In November 2024, an incredible 24 transactions totaling over AED30 million ($8.2 million) occurred in Dubai’s top real estate market, according to the most recent report from ValuStrat. The rise in high-value sales evidences the city’s continued demand for luxury real estate. However, Dubai has also witnessed annual capital gains of 31.9 percent for villas and 23.9 percent for apartments. Notably, The Greens has joined Palm Jumeirah in surpassing price peaks that have persisted for a decade. Despite these gains, monthly growth is starting to slow, which points to a general decline in monthly sales.
In November 2024, the ValuStrat Price Index increased by 1.8 percent each month to 197.3 points. This represents a little slowdown from the 1.9 percent increase in October and the third consecutive month of easing since August. The annual growth rate of the VPI was 27.9 percent. Prices for villas and apartments increased by 253.7 and 160.5 points, respectively, from a baseline of 100 points in January 2021.
Top developers and locations
Emaar (14.7 percent), Damac (7.6 percent), Sobha (6.5 percent), Binghatti (5.9 percent), and Tiger Properties (4.6 percent) were the top developers in terms of sales in November 2024. The most sought-after off-plan locations for transactions were projects in Dubailand Residence Complex (5.1 percent), Jumeirah Village Circle (13.1 percent), Jumeirah Village Triangle (8.5 percent), and Business Bay (5.4 percent). Meanwhile, the biggest percentage of ready-to-sell residences was found in Downtown Dubai (4.7 percent), Uptown Motor City (4.1 percent), Business Bay (5.1 percent), Dubai Marina (5.9 percent), and Jumeirah Village Circle (10.2 percent). This month, Dubailand Residence Complex set a new record for the most ready-to-move-in homes sold in a single month.
Apartments vs villas
Monthly capital gains for villas were 2.1 percent, with a noteworthy annual growth of 31.9 percent. Notable top performers for the year include villas in affluent communities like Palm Jumeirah (42.5 percent), Jumeirah Islands (42.4 percent), whose value has more than tripled since the beginning of 2021, Emirates Hills (32.7 percent), and Dubai Hills Estate (32.2 percent). The two areas with the biggest increases were Mudon (15.1 percent) and Jumeirah Village Triangle (20.4%), while Mudon was mostly unchanged for the third consecutive month.
The monthly price increase for apartments was 1.6%, resulting in an annual growth of 23.9 percent. The locations with the biggest capital gains for apartments over the previous year include The Greens (31.6 percent), Palm Jumeirah (29 percent), Discovery Gardens (28.5 percent), and The Views (27.6 percent). 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
64 percent of all home sales this month were off-plan home Oqood (contract) registrations, which is a decrease of 41.9 percent from the previous month but still a 76.5 percent increase from November of last year. On a monthly basis, the number of ready secondary-home acquisitions fell by 8.9 percent, despite an annual gain of 3.2 percent.
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