.1%), Business Bay (5.4%), Jumeirah Village Circle (13.1%), and Jumeirah Village Triangle (8.5%).
The largest percentage of ready-to-sell properties was found in Jumeirah Village Circle (10.2 percent), Dubai Marina (5.9 percent), Business Bay (5.1 percent), Downtown Dubai (4.7 percent), and Uptown Motor City (4.1 percent). Last month, Dubailand Residence Complex achieved a new personal record by trading the most ready residences in a single month.
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