Villa values in Dubai’s prime locations doubled over the past three years

In the past three years, the value of sought-after villas in Dubai has more than doubled, while the average price of apartments has seen a rise of over one-third.

February’s data from the ValuStrat Price Index (VPI) highlighted a 23.1% annual surge, marking up to 164.1 points with a monthly growth of 2.1%. Villa values stood impressively at 206.1 points, overshadowing apartments, which posted 136.6 points from a baseline of 100 points established in January 2021.

The apartment sector witnessed a noticeable monthly increase of 1.9% and an unprecedented annual rise of 18.6%. Outstanding annual capital growth was observed in several areas, including Discovery Gardens (30.7%), The Greens (27.9%), Palm Jumeirah (27.4%), Town Square (23%), and Dubai Production City (22.9%).

Villa investments also showed healthy growth, with a 2.4% increase over the previous month and a year-on-year leap of 28%. Leading the annual growth were villas in premier locations such as Jumeirah Islands (36.1%), Palm Jumeirah (35.1%), Dubai Hills Estate (33.6%), and Mudon (29.6%).

The month also recorded a conderable uptick in off-plan Oqood registrations, up 32.6% year-on-year and 5.7% month-on-month. Transactions for ready homes suddenly increased by 30.5% annually and 9% monthly, accounting for 36.9% of the total residential sales.

February’s luxury market included 20 transactions for ready properties valued above AED 30 million, notably in Emirates Hills, Palm Jumeirah, District One, Jumeirah Bay Island, and Dubai Hills Estate.

Leading developers such as Emaar (13.3%), Damac (9.9%), Danube (7.6%), and Sobha (5.7%) dominated the sales figures. The majority of off-plan deals were struck in locations like Jumeirah Village Circle (11.8%), Dubai Maritime City (11.4%), Business Bay (6.4%), and Bu Kadra (4.5%), with ready homes primarily selling in Jumeirah Village Circle (9%), Business Bay (7.2%), Dubai Marina (5.9%), Downtown Dubai (5.8%), and Dubai Hills Estate (5.1%).

Original article reference: Zawya.

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