Villa Prices Show Exceptional Growth
Dubai villa prices have seen a remarkable annual increase of 31.9%, according to a recent report by ValuStrat. The November 2024 report also highlights that The Greens joined Palm Jumeirah in surpassing decade-long price peaks, reflecting the robust demand for high-end properties.
ValuStrat Price Index Highlights
The ValuStrat Price Index (VPI), a measure of changes in property values, rose by 1.8% in November to reach 197.3 points. While this is slightly lower than October’s growth of 1.9%, the annual increase stood at 27.9%. Villas recorded an index value of 253.7 points, while apartments reached 160.5 points, both benchmarked to a base of 100 points in January 2021.
Villas vs. Apartments: Performance Breakdown
Villa Prices:
Villa prices grew by 2.1% in November and surged 31.9% over the year. Top-performing villa areas included:
Palm Jumeirah: 42.5% annual growth
Jumeirah Islands: 42.4% annual growth (tripling in value since 2021)
Emirates Hills: 32.7% annual growth
Dubai Hills Estate: 32.2% annual growth
Areas with lower villa price increases included Mudon (15.1%) and Jumeirah Village Triangle (20.4%), with Mudon maintaining stability for the third month.
Apartment Prices:
Apartment values rose by 1.6% monthly and 23.9% annually. The highest annual gains were recorded in:
The Greens: 31.6%
Palm Jumeirah: 29%
Discovery Gardens: 28.5%
The Views: 27.6%
Areas with the least apartment growth included International City (16.6%) and Dubai Sports City (17.2%).
Off-Plan vs. Ready Home Sales
Off-Plan Sales:
Oqood (contract) registrations for off-plan homes dropped by 41.9% from the previous month but were still 76.5% higher compared to November 2023. Off-plan transactions accounted for 64% of all home sales in November 2024.
Ready Home Sales:
The volume of secondary-market transactions for ready homes fell by 8.9% monthly but increased by 3.2% annually.
Luxury Prime Sales
November saw 24 transactions for ready properties priced over Dh30 million in premium locations such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, Al Barari, Dubai Hills Estate, and District One.
Top Developers and Locations
Leading Developers:
Emaar (14.7%), Damac (7.6%), Sobha (6.5%), Binghatti (5.9%), and Tiger Properties (4.6%) led sales in November.
Popular Locations:
Off-Plan: Jumeirah Village Circle (13.1%), Jumeirah Village Triangle (8.5%), Business Bay (5.4%), and Dubailand Residence Complex (5.1%).
Ready Homes: Jumeirah Village Circle (10.2%), Dubai Marina (5.9%), Business Bay (5.1%), Downtown Dubai (4.7%), and Uptown Motor City (4.1%).
Dubailand Residence Complex achieved a record-breaking number of ready homes sold in a single month.
The Dubai real estate market continues to demonstrate strong growth and resilience, driven by high demand for both villas and apartments across the city. The surge in luxury and off-plan sales further solidifies Dubai’s reputation as a global hub for real estate investment.
