Dubai's residential real estate market exhibited strong momentum in July 2024, as per the latest findings from the ValuStrat Price Index.
The VPI rose by 2.2 percent month-on-month, reaching 178.2 points, reflecting an annual growth of 28.5 percent. Villas outpaced apartments, with the villa sub-index climbing to 232.1 points, while apartments reached 149.6 points. Both figures are benchmarked against a baseline of 100 points set in January 2021.
The report from ValuStrat emphasised that three quarters of all established freehold villa communities in Dubai have more than doubled their value since 2020.
Specific areas recorded substantial annual capital gains. Discovery Gardens led the apartment category with a 34.6% increase, closely followed by The Greens at 34.1%. Meanwhile, the villa market saw Palm Jumeirah leading with a 42.9% rise, trailed slightly by Jumeirah Islands at 42.7%.
The off-plan segment also showed remarkable activity, with Oqood registrations for off-plan properties soaring by 59.6% on a yearly basis and 40.6% compared to the previous month. Notably, off-plan transactions made up a record 68.5% of all sales during this period.
In terms of developer performance, Emaar Properties dominated the market with a 20.3% share of sales, while DAMAC Properties followed with 7.2%.
The report also pointed out record-breaking transaction volumes in certain areas, particularly in Dubai Hills Estate and Dubailand Residence Complex, where off-plan sales reached their highest levels to date.
Original article reference: Arabian Business.
